InsightAce Analytic Pvt. Ltd. projects the global Patient Support Programs (PSP) market to grow from $16.41 billion in 2022 to $64.36 billion by 2031, achieving a CAGR of 16.62%.
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Patient Support Programs (PSP) Market- (By Functionality (Communication, Health Tracking & Insights, Billing & Payments, Administrative, Patient Education, Others), By Therapeutic area (Health & Wellness, Chronic Disease Management, Others), By Application (Population Health Management, Outpatient Health Management, In-patient Health Management, Others), By End-user (Payers, Providers, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Patient Support Programs (PSP) Market is valued at US$ 16.41 Bn in 2022, and it is expected to reach US$ 64.36 Bn by 2031, with a CAGR of 16.62% during the forecast period of 2023-2031.
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Patient support programs (PSP) are various services and initiatives provided by healthcare organizations and pharmaceutical companies to help individuals manage their medical problems. These initiatives are intended to give patients support, education, resources, and, in some cases, financial aid to help them stick to treatment plans, better understand their diseases, and enhance their overall well-being. PSPs are commonly used to improve patient outcomes and quality of life in chronic conditions such as diabetes, cancer, and uncommon disorders. The PSP market entails creating and administering these programs to fulfil the demands of patients and healthcare providers.
List of Prominent Players in the Patient Support Programs (PSP) Market:
- Allscripts Healthcare, LLC
- Orion Health
- Cerner Corporation
- McKesson Corporation
- athenahealth, Inc.
- IBM
- Medecision
- GetWellNetwork, Inc.
- MEDHOST
- Lincor
- IQVIA
- Wolters Kluwer N.V.
- Force Therapeutics LLC
- Quil
- Greenway Health, LLC
- Mytonomy
- Klara Technologies, Inc.
- Solutionreach, Inc.
- CureMD Healthcare
- Patient point LLC
- Vivify Health
- Nuance Communications, Inc.
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Market Dynamics:
Drivers-
Several main factors influence the Patient Support Programs (PSP) market. The increasing frequency of chronic diseases worldwide needs more thorough patient care. Furthermore, the shift toward patient-centred care and value-based healthcare models stimulates the use of PSPs to improve patient outcomes and satisfaction. Integrating digital health technologies and data analytics enables more tailored and efficient care delivery. Pharmaceutical businesses also use PSPs to differentiate their brands, create patient loyalty, and comply with regulations.
Overall, the drivers for the PSP market are the demand for improved patient care, technological improvements, regulatory requirements, and pharmaceutical company initiatives.
Challenges:
Several obstacles face the Patient Support Programs (PSP) business. The confidentiality of patient data and compliance with complicated healthcare legislation are of the utmost importance. Maintaining patient engagement over time can be difficult, as can ensuring a seamless connection with electronic health data. Access gaps, particularly among impoverished communities, pose challenges. PSPs must also demonstrate cost-effectiveness to justify their use. Pharmaceutical companies and healthcare professionals are also concerned about the need for standardized metrics to assess the success of PSPs. Furthermore, sustaining long-term program sustainability and overcoming some healthcare professionals’ reluctance to accept new technology offers additional challenges for the PSP market.
Regional Trends:
The North America Patient Support Programs (PSP) market will likely register a significant revenue share and develop at a rapid CAGR shortly. The region is noted for having a high frequency of chronic diseases, an ageing population, and a sophisticated healthcare system. Furthermore, pharmaceutical companies and healthcare providers in North America are quickly discovering the value of PSPs in improving patient outcomes and satisfaction. Regulatory frameworks and reimbursement systems contribute to the adoption of such solutions. With a strong emphasis on patient-centric care and the region’s technological strength and financial investment capability, North America continues to drive the expansion of the PSP business, ultimately resulting in better healthcare delivery and patient experiences.
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Recent Developments:
- In Sept 2023, Orion Health and Pieces Technologies, Inc. jointly declared an innovative strategic alliance. By combining the capabilities of Orion Health’s Orchestral Health Intelligence Platform (HIP) and Pieces’ cutting-edge AI technology, also known as “Pieces,” the partnership enabled clinicians and caregivers to utilize a dependable AI solution tuned to locally sourced, comprehensive data.
Segmentation of Patient Support Programs (PSP) Market-
By Functionality-
- Communication
- Health Tracking & Insights
- Billing & Payments
- Administrative
- Patient Education
- Others
By Therapeutic area-
- Health & Wellness
- Chronic Disease Management
- Others
By Application-
- Population Health Management
- Outpatient Health Management
- In-patient Health Management
- Others
By End-user-
By Region-
North America-
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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