The Social Determinants of Health (SDH) refer to the conditions in which people are born, grow, live, work and age. These social and economic factors have a major impact on individual and community health outcomes. SDH screening tools help identify patient's social needs that impact their health, such as housing instability, utility needs, lack of transportation, and food insecurity. Addressing SDH through community partnerships can help provide resources to meet these social needs and improve clinical outcomes.
The global Social Determinants of Health market is estimated to be valued at US$ 5.57 billion in 2023 and is expected to exhibit a CAGR of 18.3% over the forecast period 2023-2030.
Global Social Determinants of Health Market Size is screening allows clinicians to deliver more comprehensive care and better identify patients' needs beyond traditional medical interventions. This shift towards addressing social determinants recognizes their substantial role in shaping public health.
Key Takeaways
Key players operating in the 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
Secondly, there is a growing demand for SDH solutions as public and private payers recognize their impact in managing high-risk, high-cost patient populations. SDH programs have shown a reduction in healthcare costs through fewer preventable ER visits and hospitalizations.
Lastly, major players are exploring global expansion opportunities through partnerships with providers, payers and Community Based Organizations. As the SDH market matures, multi-national companies can leverage their population health expertise internationally.
Market key trends
One of the key trends in the Social Determinants of Health market is the integration of SDH data with Electronic Health Records (EHRs). Players are working on seamlessly incorporating social needs screening assessments into clinical workflows through EHR platforms. This allows the capture of SDH data alongside medical information to deliver more holistic care. With EHR integration, providers can easily identify health-harming social factors and tailor care plans accordingly to address the root causes of illness for better outcomes.
Porter’s Analysis
Threat of new entrants: Low healthcare spending on social services makes entry difficult due to resource requirements.
Bargaining power of buyers: Those tackling social problems have limited bargaining power due to dependency on state budgets and charitable grants.
Bargaining power of suppliers: Suppliers focused on social determinants like non-profits have low bargaining power due to reliance on limited funding sources.
Threat of new substitutes: Limited threat due to focus on addressing social problems holistically rather than developing substitute services.
Competitive rivalry: Competition exists between organizations addressing overlapping social issues to secure limited funds.
Current demand for addressing social determinants of health is concentrated in developed countries in North America and Western Europe with higher spending on social services. The United States in particular has recognized the strong influence of socioeconomic factors on health outcomes and devoted resources to measures accounting for needs like affordable housing, adequate education, food security etc.
The fastest growing demand is seen in developing regions of Latin America, Asia and Africa as they face rising rates of non-communicable diseases due to nutrition and lifestyle transitions while grappling with substantial poverty, inequality and lack of access to basic services. Countries are increasingly acknowledging the need for multisectoral policies tackling social roots of ill-health in order to make meaningful progress on development goals like improved life expectancy, productivity and economic participation.
About Author:
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)
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