by The global preventive healthcare technologies and services market comprises technologies and solutions that help identify health issues and risks in patients before clinical presentation. Some of the widely used preventive healthcare approaches include screening programs for breast cancer, colon cancer, cervical cancer, diabetes, and cardiovascular diseases. These technologies aid early detection of potential health issues and facilitate timely intervention, improving clinical outcomes.
Preventive Healthcare Technologies and Services Market size is estimated to be valued at US$ 275.29 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global preventive healthcare technologies and services 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 growing awareness regarding health and rising prevalence of chronic and infectious diseases are fueling the demand for preventive healthcare. Furthermore, major players are expanding their presence globally to strengthen their market position and gain more consumers.
Key players operating in the global preventive healthcare technologies and services 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 growing incidence of target diseases and increasing health awareness among general population is driving the demand for preventive healthcare globally. Furthermore, supportive government policies and initiatives in developed regions are encouraging regular health checkups.
Major players are focusing on global expansion to increase their consumer base and strengthen market position. For instance, in August 2022, Myriad Genetics acquired Counsyl to augment its genetic screening capabilities and expand in Asia Pacific market. Similarly, Abbott launched cardio-metabolic diagnostics panels and virtual care services in Middle East and Latin America in 2021.
Market Key Trends
The global preventive healthcare technologies and services market is adopting digital and remote monitoring technologies. Wearable devices integrating sensors are aiding at-home preventive healthcare practices. Furthermore, development of AI-powered risk assessment tools, predictive analytics, telehealth services and mHealth apps are expected to transform preventive healthcare delivery over the forecast period. Ongoing advancements in genomics, proteomics, radiomics and liquid biopsies are improving early detection abilities as well. Adoption of digital technologies driven by COVID-19 has boosted remote monitoring of chronic conditions indicating growing demand for virtual healthcare delivery.
Porter’s Analysis
Threat of new entrants: New entrants find it difficult to enter the market due to the presence of established players. However, opportunities exist for new firms with innovative technologies and services.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives in the market. However, established brands have customer loyalty which provides them an edge.
Bargaining power of suppliers: A few large players dominate the supply market. This gives them significant bargaining power over buyers for key components and technologies.
Threat of new substitutes: Substitutes pose a medium threat as preventive healthcare is essential. However, alternatives can impact certain segmental growth.
Competitive rivalry: The market is highly competitive with global players competing on technology, innovation, services and price. Market consolidation is observed through mergers and acquisitions.
Global Preventive Healthcare Technologies And Services Market Regional Analysis
North America accounts for the largest market share currently, primarily led by the US. This is attributed to factors such as availability of advanced technologies, rising healthcare expenditure, growing incidence of chronic diseases and awareness.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. This can be accredited to growing medical tourism, increasing healthcare spending, expanding Medical Value Travel industry and rising income levels in emerging countries such as China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
