The global preventive healthcare technologies and services market size was valued at USD 139.1 billion in 2015 and is projected to grow at a CAGR of over 12.0% over the forecast period. The growth of this market is attributed to the increasing prevalence of lifestyle-associated and other chronic diseases.
Preventive healthcare has been gaining popularity in the past decade, with the growing number of awareness programs by the government. The Patient Protection and Affordable Care Act, or Obamacare, has mandated the inclusion of preventive healthcare by the insurance providers at no added cost. The private insurance companies as well, have started to shift their focus on this market due to its huge potential.
From the customers’ perspective, preventive healthcare allows people to have a better-quality and stress-free life. The investment in these insurance policies or the average spending on these services is far less than the average spending over the treatment of any disease in the hospital. Along with affordability, easy availability of diagnostic devices capable of early detection of asymptomatic diseases is expected to fuel growth during the forecast period.
Though the target population of these services and technologies includes everyone from all age groups, a major part of this population includes geriatrics, which are more prone to chronic conditions as well as acute cardiovascular diseases. The geriatric population is on a rise and is expected to be growing throughout the forecast period, which in turn is anticipated to positively impact growth.
The market is segmented on the basis of the type of technology: early detection and screening, chronic disease management, vaccines, and advanced technologies to reduce errors.
Early detection and screening captured the largest share in 2015. Its sub-segment, personalized therapeutic medicine, are amongst the largest revenue-generating in healthcare. The growth of this segment is expected to be the fastest during the forecast period.
Availability of user-friendly devices such as blood pressure monitors, glucose monitors, and asthma monitors, which can be used without the help of any professionals or any training, is expected to drive the chronic diseases management segment to become the second fastest-growing.
The vaccine segment captured the second-largest share in 2015. Vaccination is the best prophylactic measure as it enables the development of antibodies by the body itself and does not require any screening for the detection of a particular disease. Along with the introduction of successful vaccines for diseases such as measles, polio, bacterial meningitis, and typhoid, the development of vaccines for incurable diseases such as AIDS, EBOLA, and Hepatitis C is expected to enhance the demand for prophylactic medicine.
Ongoing clinical trials for the vaccines designed to slow or cease degenerative disorders, such as Parkinson’s and Alzheimer’s disease, have been witnessing positive results.
North America captured the largest share in 2015. The presence of the well-established healthcare infrastructure, the higher adoption rate of advanced technology, and high awareness regarding preventive healthcare measures are the factors attributed to the domination of the region. Europe followed North America in the same year with a share of over 28.0%. Developed economies and high healthcare spending per capita in countries such as Germany and France are the factors driving preventive healthcare technologies and services market growth in the region.
Asia Pacific region is expected to exhibit lucrative growth during the forecast period. The presence of a large number of players engaged in the development of advanced technology for preventive healthcare in countries such as Japan and India is expected to boost the growth of the market in the region.
The presence of major companies with, such as Serum Institute of India Private Limited and Biocon, has increased the entry barrier of the new entrants in the region.
The scope of our research study is vast, and every segment has a unique set of participants. However, the overall market is consolidated with a few key players capturing almost all of the revenue space.
Early detection and screening technology is dominated by companies such as; Novx Systems, Inc.; and Dilon Technologies, Inc.
Some major players in the vaccine segment include Merck & Co. Inc.; Pfizer, Inc.; and GlaxoSmithKline plc. A few companies such as Medtronic, Alere, and Healthways, Inc. lead the chronic disease management technologies segment, and advanced technology to reduce errors segment is dominated by companies such as Omnicell, Inc.; and McKesson Corporation.
Global Preventable Healthcare Technologies and Services market
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.