 |
| Global Social Determinants of Health Market |
The global social determinants of health market consist of solutions that helps healthcare organizations to identify and address social barriers like housing, employment, food security, violence etc. that influences people's health outcomes. Social determinants data help providers enhance patient's experience by gaining deeper insights into their living conditions and tailor care plans accordingly. It also assists health plans to develop wellness programs and pinpoint communities lacking resources.
The market is estimated to be valued
at US$ 5.57 BN in 2024 and is
expected to exhibit a CAGR of 18%
over the forecast period 2024 To 2031 due to growing significance of social and
behavioral factors in chronic disease management.
Key Takeaways
Key players operating in the global social determinants of health are
Healthify, Innovaccer Inc., Interpreta, Lightbeam. Lumeris, Medecision, NowPow,
Optum, Orion Health, Signify Health, Arcadia Group, Cancer IQ, Cerner
Corporation, Enli Health Intelligence, Geneia LLC, Health Catalyst, and
HealthEC, LLC. These companies are focusing on developing AI-powered platforms
and tools to screen populations for social risk factors, connect patients to
resources and help healthcare providers address health inequities.
Key opportunities in the market include growing deployment of value-based care
models among healthcare payers and providers. It is driving increased adoption
of Global
Social Determinants Of Health Market Demand solutions to enhance care coordination and
outcomes. There is also a growing need to address social barriers and improve
health equity among underserved communities. This presents an opportunity for
vendors to partner with community organizations and governments.
Global expansion is another key growth area as players look to penetrate
developing international markets. For instance, in 2023 Optum signed a deal
with Saudi Health Ministry to deploy its social care management platform to
streamline resource allocation and scale community health services. Other
players are also eyeing opportunities in Asia Pacific and Latin American
regions driven by rising healthcare expenditures and focus on population
health.
Market drivers:
- Growing emphasis on preventive care models and population health management
is a key driver. It is fueling investments in tools that help healthcare
organizations identify and address social risk factors.
- Increased availability of social and behavioral data is propelling market
growth. Sources like Medicaid claims, health surveys, social services databases
provide deep insights into social barriers faced by patients.
Market restraints:
- Lack of data integration standards is a major challenge. Social risk data is
fragmented across multiple sources making it difficult for platforms to
consolidate information.
- Underdeveloped social services infrastructure in some regions also restrict
the scope of interventions. Social determinants solutions work best when paired
with robust community resources.
Segment Analysis
This market can be broadly segmented into data management solutions, data
collection & management opportunities, and data as a service. The dominant
sub-segment is data management solutions as it provides ways to aggregate and
analyze patient data from different sources such as EHRs, insurance claims, and
social determinants of health data to identify at-risk populations and
implement proactive care management programs. This helps identify gaps in care
and reduce unnecessary costs.
Global Analysis
Regionally, North America dominates the market currently due to supportive
government initiatives and high awareness regarding the role of social
determinants in population health management. However, Asia Pacific is expected
to witness the fastest growth during the forecast period owing to improving
healthcare infrastructure and increasing focus of emerging economies in this
region on value-based care and population health management. Furthermore,
initiatives such as digital India are encouraging adoption of advanced
healthcare IT solutions including those addressing social determinants of
health.
Get
More Insights on, Global
Social Determinants of Health Market
0 Comments