Report Description of the Canada Patient Support Program Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Canada Patient Support Program Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Canada Patient Support Program Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Canada Patient Support Program Market Analysis Executive Summary
A privately-operated set of services designed to support a patient through a number of therapy-related needs. PSPs are increasingly viewed as a means of ensuring products perform as designed in a complicated and fragmented health system. Patient support programs help patients overcome barriers to adherence to prescribed therapy. One common hurdle in patient adherence is the need to assess and monitor lab values from blood draws. Lab workups may be necessary to determine a patient’s eligibility for treatment, to establish the proper dose, or to monitor safety for therapy maintenance. Unfortunately, the need to go to a lab to have blood drawn can add to the treatment barriers that already exist for a patient.
Market Size and Key Findings
The Canada Patient Support Program Market Analysis size stood at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Dynamics
Market Growth Drivers Analysis
Geriatric population is highly susceptible to chronic diseases and therefore requires routine health monitoring. This factor is expected to positively influence market growth in the years to come. Increasing prevalence of chronic conditions directly impacts the volume of surgical procedures. With the benefits like faster recovery time and reduced hospital stay and effects; robot-assisted surgeries are expected to witness a surge in demand over the forecast period.
Market Restraints
Concerns over patient health data security are creating barriers in the transfer of this data among various stakeholders in the healthcare industry. This, in turn, is affecting patient engagement initiatives in various healthcare organizations and is limiting the adoption of patient engagement solutions among prospective end users.
Covid-19 Market Impact Analysis
The COVID-19 pandemic has made unprecedented consequences on daily lives in addition to the worldwide economy. A significant burden is formed on healthcare systems across the North America. Providers, payers, and life science companies began looking for solutions to increase engagement with patients in various settings such as remote home monitoring, virtual consultations, and clinical trials. The pandemic and the resulting movement restrictions propelled the need to facilitate virtual communication between customers and their care providers. This led to a surge in demand for Patient Support Program during 2020.
Competitive Landscape
Key Players
McKesson Corporation (US), Allscripts (US), IBM (US), AdvancedMD (US), Cerner Corporation (US), Epic Systems Corporation (US) are the dominating players of the patient engagement solutions market.
Products in Pipeline
- For instance, in 2018, the FDA established the Patient and Caregiver Connection program. The program was aimed to foster engagement with patients, patient advocates, and caregivers throughout the evaluation and surveillance of medical devices.
Notable Recent Deals
- For example, in June 2019, Allina Health launched a patient-centric engagement solution platform for improving the Diabetes Self-Management Education (DSME) program. This enables diabetic self-care clinical services, particularly for those located in remote locations.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
SRX Health Solutions is Canada’s premier provider for patient support programs. SRx Health Solutions has industry leading technology that helps support full-service patient support programs that help meet all of your patient and physician needs, as well as meet the ever-changing needs of the Canadian healthcare landscape. All of their programs are individually developed to ensure that you are implementing the best possible program which delivers optimal health outcomes. Their programs are structured in a way that drives accountability, supports best in class reimbursement practices, and is consistently available to those who are part of your program. They understand that the Canadian healthcare system can be difficult to navigate for patients, and at SRx Health Solutions we pride ourselves on ensuring that patients can receive their medication as quickly as possible.
Medaxis is now part of Ashfield Engage, a global engagement and commercialization partner for the healthcare industry. Their previous experience together with Ashfield Engage’s reputation will enable us to scale up their patient support services to reach even more people and foster better patient outcomes in Canada. At Medaxis, they believe that there is no one-size-fits all solution when it comes to Patient Support Programs. With trends constantly shifting and therapeutic fields evolving, they commit to understand, design and implement custom patient support programs tailored to the specific needs of Health Care Professionals and above all, Patients. The reimbursement process can be a labyrinthine to some especially when involving specialized, high-cost medications. We make the process simpler for patients and healthcare professionals alike with our proficient team of Reimbursement Specialists. Our Reimbursement Specialists are experienced in private and public drug coverage plans. Our team helps patients navigate through their insurance policy, step by step, providing clarity throughout and assist healthcare professionals with the completion and submission of the correct documents, eliminating any administrative delays. Our team is driven to facilitate the reimbursement course and accelerate drug coverage access, advancing the patient along their treatment journey.
