Social Determinants of the Health Market Growth Driven by Increasing Awareness of Health Disparities and Rising Demand for Improved Healthcare Outcomes
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Social Determinants of the Health Market โ (By Type (Economic Stability, Food Insecurity, Social Context, Environment, Education, Healthcare Systems), Application (Authentication, Authorization, Person-matching, Consent Management, Privacy), End-User (Payers, Providers)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Social Determinants of the Health Market is valued at US$ 5.61 Bn in 2023, and it is expected to reach US$ 19.83 Bn by 2031, with a CAGR of 17.39% during the forecast period of 2024-2031.
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The market for social determinants of health is experiencing substantial expansion. The Social determinants of health (SDOH) are elements of society that have an impact on health outcomes. Conditions including those in which individuals are born, raised, employed, reside, and age, as well as the broader array of systems and forces that shape life's necessities. Additionally, social determinants of health (SDOH) contribute to inequities and disparities in health. For example, individuals lacking access to healthy food stores are at a reduced likelihood of practicing intelligent nutrition. This is propelling the market because it increases their risk of health conditions such as cardiovascular disease, diabetes, and obesity, and even shortens their lifespan in comparison to those who have access to nutritious foods. The market is poised for profitable development due to the increasing prevalence of health inequalities and disparities and the growing awareness of social determinants of health (SDOH).ย
List of Prominent Players in the Social Determinants of the Health Market
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The rise in awareness about social determinants of health is the major driver for the market growth. In comparison to factors such as heredity, behavior, and medical care, social determinants of health have been shown to have a more substantial effect on individual and population health. Awareness is spreading among people, and it is driving the market. This is driving the market growth rate.
Government investments in social determinants of health have been examined as another driver for market growth.The market is additionally impacted by the federal government's augmentation of funding aimed at promoting the adoption of these solutions, as it benefits both consumers and economic stability. Furthermore, the social determinants of health (SDOH) market is positively impacted by health care expenditure growth, infrastructure advancements, and increased demand for expanded care delivery. With growing emphasis on such monitoring activities globally, it is anticipated that the social determinants of the health market will be included. Research funding for the treatment has significantly contributed to the growth of the Social Determinants of Health market in recent years.
Concerns regarding the social determinants of health (SDOH) implementation, rising security and privacy, and issues and complexities associated with adopting the model are expected to obstruct market growth. Furthermore, some providers are concerned about higher healthcare costs because of the complexity of adding new data to clinical protocols, and this is projected to challenge the social determinants of health (SDOH) market.
North America dominates the social determinants of health (SDOH) market because of the strong base of healthcare facilities and the presence of major key players within the region. For a number of years now, North America has led the worldwide market for socioeconomic determinants of health. Numerous top government agencies and healthcare organisations that are tackling social issues that have an influence on public health outcomes are based in the region and are performing innovative work in this area. A number of major American and Canadian communities have launched creative initiatives aimed at addressing social risk factors such as housing, work, education, and transportation.
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In Aug 2021, The integration of Cerner EHR utilized health IT to identify social determinants of health (SDOH) factors. Cerner's most recent electronic health record (EHR) integration employed health information technology (IT) to identify social determinants of health risk factors and suggested possibilities for healthcare providers to intervene.ย
In Sept 2022, WellSky, a prominent healthcare and community care technology business, has announced its substantial involvement in the nationwide initiative to enhance access to and streamline the sharing of social determinants of health (SDoH) information across various care settings. Later that day, WellSky's dedication was acknowledged at the White House Conference on Hunger, Health as well as Nutrition.ย
Segmentation of Social Determinants of the Health Market โ
Rest of Middle East and Africa
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