Global Preventive Healthcare Technologies and Services Market is expected to reach the market valuation of US$ 493.1 billion by 2027 expanding at a reasonable CAGR of 10.47% during the forecast period (2019-2027) from US$ 214.1 billion in 2019. Preventive healthcare technologies help end-users in early diagnostics of any disease that helps in improving health in the Long-Term. Moreover, the surging prevalence of chronic disease owing to the change in lifestyle and dietary habits is creating more demand for preventive healthcare solutions.
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The various factors driving the preventive healthcare technologies and services is the rapid spread of communicable and non-communicable diseases that can be fatal too. Furthermore, the escalating aging population coupled with the rise in the number of patients related to chronic diseases such as Cardiovascular disease, cancer, stroke, diabetes, and arthritis. Moreover, the offering and availability of advanced technology equipped portable medical devices and equipment by the global players across regions are acting as a growth catalyst to the market. Furthermore, the government’s support in spreading awareness about preventive measures such as screening & monitoring devices, vaccines, and smart devices to reduce medical errors is contributing to market growth.
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Also, surging investment by the VCs (Venture Capitalist) in the healthcare industry is supporting the market growth. It was found that venture financing in the healthcare sector by AI companies got doubled during 2017-2018 and reached US$ 2.3 billion. Moreover, total public and private sector investment in healthcare AI is projected to grow by more than 10 times by 2021 and would reach US$ 6.6 billion. Also, the VC funding of US healthcare companies has grown from US$ 10 billion to US$ 30 billion, in which 32% of the funding towards Digital Health. So, the investments in the healthcare industry would support the market growth in the forthcoming years as well.
Based on the Type, the market is bifurcated into Early Detection and Screening Technologies, Vaccines, Chronic Disease Management Technologies, and Advanced Technologies to Reduce Error. The Early detection and screening segment grabbed the major market share and accounted for 43.8% in 2019. The same segment is anticipated to maintain its dominance during the forthcoming years too. The evolution of smart wearable for healthcare measures coupled with the launch of new technologies such as smart monitors and other advanced technology equipped portable medical devices is acting as a growth catalyst to the growing share of the early detection and screening technologies market.
The Early Detection and Screening Segment is bifurcated into Personalized Medicine and Other screening technologies. Personalized medicine dominated the market and accounted for 56.25% in 2019 and is anticipated to maintain its dominance during the analyzed period owing to the shift the emphasis in medicine from reaction to prevention for better disease detection. However, the other screening technologies segment is expected to grow at the highest CAGR of 11.91% during the forecast period.
The Vaccine segment is bifurcated into Infectious disease, Allergy, Cancer, and other vaccines. The cancer segment is expected to grow at a robust pace in the forecast period owing to the escalating number of cancer patients globally. As per the American Cancer Society, there were 17,036,900 new cancer cases diagnose in 2018.
Chronic Disease Management Technologies segment is bifurcated into Blood pressure monitors, Asthma monitors, Cardiovascular monitors, and Glucose monitor. The blood pressure monitor is forecasted to grow at a steady growth on account of the rise in hypertension patients. As per WHO 1 in 4 men and 1 in 5 women have hypertension. Also, around 26% of the global population is suffering from hypertension, and the prevalence is expected to increase to 29% by 2025.
Advanced Technologies to Reduce Errors segment is bifurcated to Electronic prescribing, Clinical detection support system, Smart infusion pumps, Computerized provider order entry system, and Smart packaging and automated prescription formulation and dispensing. The electronic prescribing segment is expected to grow at a considerable CAGR in the forecast period.
Additionally, the report provides detailed initiatives that are being taken in the field of healthcare. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India), and the Rest of the World. North America generated maximum revenue of US$ 92.7 billion in 2019 owing to the availability of good healthcare infrastructure and the presence of numerous local and foreign players in the countries such as the U.S and Canada. However, the APAC is an emerging leader in the healthcare service provider is expected to witness the highest CAGR growth of 29.78% during the forecast period 2020-2026.
Alere, GlaxoSmithKline, McKesson Corporation, Medtronic, Merck & Co., Myriad Genetics, Omron Healthcare, Quest Diagnostics, Sanofi, and Tivity Health are some of the prominent players operating in the global preventive healthcare technologies and services market. The companies are more focused on strategic alliances and new product development to gain a competitive edge in the industry.
The Preventive Healthcare Technologies and Services Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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