The global social determinants of health market offers solutions that help healthcare providers identify and mitigate risks associated with social and behavioral factors that influence health. These solutions enable organizations to stratify patient populations, determine appropriate interventions and programs, and measure outcomes. Social and economic circumstances such as employment, education, housing, social support, community safety, physical environment, access to healthcare, and adoption of unhealthy behaviors have been shown to have a significant impact on health outcomes. Recognizing the importance of non-medical determinants in driving overall wellness, the global social determinants of health market aims to deploy innovative digital solutions and telehealth advancements to address the wider range of challenges impacting public health.
The Global Social Determinants of Health 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.
Social determinants of health solutions assist providers in identifying at-risk patients, coordinating care across multiple teams, implementing supportive services and programs, and measuring the results of interventions. Key players operating in the social determinants of health market 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.
Key Takeaways
Key players operating in the global social determinants of health market 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.
The key opportunities in the market include addressing the Global Social Determinants Of Health Market Demand exacerbated by the covid pandemic such as unemployment, housing instability, and food insecurity. Leveraging telehealth solutions can help improve access to care and social services in remote areas.
Technological advancements focused on enhancing data integration, predictive analytics, cloud computing and telehealth are helping organizations better measure the impact of social risk factors on wellbeing. This is enabling more informed interventions and management of chronic conditions.
Market Drivers
A major market driver is the rising focus on value-based care models where payers and providers are increasingly including social determinants metrics in their population health strategies and payment models. Addressing social risk factors can help improve outcomes and lower healthcare spending. The availability of robust social, behavioral and environmental data is allowing for more comprehensive risk assessments and personalized care plans. This is driving increased adoption of social determinants of health solutions globally.
Current Challenges in Global Social Determinants of Health Market
The major challenges faced by the global social determinants of health market are lack of standardized definition and framework for social determinants of health, integrating social determinants of health data with clinical and claims data, and lack of adequate funding and investments. While social factors have significant impact on individual and community health, there is no universal agreement on the key factors that influence health outcomes. Moreover, lack of common terminology and framework makes it difficult to collect and analyze social determinants of health data. Integrating social needs data with clinical information from electronic health records poses technological challenges. Addressing social determinants of health requires involvement of non-healthcare entities which needs coordinated efforts. However, investments required for social determinants of health programs are often considered as outside scope of traditional healthcare spending.
SWOT Analysis
Strengths: Growing recognition of impact of social and environmental factors on health. Increased focus on prevention and population health management.
Weaknesses: Lack of standardized social determinants of health frameworks. Challenges in data integration and management. Limited funding available for related initiatives.
Opportunities: Potential for improved health outcomes and reduced healthcare spending. Partnership opportunities with community organizations. Growth in value-based reimbursement models.
Threats: Siloed approaches across healthcare and social sectors. Resistance to shifting focus from treatment to prevention. Data privacy and security concerns.
Geographical Regions
North America currently dominates the global social determinants of health market in terms of value largely due to advanced healthcare infrastructure and increasing focus on social needs screening in the region. United States in particular has witnessed growing adoption of social determinants screening and referral programs led by initiatives like Accountable Health Communities Model by CMS.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, growing prevalence of chronic diseases, and increasing focus of governments and private players on population health management in countries like China and India.Support through public funding for social care integration with healthcare presents lucrative growth opportunities.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.