Global Patient Support Programs (PSP) Market Analysis

Global Patient Support Programs (PSP) Market Executive Summary

The Global Patient Support Programs (PSP) Market was valued at $50.7 Bn in 2023 and is predicted to grow at a CAGR of 15.3% from 2023 to 2030, to $137.4 Bn by 2030.

The Patient Support Program (PSP) 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 primary aim of PSPs is to enhance patient care, addressing a variety of needs through comprehensive support services. These initiatives manage and support the patient throughout their treatment journey. Also known as the Patient Assistance Program (PAP), these programs provide access to drugs with little or no cost. One of the renowned programs is Pfizer RxPathways which helps eligible patients get access to Pfizer medicines, including offering insurance support, co-pay assistance, and free or discounted medications. Novartis Patient Assistance Foundation, Inc. (NPAF) offers free medications to eligible patients experiencing financial hardship. Some others are Jannsen CarePath, Amgen Safety Net Foundation, and Lily Cares.

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 companies operate in the patient support program market, including pharmaceutical companies, healthcare providers, and technology companies. Various factors are driving the market but some factors act as hindrances in growth. Those factors are limited access to healthcare and patients hesitant to participate in PSPs.

Market Dynamics

Market Growth Drivers

Increasing Geriatric Population: The global population is aging, and this trend is expected to continue in the coming years. In 2022, there were 771 million people aged 65+ years globally, accounting for almost 10% of the world's population. This segment has been growing at an increasing rate, and it's expected to hit 16% in 2050, and eventually 24% by 2100. 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 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.

Development of New Technologies: The development of new technologies, such as wearable devices and telemedicine, is enabling more personalized and effective patient support programs. Technologies like Telehealth, AI and machine learning, blockchain tech, patient portals, genomic medicines, AR/VR, pharmacogenomics, remote patient monitoring, and digital therapeutics enhance patient engagement, adherence to treatment plans, and overall health outcomes, thereby increasing the demand for comprehensive support programs and expanding the market.

Rising Cost of Healthcare: An alarming 30 percent to 61 percent of patients do not adhere to their treatment regimen – leading to the loss of efficacy for disease management. 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.

Market Restraints

Limited Access to Healthcare: 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. Almost a quarter of the global population, 23 percent, lived below the US$3.65 poverty line, and almost half, 47 percent, lived below the US$6.85 poverty line, as reported in the 2022 Poverty and Shared Prosperity report. With such limited resources, it is nearly impossible for them to access healthcare. That restricts the growth.

Patients Hesitant to Participate in PSPs: 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. Around 20-30% of people leave the treatments from PSPs. Furthermore, there may be regulatory challenges that limit the development and implementation of patient support programs in certain countries.

Regulatory Landscape 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.

Competitive Landscape

Here are some of the major key players in the Global Patient Support Programs (PSPs) 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.