Burlingame, May 14, 2024 (GLOBE NEWSWIRE) -- The Global Social Determinants of Health Market is estimated surge to US$ 18.06 billion by 2030, up from US$ 5.57 billion recorded in 2023, reflecting a notable compound annual growth rate (CAGR) of 18.3% throughout the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. According to the report, Global Social Determinants of Health Market, By Type (Economic Stability, Food Insecurity, Social Context, Environment, Education, Healthcare Systems), By Application (Authentication, Authorization, Person-matching, Consent management, Privacy), By End User (Payers, Providers), By Region, Market Size, Share Analysis - Growth Trends & Forecasts, 2023-2030
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Market Dynamics:
The increasing demand for healthcare services, coupled with the growing awareness about the impact of social determinants on health outcomes, is expected to drive the growth of the global market. Additionally, initiatives by governments and healthcare organizations to address social determinants of health are also contributing to the market growth.
Global Social Determinants of Health (SDOH) Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $5.57 billion |
| Estimated Value by 2030 | $18.06 billion |
| Growth Rate | Poised to grow at a CAGR of 18.3% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Digital technology adoption • Access to care disparities • Population health initiatives |
| Restraints & Challenges | • Data privacy regulations • Healthcare affordability |
Market Trends:
One of the key trends in the Global Social Determinants of Health Market is the integration of technology solutions to better understand and address social determinants. Technology such as artificial intelligence and big data analytics are being used to collect and analyze data related to social determinants, enabling healthcare providers to tailor interventions and improve health outcomes. Another trend is the focus on collaboration and partnerships between healthcare providers, social service organizations, and community groups to create comprehensive solutions for addressing social determinants of health. This multi-sector approach is seen as essential in effectively addressing the complex factors that influence health outcomes.
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The global social determinants of health market is anticipated to witness a significant growth opportunity in the economic stability segment. Economic stability plays a crucial role in determining an individual's overall health and well-being. Factors such as income level, employment status, and access to financial resources can have a direct impact on one's health outcomes. As a result, there is a growing need for interventions and solutions that address economic stability as a social determinant of health.
Another market opportunity in the global social determinants of health market lies in the authentication segment. With the increasing adoption of digital health technologies and electronic health records, there is a growing need for robust authentication mechanisms to ensure the security and privacy of patient data. Authentication solutions play a vital role in verifying the identity of users accessing sensitive health information and ensuring compliance with data protection regulations.
Recent Developments:
In October 2020, GoHealth and Aunt Bertha have established a strategic relationship to tackle the issue of social determinants of health.
In March 2020, in order to assist physicians in addressing non-medical health risk factors that impact Humana members, Humana established a value-based care payment project.
Key Market Takeaways:
The global social determinants of health market is anticipated to witness a CAGR of 5.8% during the forecast period 2024 to 2031, owing to the increasing awareness about the impact of social determinants on health outcomes.
On the basis of the economic stability segment, the dominating subsegment is expected to hold a dominant position, owing to the rising income inequality, unemployment rates, and financial insecurity driving the demand for solutions addressing economic stability.
On the basis of the authentication segment, the dominating subsegment is expected to hold a dominant position over the forecast period, due to the increasing adoption of digital health technologies and electronic health records driving the demand for secure authentication solutions.
North America is expected to hold a dominant position in the global social determinants of health market, due to the high adoption of digital health technologies and government initiatives to address social determinants of health.
Key players operating in the global social determinants of health market include Healthify, Innovaccer Inc., Interpreta, Lightbeam, and other key players, who are focused on developing innovative solutions to address key social determinants of health and improve health outcomes globally.
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Detailed Segmentation:
By Type:
- Economic Stability
- Food Insecurity
- Social Context
- Environment
- Education
- Healthcare Systems
By Application:
- Authentication
- Authorization
- Person-matching
- Consent management
- Privacy
By End User:
- Payers
- Providers
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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