Global Patient Support Programs (PSP) Market Analysis

Global Patient Support Programs (PSP) Market Analysis


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The global Patient Support Program (PSP) market size was valued at $50 Bn in 2023, projected to reach $136 Bn by 2030 with a 15.3% CAGR. Factors driving this market include an aging population, the increasing prevalence of chronic diseases, and the rising cost of healthcare. The market is segmented by delivery type, component type, and therapeutic area, application type, end-user type. Some of the key players in the global patient support program market include Pfizer, Novartis, Roche, and Merck.

ID: IN10GLHS014 CATEGORY: Healthcare Services GEOGRAPHY: Global

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Global Patient Support Program Market Executive Summary

The global Patient Support Program (PSP) market size was valued at $50 Bn in 2023, projected to reach $136 Bn by 2030 with a 15.3% CAGR. The global healthcare expenditure was $7.7 Tn, which is equivalent to approximately 10% of the global GDP. Healthcare expenditure varies significantly from country to country, with some countries spending a larger proportion of their GDP on healthcare than others. In general, high-income countries tend to have higher healthcare expenditures, as people in these countries can afford more expensive healthcare services. For example, the United States has one of the highest levels of healthcare expenditure in the world, with healthcare spending representing approximately 18% of GDP.

Many factors contribute to healthcare expenditure, including the prevalence of chronic diseases, the cost of healthcare services, and the availability of healthcare resources. The global healthcare industry is constantly evolving, and healthcare expenditure is likely to continue changing in the coming years as new technologies and treatments become available.

The patient support program market refers to the range of programs and services that are designed to support patients and improve their outcomes. These programs can include a variety of services, such as medication therapy management, disease management, patient education, and financial assistance.

The global patient support program market is expected to experience significant growth in the coming years many companies operate in the patient support program market, including pharmaceutical companies, healthcare providers, and technology companies. These companies offer a range of programs and services that are designed to support patients and improve their outcomes.

Market Dynamics

Market Growth Drivers

The global population is aging, and this trend is expected to continue in the coming years. As people live longer, they are more likely to develop chronic conditions that require ongoing management and support. This is driving the demand for patient support programs that can help to improve patient outcomes and reduce the burden of chronic diseases. The prevalence of chronic diseases, such as diabetes, cardiovascular disease, and cancer, is increasing globally. These conditions often require ongoing management and support, which is driving the demand for patient support programs.

Furthermore, the cost of healthcare is increasing globally, and this trend is expected to continue in the coming years. Patient support programs can help to reduce the overall cost of healthcare by improving patient outcomes and reducing the need for hospitalization and other costly interventions. The expansion of healthcare coverage and the increasing availability of telemedicine are making it easier for patients to access healthcare services. This is contributing to the growth of the patient support program market,

Moreover, the development of new technologies, such as wearable devices and telemedicine, is enabling more personalized and effective patient support programs. This is likely to drive the growth of the market in the coming years.

Market Restraints

In some parts of the world, access to healthcare is limited, and many patients may be unaware of the benefits of patient support programs or may not know how to access these programs, patient support programs require resources, such as trained staff and funding, to be effective. This can act as a barrier to the growth of the market. In some cases, there may be a lack of resources available to support the development and implementation of these programs.

Moreover, some patients may be hesitant to participate in patient support programs due to concerns about the confidentiality and privacy of their personal and medical information. Furthermore, there may be regulatory challenges that limit the development and implementation of patient support programs in certain countries.

Competitive Landscape

Key Players

  • 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.

Notable Recent Deals

November 2019: Sun Pharmaceutical Industries acquired a controlling stake in Russia's OAO Tambovskaya Pharmacy Factory, which is a producer of anti-aging drugs.

Healthcare Policies and Regulatory Landscape

Policy Changes and Reimbursement Scenario: In the United States, patient support programs are regulated by the Food and Drug Administration (FDA) and are subject to the same regulations as other healthcare products and services. For example, patient support programs that involve the distribution of prescription medications must comply with the FDA's good manufacturing practices regulations and other relevant rules.

In the European Union, patient support programs are regulated by the European Medicines Agency (EMA) and are subject to the same regulations as other healthcare products and services. In general, patient support programs are intended to improve patient outcomes and reduce the burden of chronic diseases. As such, they are typically subject to regulations that are designed to ensure that they are safe and effective.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Global Patient Support Programs (PSP) Market Segmentation

Functionality Outlook (Revenue, USD Billion):

  • Communication
  • Health Tracking & Insights
  • Billing & Payments
  • Administrative
  • Patient Education
  • Others

Therapeutic area outlook (Revenue, USD Billion)

  • Health & Wellness
  • Chronic Disease Management
  • Others

Application outlook (Revenue, USD Billion)

  • Population Health Management
  • Outpatient Health Management
  • In-patient Health Management
  • Others

End-user (Revenue, USD Billion)

  • Payers
  • Providers
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 26 February 2024
Updated by: Shivam Zalke

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