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.
- 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 …