May 23, 2024
Preventive Healthcare Technologies and Services

Global Preventive Healthcare Technologies And Services Market is Estimated to Witness High Growth Owing to Increased Investment In Preventive Care

The global preventive healthcare technologies and services market comprises medical tests such as cancer screening, cholesterol tests, immunization, and other diagnostic tests that help detect the early onset of diseases. Preventive healthcare helps identify risk factors for various chronic diseases. Traditional screening methods like physical exams, blood tests, and medical imaging are being augmented by advanced predictive screening tools. This allows detection of potential issues long before symptomatic presentation.

The Global preventive healthcare technologies and services market is estimated to be valued at US$ 556.64 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the Global Preventive Healthcare Technologies And Services Market Growth are Healthlane, Abbott, GSK plc, Myriad Genetics, Omron Healthcare Inc., Quest Diagnostics, Pfizer, Inc., Merck & Co., Inc., Omnicell, Novx Systems, Corp., U-Systems, Ltd., Viatronix, Inc., Scripto LLC, Lifecom, Inc., Dilon Medical Technologies, Inc., and McKesson Corporation.

The key opportunities in the global preventive healthcare technologies and services market include increased demand for digital health solutions to enable remote consultations and drive access in rural areas. Growing trend of precision medicine and tailored screening programs for high-risk demography offer lucrative prospects.

Globally, there is an increased focus on population health management through proactive preventive care. This is prompting healthcare providers and governments across countries like the US, China, India to invest in preventive healthcare infrastructure and services.

Market Drivers

The major market driver is the increased investment by both private and public organizations in preventive healthcare programs to reduce the overall cost of healthcare. This is prompting the adoption of innovative screening tools, digital health solutions, and value-based care models focused on prevention. Growing awareness about the benefits of early disease detection and management of chronic conditions is also augmenting the demand for preventive healthcare technologies and services.

PEST Analysis
Political: Preventive healthcare technologies and services are increasingly becoming an area of focus for governments across countries. Many governments provide subsidies or tax benefits to encourage citizens to opt for preventive health checkups and screening programs.
Economic: The increasing cost of treatment for chronic and lifestyle diseases is driving customers to invest more in preventive healthcare to avoid costly medical bills in the future. Organizations are also increasingly investing in corporate wellness programs that cover preventive healthcare for employees.
Social: Changing lifestyles and increased awareness about health is driving people to focus more on preventive healthcare and early detection. This is encouraging adoption of technologies like remote monitoring devices and wellness apps that make healthcare more accessible.
Technological: Advancements in technologies like telehealth, remote patient monitoring devices, digital health records and data analytics are enabling preventive healthcare programs and services to become more personalized and accessible. Wearables and self-service kiosks are also widely used for basic health screening checks.

The Global Preventive Healthcare Technologies and Services market in terms of value is currently concentrated most in North America and Europe. North America holds the largest market share currently due to favorable reimbursement policies, initiatives to promote wellness, and presence of major players. Europe is also an important regional market.

The Asia Pacific region is projected to be the fastest growing market for preventive healthcare technologies and services during the forecast period. Economic development, greater adoption of medical insurance, increasing health awareness and lifestyle disease burden are key factors driving market growth in Asia Pacific countries like China, Japan and India. Governments are also introducing various policy initiatives to promote digital healthcare adoption in the region. Overall, the regional markets outside of North America and Europe are expected to provide many growth opportunities.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it