by Market Overview:
Patient risk stratification refers to the process of segmenting patients based on the severity and complexity of their conditions. It helps healthcare providers identify high-risk patients and prioritize their care. The rising need to curtail healthcare costs and improve quality of care has fueled demand for patient risk stratification solutions. These solutions analyze claims data, clinical information, and social determinants to categorize patients into different risk levels such as low risk, rising risk, and high risk. This helps providers allocate appropriate resources to patients and design targeted care management programs.
The global Patient Risk Stratification Market is estimated to be valued at US$ 1.56 Bn in 2023 and is expected to exhibit a CAGR of 22.2% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
One of the key trends in the patient risk stratification market is the growing adoption of artificial intelligence and machine learning capabilities. AI tools are being integrated into risk stratification platforms to automate the analysis of huge volumes of patient data. This allows providers to more accurately identify rising-risk patients and intervene before their conditions deteriorate. AI also enhances risk models through continuous learning and helps stratify risks on the basis of multiple clinical and non-clinical attributes. Several players in the market are focusing on developing AI-powered risk stratification solutions to estimate patient safety risks, streamline care management workflows, and improve health outcomes.
Threat of new entrants: New entrants face high initial costs associated with need for patient medical data and specialized risk assessment technologies. Established players also have economies of scale advantage.
Bargaining power of buyers: Individual patients have low bargaining power however large healthcare providers and insurers have significant bargaining power to negotiate on pricing and customized solutions.
Bargaining power of suppliers: Due to high switching costs and customer stickiness, risk assessment solution providers have moderate bargaining power over buyers.
Threat of new substitutes: Limited threat as risk stratification provides unique clinical and financial benefits compared to point solutions.
Competitive rivalry: Intense competition due high growth potential leads to continuous innovation, strategic partnerships and M&A activity among key players.
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
Key Takeaways:
The global Patient Risk Stratification Market Size is expected to witness high growth, exhibiting CAGR of 22.2% over the forecast period, due to increasing governmental initiatives for curbing healthcare costs and growing focus on value-based reimbursement. The U.S. is expected to dominate the market during the forecast period, supported by favorable regulatory scenario and large healthcare expenditure.
Regional Analysis:
North America region is expected to dominate the global patient risk stratification market during the forecast period. Presence of advanced healthcare infrastructure, growing geriatric population and favorable government support and initiatives drive the market in the region. Growing prevalence of chronic diseases has sparked leading providers and insurers to shift focus towards population health management through effective risk assessment.
Key Players:
Key players operating in the 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.
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*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
