The global patient risk stratification market involves segmenting patients into risk categories to determine their potential costs and needs for care. This allows providers to better allocate healthcare resources and implement preventive measures for high-risk patients. Risk stratification solutions utilize patient data such as claims, clinical information and social determinants to analyze individual risk levels through predictive algorithms. This helps identify patients who are most likely to experience an adverse event or incur high costs.
The need for Patient Risk Stratification is growing with the rise of value-based care models which focus on population health management and lowering healthcare expenditure.
The Global Patient Risk Stratification Market is estimated to be valued at US$ 1.56 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the global patient risk stratification market are Cerner Corporation, Epic Systems Corporation, Optum, Inc., Allscripts Healthcare Solutions, Inc., IBM Corporation, Medecision, Inc., Health Catalyst, Inc., Conifer Health Solutions, LLC, Wellcentive, Inc., ZeOmega, Inc., Verscend Technologies, Inc., PreciseDx, CitiusTech Inc., Avero Diagnostics, Lightbeam Health Solutions, LexisNexis Risk Solutions, Milliman, Inc., NVison Health, RLDatix, and Verisk Analytics, Inc. The rising need to improve clinical outcomes and reduce unnecessary healthcare spending is driving increased adoption of risk stratification solutions across the globe. Technological advancements in big data analytics, artificial intelligence and machine learning have enabled risk stratification vendors to develop more sophisticated solutions that can analyze both clinical and non-clinical attributes to more accurately stratify patient risk levels.
Market Trends
Increased focus on population health management: Healthcare providers and payers are increasingly implementing population health management programs which rely on risk stratification of the patient pool to identify high-risk individuals. This is a major trend fueling demand for risk stratification solutions.
Rise of value-based care: The shift from fee-for-service to value-based reimbursement models where payments are linked to quality and outcome metrics is another key driver. Risk stratification assists in maximizing value under these models.
Market Opportunities
Integration with other healthcare IT solutions: Vendors have an opportunity to offer risk stratification as an add-on or integrated module with existing clinical, financial and administrative IT solutions. This can help drive higher adoption rates.
Emerging markets: Many developing nations are looking to strengthen their primary care infrastructure and manage rising disease burdens. Risk stratification can be leveraged for population health efforts in these regions.
Impact of COVID-19 on Global Patient Risk Stratification Market Growth
The outbreak of COVID-19 has significantly impacted the growth of the global patient risk stratification market. During the initial phases of the pandemic, elective surgeries and non-essential treatments were postponed to focus resources on COVID care. This resulted in reduced demand for patient risk assessment solutions from hospitals and healthcare providers. However, as the pandemic progressed, risk stratification became increasingly important to identify at-risk patients and prioritize their care. Healthcare providers have been actively utilizing patient data and risk scoring models to stratify COVID and non-COVID patients based on their vulnerability. This facilitated remote monitoring of high-risk individuals and helped allocate limited medical resources more efficiently. With growing emphasis on population health management amid the ongoing healthcare crisis, investments in predictive analytics and risk profiling tools are expected to rise. Various technological innovations centered around COVID stratification are also being implemented. While short-term disruptions were witnessed, patient risk assessment is recognized as a critical component of pandemic response and preparedness in the long-term.
Geographical Regions with Highest Concentration in Global Patient Risk Stratification Market
North America represents the largest and most concentrated region for the global patient risk stratification market in terms of value. Advanced healthcare infrastructure, greater adoption of digital technologies among providers, and elevated focus on value-based care are some factors driving higher adoption of risk profiling and predictive modeling solutions across the US and Canada. Significant monetary investments by the government and private organizations have flowed into developing sophisticated data analytics platforms and clinical decision support tools. Moreover, the presence of leading market players and the trend of healthcare consumerism have further propelled the regional market size. Europe stands as the second major revenue generator, while Asia Pacific is recognized as the fastest growing region with China and India at the forefront of the growth curve.
Geographical Regions with Fastest Growth in Global Patient Risk Stratification Market
Asia Pacific is poised to register the fastest growth in the global patient risk stratification market over the forecast period. Surging geriatric populations afflicted by chronic illnesses, rising healthcare expenditures, innovations in AI and big data analytics, and increasing government initiatives promoting digital transformation of the healthcare sector are driving rapid adoption of risk assessment technology. Countries such as China, India, Japan, South Korea and Australia are aggressively implementing population health management strategies centered around predictive modeling of medical and cost risks. This is presenting lucrative opportunities for market players. Furthermore, growing medical tourism and private hospital chains involved in value-based contracting are proactively leveraging predictive algorithms across clinical settings to optimize patient outcomes. The emerging APAC markets especially demonstrate more openness towards newer care delivery and payment models compared to other regions. This positions Asia Pacific as an exceptionally high growth territory.
What Are The Key Data Covered In This Global Patient Risk Stratification Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Patient Risk Stratification's growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Patient Risk Stratification and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Patient Risk Stratification Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Patient Risk Stratification vendors
FAQ’s
Q.1 What are the main factors influencing the Global Patient Risk Stratification?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Patient Risk Stratification companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Patient Risk Stratification’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
