Future Outlook of the Patient Risk Stratification Market: Growth, Trends, and Emerging Opportunities Explored
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How has the patient risk stratification market size evolved in recent years?
The market for patient risk stratification has experienced tremendous growth in the past few years. The market, which measured $2.15 billion in 2024, is forecasted to reach $2.82 billion by 2025, expanding at a compound annual growth rate (CAGR) of 31.3%. Factors contributing to this past growth include a rise in digitization, increased overall risk, a growing aging population, a higher occurrence of medical errors, and the increasing implementation of electronic health records (EHR).
What are the predictions for the patient risk stratification market size in the coming years?
The market size of patient risk stratification is projected to witness a significant surge in the coming years, reaching a value of $8.30 billion by 2029 with a 31.0% Compound Annual Growth Rate (CAGR). This anticipated growth during the forecast period can be attributed to factors such as the growth of the middle class and health insurance, rise in chronic diseases, the increasing use of predictive analytics, a greater emphasis on the social determinants of health (SDOH), and a more extensive application of technology. Some of the primary trends expected during this forecast period are advancements in both analytics and artificial intelligence (AI), progress in machine learning, technological upgrades, the introduction of innovative tools, improvements in healthcare technology, the use of wearable technology, and remote monitoring.
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What key factors are fueling the growth of the patient risk stratification market?
The escalating issue of chronic illnesses is predicted to fuel the expansion of the patient risk stratification market. These are enduring health issues that continue for lengthy periods, usually three months or more. The escalating problem of chronic diseases can be ascribed to an aging population, unhealthy lifestyles, urban growth, environmental contributors, restricted healthcare accessibility, socio-economic inequality, and heightened stress levels. Risk stratification for patients aids in recognizing individuals at separate risk stages for chronic illnesses, enabling customized care, early intervention, more effective allocation of resources, and enhanced health results. For example, in January 2023, the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, predicted that the number of individuals above 50 years with at least one chronic illness would rise by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Moreover, in September 2022, the World Health Organization (WHO) 2022 Highlights, a Switzerland-based intergovernmental health organization, revealed that chronic illnesses were responsible for 74% of all global deaths, equating to 41 million deaths annually. Of these, cardiovascular diseases led to 17.9 million deaths, cancer resulted in 9.3 million, chronic respiratory diseases led to 4.1 million, and diabetes caused 2.0 million deaths. Hence, the escalating problem of chronic illnesses is propelling the patient risk stratification market.
How is the global patient risk stratification market divided into key segments?
The patient risk stratification market covered in this report is segmented –
1) By Type: Predictive Risk Stratification Model, Retrospective Risk Stratification Model, Prospective Risk Stratification Model, Concurrent Risk Stratification Model
2) By Component: Software, Services
3) By Delivery Model: On-Premise, Cloud-Based
4) By Application: Risk Adjustment, Clinical Workflow, Revenue Cycle Management, Other Applications
5) By End User: Healthcare Providers, Healthcare Payers, Other End Users
Subsegments:
1) By Predictive Risk Stratification Model: Machine Learning-Based Predictive Models, Statistical Predictive Models, AI-Powered Predictive Models
2) By Retrospective Risk Stratification Model: Historical Data-Based Risk Models, Data Mining Retrospective Models
3) By Prospective Risk Stratification Model: Longitudinal Cohort-Based Models, Real-Time Risk Assessment Models
4) By Concurrent Risk Stratification Model: In-Hospital Risk Assessment Models, Real-Time Clinical Decision Support Models
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Who are the key firms paving the way for growth in the patient risk stratification market?
Major companies operating in the patient risk stratification market are Bristol-Myers Squibb, Thermo Fisher Scientific Inc., Abbott Laboratories, Sales Force Inc., Medtronic plc, Siemens Healthineers AG, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Adobe Inc., Persistent Systems, NextGen Healthcare Inc., Health Catalyst, Freenome, Strive Health, Medeanalytics Inc., American Academy of Family Physicians, Lightbeam Health Solutions, Graphnet Health Ltd., Innova Medical Group Inc., Equipo Health Inc., Epic Systems Corporation
What key trends are currently impacting the patient risk stratification market’s development?
Major companies operating in the patient risk stratification market are focusing on technological advancements in healthcare, such as artificial intelligence (AI) in disease screening, to improve early detection, enhance patient outcomes, and reduce healthcare costs by enabling more accurate risk assessments and personalized treatment plans. AI in disease screening utilizes sophisticated algorithms and machine learning to examine medical data, enabling early disease detection and improving diagnostic accuracy by quickly analyzing large amounts of information. For instance, in May 2024, WELL Health Technologies Corporation, a Canada-based healthcare company, and its investee company HEALWELL AI, a Canada-based healthcare company focused on AI and data science for preventative care, launched WELL AI Decision Support (WAIDS). It is aimed at rare diseases and now includes screening for chronic conditions such as kidney disease, hypertension, and diabetes. It can detect over 100 diseases and provide risk stratification, helping clinicians identify care gaps and access actionable data at the point of care.
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What regions are contributing significantly to the growth of the patient risk stratification market?
North America was the largest region in the patient risk stratification market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patient risk stratification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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