Burlingame, Feb. 07, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Patient Risk Stratification Market is estimated to value at US$ 1.56 Billion in the year 2023 and is anticipated to reach US$ 11.44 Billion by 2030, at a CAGR of 22.2% during the forecast period 2023-2030.
Market Dynamics:
The patient risk stratification market is primarily driven by the increasing focus on preventive healthcare. With the rising burden of chronic diseases and the escalating cost of healthcare, there is a growing demand for effective risk stratification solutions. By identifying individuals at high risk for developing certain diseases, healthcare providers can implement preventive measures and interventions, leading to better health outcomes and reduced healthcare costs.
Another driver of growth in the patient risk stratification market is the advancements in technology and data analytics. With the availability of large amounts of patient data, including electronic health records, genetic information, and lifestyle behaviors, healthcare providers can now use sophisticated algorithms and machine learning techniques to predict an individual's risk of developing specific diseases. This enables personalized medicine and targeted interventions, optimizing healthcare resources and improving patient care.
| Report Coverage | Details | |
| Study Period | 2023 - 2030 | |
| Base Year of Estimation | 2022 | |
| CAGR | 22.2% | |
| Largest Market | North America | |
| Market Concentration | High | |
| Major Players | Cerner Corporation, Epic Systems Corporation, Optum, Inc., Allscripts Healthcare Solutions, Inc., IBM Corporation | |
| Segments Covered | By Component, By Delivery Model, By Type, By Application, By End User, By Region | |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | |
| Growth Drivers | • Growing prevalence of chronic diseases • Need to reduce healthcare costs • Favorable government initiatives • Advancements in analytics, Artificial Intelligence (AI), and machine learning | |
| Restraints & Challenges | • Data privacy and security concerns • High upfront costs • Interoperability issues | |
Key Market Takeaways:
- The patient risk stratification market size is anticipated to witness a CAGR of 22.2% during the forecast period 2023-2030, owing to the increasing focus on personalized patient care and the rising prevalence of chronic diseases.
- On the basis of the component segment, software is expected to hold a dominant position due to the demand for advanced data analytics and predictive modeling tools. Among the delivery models, on-premises solutions are favored by healthcare organizations seeking full control over their patient data. Predictive risk stratification is set to dominate the market in terms of types, enabling proactive identification of high-risk patients. Population health management is the leading application, allowing healthcare providers to efficiently manage the health of specific populations. Healthcare providers are expected to be the major end-users of patient risk stratification solutions.
- In terms of region, North America is expected to hold a dominant position over the forecast period. This can be attributed to the advanced healthcare infrastructure, high adoption of healthcare IT solutions, and favorable government initiatives in the region.
- Key players operating in the patient risk stratification market include Cerner Corporation, Epic Systems Corporation, Optum, Inc., Allscripts Healthcare Solutions, Inc., and IBM Corporation, among others. These players are focusing on developing advanced software and services to meet the increasing demand for patient risk stratification solutions. The market is highly competitive, with significant opportunities for collaboration and innovation among key players.
Market Trends:
One of the key trends observed in the patient risk stratification market is the integration of artificial intelligence (AI) and machine learning (ML) algorithms into risk assessment models. These advanced technologies allow for more accurate and efficient risk stratification, considering multiple variables and complex interactions within the data. AI and ML algorithms can also continuously learn and adapt, improving the predictive accuracy over time.
Another trend in the market is the increasing adoption of population health management strategies. As healthcare systems shift towards value-based care and population health management approaches, risk stratification plays a crucial role in identifying high-risk individuals and allocating appropriate resources for preventive care. By focusing on the most vulnerable population segments, healthcare organizations can improve population health outcomes and reduce healthcare costs.
Recent Development:
- In February 2023, Avero Diagnostics introduced the AMBLor Test, which allows for risk identification in early-stage melanoma.
- In January 2022, PreciseDx announced a Series A funding round of US$ 10.7 million. In 2021, it will make a preferred investment to support the continuous development and commercialization of its AI-powered risk classification platform.
Read the complete market research report, "Patient Risk Stratification Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
In terms of components, software is expected to dominate the patient risk stratification market. This is due to the growing demand for data analytics and predictive modeling software that can accurately assess patient risk levels. The use of advanced software enables healthcare providers to identify high-risk patients and develop tailored care plans accordingly.
The on-premises delivery model is set to dominate the patient risk stratification market. This is because many healthcare organizations prefer to have full control and ownership of their patient data, leading them to adopt on-premises software solutions. However, cloud-based solutions are also gaining traction due to their scalability and cost-effectiveness.
Among the different types of patient risk stratification markets, the predictive risk stratification market is expected to hold a dominant position. This is because predictive risk stratification allows healthcare providers to proactively identify patients who are at risk of developing chronic diseases or experiencing adverse health events. By using predictive models, healthcare professionals can intervene early and prevent complications.
Population health management is anticipated to dominate the patient risk stratification market. This application focuses on managing the health of a specific population or group of patients, enabling healthcare providers to allocate resources efficiently and improve outcomes. Additionally, risk adjustment, revenue cycle management, and clinical workflow are also emerging applications in this market.
Healthcare providers are expected to be the dominating end users of patient risk stratification solutions. These solutions help healthcare providers identify patients who require intensive care, personalized treatment plans, or preventive measures. However, healthcare payers and other entities in the healthcare ecosystem are also adopting patient risk stratification tools to optimize processes and provide value-based care.
Global Patient Risk Stratification Market Segmentation:
- By Component
- Software
- Services
- By Delivery Model
- On-premise
- Cloud-based
- By Type
- Predictive Risk Stratification Model
- Retrospective Risk Stratification Model
- Prospective Risk Stratification Model
- Concurrent Risk Stratification Model
- By Application
- Population Health Management
- Risk Adjustment
- Revenue Cycle Management
- Clinical Workflow
- By End User
- Healthcare Providers
- Healthcare Payers
- Other End Users
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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Top Questions Answered in this Report:
- What factors are impeding the growth of the market for Patient Risk Stratification?
- What are the primary drivers fostering growth in the market for Patient Risk Stratification?
- Which segment stands out as the leading component in the Patient Risk Stratification Market?
- Who are the key players actively involved in the Patient Risk Stratification Market?
- Which region is poised to take the lead in the Patient Risk Stratification Market?
- What is the projected CAGR for the Patient Risk Stratification Market?
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