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| Global Preventive Healthcare Technologies And Services Market Growth |
The Global Preventive Healthcare Technologies And Services Market involves the
utilization of technologies and equipment such as screening tests, vaccines,
and advanced medical imaging products to help diagnose and treat diseases and
health conditions at an early stage. The preventive healthcare market offers
screening and diagnostic tests for conditions like cardiovascular diseases,
diabetes, cancer, and genetic diseases. Early detection through screening tests
plays a vital role in ensuring timely treatment options and management of
diseases. Preventive healthcare services also involve population health management
and health risk assessments to help manage the overall well-being of
individuals. The increasing awareness amongst people regarding the benefits of
preventive healthcare coupled with the growing prevalence of chronic diseases
worldwide is boosting the demand for preventive healthcare technologies and
services globally.
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 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 rising prevalence of chronic diseases along with the growing geriatric
population worldwide is driving the demand for Global
Preventive Healthcare Technologies And Services Market Growth.
According to the World Health Organization (WHO), chronic diseases accounted
for 71% of global deaths in 2019. With early detection, many chronic diseases
can be prevented, treated, or managed effectively.
Owing to the benefits of early diagnosis and improved health outcomes,
preventive healthcare service providers are expanding their global footprint to
meet the growing needs of various regions. For instance, large healthcare
providers are collaborating and acquiring regional players to leverage local
expertise and gain a strong foothold in international markets.
Market Drivers
The increasing awareness about the importance of preventive healthcare through
various government and non-government initiatives is a major driver for this
market. Rising healthcare costs coupled with the growing burden of chronic
diseases have prompted many countries to focus on population health management
and preventive care services. Favorable health policies supporting preventive
healthcare adoption along with rapid technological advancements are expected to
propel the growth of the global preventive healthcare technologies and services
market over the forecast period.
Geopolitical Impact on the Global Preventive Healthcare Technologies and
Services Market Growth
The current geopolitical tensions have significantly impacted the growth of the
preventive healthcare technologies and services market across various regions.
The ongoing Russia-Ukraine conflict and economic sanctions on Russia by the
West have disrupted crucial supply chains and impacted the availability of
critical medical devices and equipment. This has impeded the adoption of new
preventive healthcare technologies in the affected regions. Similarly, the
political instability and conflict situations prevalent in the Middle East have
deterred investments in digital healthcare infrastructure development. Regular
outbreaks of contagious diseases often stemming from conflicts and refugee
crises have also slowed market expansion.
To sustain long-term growth, market players must explore opportunities in
relatively stable regions and forge strategic partnerships with local
companies. Diversifying manufacturing and supplier networks can help mitigate
supply chain risks. Telehealth and digital health solutions must be prioritized
to improve accessibility in unstable regions. Public-private collaborations are
vital to enhance preventive care provision even in resource-constrained
settings. Considering future geopolitical uncertainties, a proactive approach
focusing on building resilience across supply chains and healthcare delivery
models is imperative.
Concentration of the Global Preventive Healthcare Technologies and Services
Market based on Geography
In terms of value, the global preventive healthcare technologies and services
market is currently concentrated highly in North America. Factors such as the
rising healthcare costs, growing geriatric population susceptible to chronic
diseases, favorable health reimbursement policies, and high penetration of
digital health are driving significant market growth in the United States. The
rapidly improving healthcare infrastructure and rising healthcare spending also
make countries like Japan, China, and South Korea lucrative regional markets.
With progress on universal healthcare programs and initiatives to modernize
medical infrastructure, the Asia Pacific region's share of the global market is
expected to rise considerably over the forecast period.
Europe accounts for a substantial market share due to supportive government
initiatives for preventive healthcare adoption and availability of highly
advanced medical facilities across major countries like Germany, U.K, and
France. Meanwhile, countries across Middle East & Africa and Latin America
still offer immense untapped market potential driven by rising medical needs of
their developing economies. Latin America growth is fast-tracked by initiatives
to boost healthcare access and digital transformation of services.
Fastest Growing Regional Market for Preventive Healthcare Technologies and
Services
The Asia Pacific region is poised to witness the highest growth in the global
preventive healthcare technologies and services market during the forecast
period. This is attributed to factors like rapidly aging populations,
increasing prevalence of chronic diseases, improving healthcare infrastructure
development, and rising medical expenditures across developing Asian economies.
Countries like China and India stand out as the fastest growing and most
lucrative sub-regional markets. Aggressive government investments in
digitalizing healthcare systems and expanding universal access to medical
services are propelling major market expansion. Rising affordability of
healthcare services as economic conditions improve also supports market demand
growth at a faster pace.