How Has the Preventive Healthcare Technologies And Services Market Evolved Historically and What is its Current Size?
The preventive healthcare technologies and services market has seen considerable growth due to a variety of factors.
• The market size for preventive healthcare technologies and services has seen a considerable surge in the past few years. The market, which is expected to be $296.48 billion in 2024, is projected to increase to $344.39 billion by 2025, reflecting a compound annual growth rate (CAGR) of 16.2%.
The previous period's significant growth is attributed to a greater awareness of health, a rise in chronic diseases, government-led initiatives and healthcare policies, a shift towards value-based healthcare, and increased patient empowerment and health literacy.
What Is The Projected Growth Of The Preventive Healthcare Technologies And Services Market?
The preventive healthcare technologies and services market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size for preventive healthcare technologies and services is anticipated to experience swift expansion, rising to a worth of $617.77 billion by 2029. This amounts to a compound annual growth rate (CAGR) of 15.7%.
The expected growth can be linked to the rise of digital health platforms and apps, incentive programs, health promotion drives, global health security issues, the surge in the elderly population, and a stepped-up collaborative and data sharing effort. Some of the major trends for the forecasted period comprise solutions for population health management, applications of Artificial Intelligence and machine learning, health apps and digital therapeutics, blockchain technology for securing health data, and partnerships with pharmaceutical and tech companies.
What Are the Critical Driver Fuelling the Preventive Healthcare Technologies And Services Market's Growth?
The surge in the senior citizen demographic is propelling the demand for the preventive healthcare technologies and services market. The likelihood of health complications rises with age, hence early detection or prevention can mitigate the risk and severity of the health issue. A study by the United Nations, a worldwide governing body, predicts that individuals aged 65 years or older will total approximately 1.5 billion by 2050. This escalation in the elderly population could have a direct impression on the growth of the preventive healthcare technologies market.
What Are The Principal Market Segments In The Global Preventive Healthcare Technologies And Services Healthcare Industry?
The preventive healthcare technologies and services market covered in this report is segmented –
1) By Type: Early Detection and Screening Technologies, Vaccines, Chronic Disease Management Technologies, Advanced Technologies to Reduce Errors
2) By Application: Hospitals, Clinics
Subsegments:
1) By Early Detection And Screening Technologies: Diagnostic Imaging, Genetic Testing, Biomarker Testing
2) By Vaccines: Preventive Vaccines, Therapeutic Vaccines
3) By Chronic Disease Management Technologies: Telehealth Services, Remote Monitoring Tools, Mobile Health Applications
4) By Advanced Technologies To Reduce Errors: Clinical Decision Support Systems, Medication Management Systems, Electronic Health Records (EHR) Systems
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Which Emerging Market Trends Are Altering The Preventive Healthcare Technologies And Services Market?
Many leading entities in the preventive healthcare technologies and services market are producing novel products, such as advanced preventive care initiatives, in an attempt to secure market dominance. Preventive care initiatives focus on measures and interventions crafted to halt or hinder the development and advancement of various diseases or conditions. For instance, in November 2023, WELL Health Technologies Corporation, headquartered in Canada, debuted WELL Longevity+. This program, aiming to redefine personal and business wellness's future, marks an expansion of the company's preventative health wing. By integrating state-of-the-art diagnostic imaging software and AI technology, WELL Longevity+ sets a new standard in preventive care, enabling early therapeutic interventions. It leverages the latest high-end diagnostic technology for this purpose. More often, such conditions are the primary causes of death and disability.
Who Are the Key Players in the Preventive Healthcare Technologies And Services Market?
Major companies operating in the preventive healthcare technologies and services market include:
• McKesson Corporation
• Walgreens Boots Alliance Inc.
• Pfizer Inc.
• Merck & Co Inc.
• GlaxoSmithKline plc
• Medtronic plc
• TELUS Health Inc.
• Quest Diagnostics Incorporated
• Cerner Corporation
• Teladoc Health Inc.
• Omnicell Inc.
• CitiusTech Inc.
• Change Healthcare Inc.
• Tivity Health Inc.
• Allscripts Healthcare Solutions Inc.. Included Health Inc.
• Myriad Genetics Inc.
• Vocera Communications Inc.
• Viatronix Inc.
• Dilon Technologies Inc.
• Novx Systems Inc.
• U-Systems Inc.
• Omron Healthcare Inc.
• GRAIL Inc.
• Maven Clinic Inc.
• Novartis AG
• Pearl Health Inc.
• Sanofi S.A.
What are the Regional Insights into the Preventive Healthcare Technologies And Services Market?
North America was the largest region in the preventive healthcare technologies and services market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the preventive healthcare technologies and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
