The global preventive healthcare technologies and services market is expected to reach USD 432.4 billion by 2024, according to a new report by Grand View Research, Inc. Key factors driving the market expansion include the growing awareness about preventive measures, which enhance the quality of life, lifespan, and minimize the possible healthcare spending.
The growth of this market is attributed to the adoption of advanced technology and development of preventive measures, including vaccines, screening & monitoring devices, and smart devices to reduce medical errors. Growth of the market is also fueled by the factors such as reducing birth rate that is resulting in increase of geriatric population, which is more prone to the chronic diseases.
With the introduction of Human Development Index (HDI) ratings since 2010, all countries are engaged in the overall development of their country and citizens. Life expectancy has a significant impact on HDI calculations. Governments of the countries have been focusing on improving life expectancy of the people by implementing various programs, including free or affordable vaccination, smoking cessation, and affordable insurance schemes. These programs cause a direct positive impact on the preventable technologies and services space.
A large share of preventive healthcare includes early detection and screening technology. This segment pertains to personalized diagnostic techniques, which has captured the largest share owing to accuracy and availability of the innovative techniques for diagnosis.
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Further key findings from the study suggest:
- According to data published by the WHO, the percentage of the total vaccinations in the U.S. has been growing. The vaccinations included those funded by the government as well as the private purchases.
- In 2015, the early detection and screening technologies’ segment captured the largest share. The advantages associated with personalized medicine technologies, such as high accuracy and detection of the possible disease or disorder at an early stage, are mainly attributed to the largest share of the segment.
- With the introduction of advanced technology and growing demand for accurate screening methods, the growth of the early detection and screening is expected to be the fastest during the forecast period.
- North American region dominated this space by capturing over the 48.0% of the global market in 2015. This region is anticipated to dominate the market throughout the forecast period. Some of the factors having a significant impact on the regional market growth are government initiatives, high per capita income, and the presence of a large number of major players in the region.
- Growing economies and government initiatives are expected to drive the growth of the Asia Pacific region. The segment is expected to witness a lucrative CAGR over 15% during the forecast period.
- Some major players in the consolidated market are McKesson Corporation; Scripto LLC; Omnicell, Inc.; Healthways, Inc.; Alere; Medtronic; GlaxoSmithKline plc; Pfizer, Inc.; and Merck & Co, Inc.
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