Increase in demand for quality healthcare services and solutions, surge in demand for improved patient safety and patient care, and rise in government initiatives to promote healthcare IT drive the growth of the global clinical risk grouping solutions market.
PORTLAND, Ore., Oct. 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Clinical Risk Grouping Solutions Market by Product (Data Visualization Tools, Data Analytics), by Deployment (Private Cloud, Public Cloud, Hybrid Cloud), by End User (Healthcare service providers, Helthcare payers): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global clinical risk grouping solutions industry generated $0.4 billion in 2021, and is anticipated to generate $1.6 billion by 2031, witnessing a CAGR of 14.6% from 2022 to 2031.
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Prime determinants of growth
Increase in demand for quality healthcare services and solutions, rise in acceptance of mHealth and telehealth practices, surge in demand for improved patient safety and patient care, increase in the prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases (CVD) and hypertension, and rise in government initiatives to promote healthcare IT drive the growth of the global clinical risk grouping solutions market. However, the high cost of clinical risk grouping solutions restricts the market growth. Moreover, rise in the integration of artificial intelligence (AI) for the development of advanced healthcare devices present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global clinical risk grouping solutions market, owing to implementation of stringent lockdowns in many countries which led to the introduction of work from the home model in many businesses sectors.
- In addition, there is an increase in demand for virtual access to data which drives the growth of the market.
The data visualization tools segment to maintain its leadership status throughout the forecast period
Based on product, the data visualization tools segment held the highest market share in 2021, accounting for more than three-fifths of the global clinical risk grouping solutions market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to increase in demand for patient safety and care. However, the data analytics segment is projected to manifest the highest CAGR of 15.4% from 2022 to 2031, due to the rise in demand for advanced analytics tools.
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The private cloud segment to maintain its leadership status throughout the forecast period
Based on deployment, the private cloud segment held the highest market share in 2021, accounting for around two-thirds of the global clinical risk grouping solutions market, and is estimated to maintain its leadership status throughout the forecast period. Growth of online sales platforms for all types of products is proving to be a driving factor for the branded sneaker market. This is owing to the rise in the number of private service providers, and facilities provided by service providers. However, the hybrid cloud segment is projected to manifest the highest CAGR of 17.5% from 2022 to 2031, due to the rise in demand for hybrid cloud deployment models.
The healthcare service providers segment to maintain its lead position during the forecast period
Based on end user, the healthcare service providers segment accounted for the largest share in 2021, contributing to nearly 90% of the global clinical risk grouping solutions market, and is projected to maintain its lead position during the forecast period. This is owing to the rise in the number of healthcare service providers, and an increasing number of private service providers. However, the healthcare payers segment is expected to portray the largest CAGR of 16.0% from 2022 to 2031, due to the rise in demand for advanced healthcare IT services.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global clinical risk grouping solutions market, and is likely to dominate the market during the forecast period. This is attributed to a rise in the demand for advanced healthcare IT services, well-developed healthcare infrastructure, and the presence of key players in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.7% from 2022 to 2031. This is owing to the presence of growing IT services, improvements in the healthcare infrastructure, and the presence of a high population base in the region. Other regions discussed in the report include Europe and LAMEA.
Leading Market Players: -
- Conduent Inc,
- 3M Corporation,
- Optum, Inc,
- Cerner Corporation,
- Nuance Communications,
- Health Catalyst, Inc,
- HBI Solutions,
- Johns Hopkins University,
- Lightbeam Health Solutions,
- Dynamic Healthcare Systems
The report provides a detailed analysis of these key players of the global clinical risk grouping solutions market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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