PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1605781
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1605781
The Clinical Risk Grouping Solution Market was valued at USD 704.90 million in 2023 and expanded at a CAGR of 14.10% from 2024 to 2032.
A Clinical Risk Grouping Solution represents a structured methodology employed in the healthcare sector to classify patients according to their clinical risks and requirements. This approach assists healthcare professionals in stratifying patients, thereby improving management, resource distribution, and the overall delivery of care. Such solutions are frequently utilized across diverse healthcare environments, including hospitals, managed care organizations, and public health programs, to optimize patient care and enhance operational effectiveness.
Clinical Risk Grouping Solution Market- Market Dynamics
The increasing need for efficient population health management, coupled with the expanding utilization of electronic health records (EHR), is anticipated to propel market growth.
Population health management (PHM) focuses on improving the health outcomes of groups of individuals by addressing various health determinants. The widespread adoption of EHR systems has resulted in centralized and accessible patient data. Clinical Risk Grouping Solutions leverage this data to conduct comprehensive assessments of patient risks, ensuring that healthcare providers have the information needed for effective decision-making. According to the American Hospital Association, as of 2021, nearly 4 in 5 office-based physicians (78%) and nearly all non-federal acute care hospitals (96%) adopted a certified EHR. Furthermore, Emerging economies are increasingly adopting digital health solutions to improve healthcare delivery, which presents significant market opportunities. However, Data Privacy and Security Concerns may hampers the market growth.
Clinical Risk Grouping Solution Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.10% over the forecast period (2024-2032)
Based on Component segmentation, software was predicted to show maximum market share in the year 2023
Based on Application segmentation, Population Health Management was the leading Component in 2023
Based on End-User segmentation, Hospitals, and clinics sector was the leading Component in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Clinical Risk Grouping Solution Market is segmented based on Component, Application, End-User, and Region.
The market is segmented into three categories according to components: software and services. The software segment holds a dominant position in the market. The Clinical Risk Grouping Solution market is centered on software solutions aimed at evaluating and managing clinical risk within healthcare organizations.
The market is categorized into two segments based on application: Population Health Management, Chronic Disease Management, Clinical Decision Support, Fraud Detection and Prevention, and Others. Population Health Management is the leading segment within the market. The Clinical Risk Grouping Solution market is progressively aligning with Population Health Management as healthcare providers aim to improve patient care and effectively manage population health.
The market is classified into two primary categories according to End-User: Hospitals and clinics, Ambulatory surgical centers, Long-term care centers, and others. The Hospitals and clinics sector is the primary driver of market growth. This sector is experiencing expansion as it emphasizes improving patient safety and optimizing clinical care through effective risk assessment and management.
Clinical Risk Grouping Solution Market- Geographical Insights
This market is geographically extensive, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These areas are further segmented based on the countries contributing to business activities. North America leads in market expansion, primarily due to increased investments in healthcare IT infrastructure. The U.S. government has implemented several initiatives to improve healthcare IT systems, including the HITECH Act, which encourages healthcare providers to adopt electronic health records (EHRs) and other health IT solutions. This emphasis has resulted in substantial investments in advanced technologies, such as Clinical Risk Grouping Solutions. In 2021, the United States allocated 17.8 percent of its gross domestic product (GDP) to healthcare, nearly double the average expenditure of OECD countries. Europe ranks as the second largest region for market growth, driven by a rising awareness of chronic diseases.
The market for Clinical Risk Grouping Solutions is becoming progressively competitive, with a multitude of participants aiming to deliver cutting-edge solutions tailored to the requirements of healthcare providers. Organizations are making significant investments in advanced technologies, including artificial intelligence and machine learning, to improve the predictive functionalities of their risk grouping offerings. Such innovation is essential for sustaining a competitive edge. As the healthcare landscape continues to transform, those companies that emphasize innovation, interoperability, and regulatory compliance while effectively addressing the demands of hospitals and clinics will be optimally positioned for success.
On April 1, 2021, 3M Health Information Systems launched an innovative technology platform designed to enable healthcare providers and payers to focus on care prioritization and resource allocation for individuals and patient groups identified as high-risk.