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Few healthcare organizations are investing in social determinants of health technology, and while an uptick is expected, the market will remain relatively weak until providers find the best way to use the data, according to a new analysis from Patchwise Labs.
The report found that fewer than 4% of health systems and managed care organizations have invested in SDoH technology. The consultancy puts the market currently at $88 million to $92 million.
Adoption should increase to between 12% and 15% by 2023, driven by the need for standardization around data capture and communication among community partners and healthcare providers.
While the analysis highlights an opportunity for technology entrepreneurs, the field is nascent compared to technologies like blockchain and machine learning that have clear, albeit hyped, use cases for the healthcare industry.