The global social determinants of health market comprise of various technologies and solutions that helps address social, economic and environmental factors which influences individual and population health outcomes. Social determinants of health solutions helps identify and manage social risk factors in a population such as housing and food insecurity, lack of transportation, economic stability, etc. that affects health behaviors and outcomes. These solutions aims to facilitate better coordination of medical and social services and resources to improve population health. The rising focus on value based care models and population health management by healthcare organizations is driving demand for social determinants of health solutions.
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.
Key Takeaways
Key players: Key players operating in the global social determinants of health market include 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 opportunities: Increasing adoption of Global Social Determinants Of Health Market Demand solutions by private healthcare payers to identify and manage high-risk patients presents significant growth opportunities. Growing focus on value-based care models offers opportunities for vendors to partner with healthcare organizations.
Global expansion: Leading players are focusing on expanding into international markets through partnerships and acquisitions to tap higher growth opportunities. Growth opportunities lies in emerging markets of Latin America, Asia Pacific and Middle East & Africa.
Market drivers: The major driver for social determinants of health market is growing focus on population health management to reduce healthcare costs. Rising demand for integration of medical and social service data to facilitate coordinated care is fueling adoption. Increasing healthcare expenditure on chronic disease management also drives the need for identifying and addressing social barriers.
Market drivers: The major driver for social determinants of health market is growing focus on population health management to reduce healthcare costs. Managing non-medical social and behavioral factors is important to managing population health. Rising demand for integration of medical and social service data to facilitate coordinated care is fueling adoption. T aim to deliver better health outcomes. In addition, uncontrolled rise in healthcare expenditure on chronic disease management also drives the need for identifying and addressing social barriers to improving health.
PEST Analysis
Political: The market is driven by various government initiatives and policies related to promoting public health and wellbeing. This includes efforts to improve access to healthcare and focus on social factors influencing health.
Economic: Changes in economic conditions and income levels impact people’s social circumstances and ability to afford healthcare/stay healthy. Economic growth allows more spending on social determinants that enhance quality of life.
Social: Factors like education, lifestyle, community & social context, employment conditions greatly influence individual health. Tools enabling more awareness on these could drive positive behavioral/social changes influencing wellness.
Technological: Advancements in data analytics, AI and digital tools are helping better understand complex relationships between socioeconomic factors and diseases. This enables strategic interventions to create healthier communities through a multi-sector approach.
Geographical concentration
North America accounts for the largest share of the global market currently, with the US being the major revenue generator. This is attributed to considerable focus by private and public organizations on population health management through such social determinants.
Fastest growing region
Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising awareness, improving access to healthcare, and focus of governments as well as international agencies on social and environmental factors linked to health in developing countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.