Patient Risk Stratification Market Is Driven By Growing Need To Reduce Healthcare Costs

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The global patient risk stratification market largely revolves around the need for healthcare providers to identify at-risk patients and customize care plans accordingly. Patient risk stratification involves collecting and analyzing patient data like demographics, clinical history, usage of medical services and social determinants of health to assess their risk levels for various adverse outcomes. This helps providers focus resources on high-risk patients to improve outcomes and lower costs.

Several predictive analytics tools and technologies are utilized by healthcare organizations to stratify Patient Risk Stratification based on their probable needs. The market includes products and solutions for risk identification, case management, disease management, utilization management and patient engagement.

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., NVision Health, RLDatix, and Verisk Analytics, Inc. These players are focused on developing advanced AI and machine learning-based solutions to more accurately stratify patients.

The growing demand for value-based care and need to reduce escalating healthcare costs is driving increased adoption of patient risk stratification solutions globally. Healthcare providers are able to better focus resources and customize care plans according to patient risk levels to avoid expensive adverse outcomes. Various governments are also promoting population health management programs that utilize patient risk stratification.

Several technology players are also focused on expanding into international markets like Europe, Asia Pacific and Latin America to tap the opportunities arising from risk-based contracts and globalization of healthcare models. The growing volumes of patient data and improving capabilities of predictive analytics are supporting wider adoption of patient risk solutions globally.

Market Drivers

One of the key drivers of the global patient risk stratification market is the rising pressure on healthcare providers to lower costs and improve quality of care. With value-based reimbursement models becoming more prevalent, there is increased focus on preventive health and controlling the expenditures on high-risk patients. Patient risk stratification solutions enable providers to channel resources towards these critical patients, thereby reducing chances of expensive adverse outcomes and hospital readmissions. This in turn helps improve clinical outcomes as well as financial performance of healthcare organizations. The ability to accurately stratify patients based on their characteristics also supports population health management initiatives of governments globally.

Impact of the current geopolitical situation on the growth of the Global Patient Risk Stratification Market

The Global Patient Risk Stratification Market has experienced significant growth over the past few years due to rising healthcare costs and growing demand for value-based care models. However, the ongoing geopolitical turmoil across various parts of the world is posing challenges to the sustained growth of this market. The increasing tensions between major global powers like the US, China and Russia have disrupted global supply chains and created uncertainties about trade relations and economic cooperation going forward. This has negatively impacted investments in new technologies and innovative solutions in the healthcare sector. Additionally, the ongoing conflict between Russia and Ukraine has exacerbated energy prices and inflation globally. The deteriorating economic conditions are forcing healthcare providers and insurers to cut costs and focus more on short-term operational efficiencies rather than long-term digital transformations. Some parts of Europe that rely heavily on energy imports from Russia have seen their healthcare budgets shrink considerably. All these factors are expected to slow down the adoption of advanced patient risk stratification solutions in the near future. For sustainable growth, companies operating in this market need to diversify their supplier networks, offer more affordable pricing models, and work closely with governments to ensure policy support even during times of crisis. Expanding into emerging markets with strong economic growth could also help offset slower growth in some mature markets.

Geographical concentration of value in the Global Patient Risk Stratification Market

In terms of value, North America currently accounts for the largest share of the Global Patient Risk Stratification Market owing to favourable policies supporting value-based care models and early adoption of advanced healthcare IT solutions in the region. The US market alone contributes over 50% of the global market revenue led by presence of many large players and higher spend per capita on healthcare. Europe is the second largest regional market driven by initiatives toward population health management and integrated care approaches in major country markets like Germany, UK and France. The Asia Pacific region is witnessing fastest growth and emerging as an important revenue generator led by economic expansion, growing medical tourism, increasing penetration of health insurance and rise of digital healthcare startups in countries like China, India and Japan.

India emerging as the fastest growing regional market

Among all the geographical regions, India is expected to record exponential growth during the forecast period of 2024-2031. This is due to rising per capita healthcare spending in the country coinciding growing lifestyle diseases, rapid urbanization and expansion of private healthcare providers. Favourable government policies focusing on digital healthcare, preventive care and increasing healthcare access in smaller cities and towns are also driving market growth. In addition, the lower current adoption rates compared to developed western markets presents a massive opportunity for patient risk stratification solution providers to tap into. Key Indian players like Niramai Health Analytix and Heartify are also innovating affordable models to expand reach to tier 2/3 areas. International companies are forming local partnerships to leverage inexpensive domestic talent. All these factors make India the most upbeat emerging market globally for the Patient Risk Stratification sector.

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)