Preventive Healthcare Technologies And Services Global Market Report 2024

Preventive healthcare technologies encompass screenings, check-ups, and patient counseling designed to identify and prevent health problems. Devices in preventive healthcare technology are commonly used to monitor daily health patterns, including blood oxygen saturation, heart rate, blood pressure, and sleep patterns. These technologies and services aim to proactively address potential health issues, allowing healthcare providers to take preventive measures and identify future illnesses and treatments.

The preventive healthcare technologies and services market encompasses various types, including early detection and screening technologies, vaccines, chronic disease management technologies, and advanced technologies aimed at reducing errors. Early detection and screening technologies, such as x-ray, CT, ultrasound, and MRI, are utilized to identify potential health conditions. The applications of preventive healthcare technologies and services extend to hospitals and clinics.

The preventive healthcare technologies and service market research report is one of a series of new reports from The Business Research Company that provides preventive healthcare technologies and service market statistics, including preventive healthcare technologies and service industry global market size, regional shares, competitors with a preventive healthcare technologies and service market share, detailed preventive healthcare technologies and service market segments, market trends and opportunities, and any further data you may need to thrive in thepreventive healthcare technologies and service industry. This preventive healthcare technologies and service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The preventive healthcare technologies and services market size has grown rapidly in recent years. It will grow from $259.84 billion in 2023 to $303.83 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to digital health platforms and apps, incentive programs and health promotion campaigns, global health security concerns, rise in aging population, increased collaboration and data sharing. Major trends in the forecast period include population health management solutions, ai and machine learning applications, digital therapeutics and health apps, blockchain for health data security, collaboration with pharma and tech companies.

The preventive healthcare technologies and services market size is expected to see rapid growth in the next few years. It will grow to $541.36 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing adoption of digital health platforms and apps, incentive programs, and health promotion campaigns. Global health security concerns, a rise in the aging population, and increased collaboration and data sharing also contribute to this growth. Major trends expected in the forecast period encompass population health management solutions, the integration of AI and machine learning applications, the rise of digital therapeutics and health apps, the implementation of blockchain for health data security, and collaborative efforts with pharmaceutical and technology companies.

The rise in the older population is contributing to an increased demand for the preventive healthcare technologies and services market. Given that medical issues tend to escalate with age, the early prevention or identification of problems can significantly reduce the risk and severity of health issues. According to a survey by the United Nations, the population aged 65 years and above is projected to reach approximately 1.5 billion by 2050. This demographic shift towards an aging population directly influences the demand for preventive healthcare technologies.

The growth of the preventive healthcare technologies and services market is further fueled by the increasing demand for hospitals. Hospitals, as extensive healthcare institutions, offer a broad spectrum of medical services, treatments, and care for individuals with diverse health conditions. The integration of preventive healthcare technologies and services in hospitals contributes to enhanced patient outcomes, cost-effective healthcare, early disease detection, and increased patient engagement. This facilitates personalized approaches to healthcare, enables remote patient monitoring, and promotes a healthier workforce. For instance, in August 2023, Interweave Textiles Limited, a UK-based company specializing in textile manufacturing, reported a total of 1148 hospitals in the UK. Additionally, according to the American Hospital Association in May 2023, the number of hospitals in the US increased by 0.6% from 6,093 in 2022 to 6,129 in 2023. The growing demand for hospitals is thus a key driver propelling the growth of the preventive healthcare technologies and services market.

Major players in the preventive healthcare technologies and services market are introducing innovative products, such as advanced preventative care programs, to gain a competitive advantage. Preventative care programs encompass interventions and measures designed to prevent the onset or progression of diseases and conditions. For instance, in November 2023, WELL Health Technologies Corporation, a healthcare technology company based in Canada, unveiled WELL Longevity+. This program, an extension of its preventative health division, aims to revolutionize personal and business well-being. WELL Longevity+ sets a new standard for preventative care by integrating state-of-the-art diagnostic imaging software and AI technology to evaluate vital health data. The program utilizes cutting-edge diagnostic technology for early therapeutic interventions, addressing conditions often leading to primary causes of death and incapacity.

Major players in the preventive healthcare technologies and services market are also rolling out novel products such as fully automated compounding robots to enhance their competitive position. A fully automated compounding robot is a sophisticated robotic system designed for precise and automated medication preparation in healthcare settings. For example, in March 2022, Omnicell Inc., a US-based company specializing in medication management and supply chain solutions for healthcare organizations, introduced the innovative IVX Station robotic compounding technology. This technology aims to enhance supply chain management, patient safety, accuracy, and compliance. The IVX Station, a completely redesigned and fully automated IV compounding robot, addresses challenges related to throughput and reliability in the industry. With a footprint as small as a 4-foot hood, the IVX Station's solid-core construction eliminates the need for frequent recalibration, the primary source of downtime. The IV compounding robot service reduces costs while improving patient safety and accuracy through features such as barcoding, image recognition, and auto-labeling.

In November 2021, private equity firms Hellman & Friedman and Bain Capital acquired Athenahealth, Inc. for $17 billion. This strategic acquisition positions Athenahealth to become the largest and most innovative provider of cloud-based electronic medical records and physician practice solutions in the USA. Athenahealth, Inc., a cloud computing vendor, plays a crucial role in enhancing clinical quality, operational efficiency, and the delivery of preventive care to numerous patients in the US.

Major companies operating in the preventive healthcare technologies and services market report are McKesson Corporation, Walgreens Boots Alliance Inc., Pfizer Inc., Merck & Co. Inc., GlaxoSmithKline PLC, Medtronic PLC, TELUS Health Inc., Quest Diagnostics Incorporated, Cerner Corporation, Modivcare Inc., Teladoc Health Inc., Alere Inc., Omnicell Inc., CitiusTech Inc., Change Healthcare Inc., Tivity Health Inc., Allscripts Healthcare Solutions Inc., Included Health Inc., Myriad Genetics Inc., Medely Inc., Strata Decision Technology Inc., Vocera Communications Inc., Healthways Inc., Viatronix Inc., Dilon Technologies Inc., Novx Systems Inc., U-Systems Inc., Scripto LLC, Omron Healthcare Inc., GRAIL Inc., Maven Clinic Inc., Novartis AG, Pearl Health Inc., Sanofi S.A.

North America was the largest region in the preventive healthcare technologies and services market in 2023. 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.

The countries covered in the preventive healthcare technologies and services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The preventive healthcare technologies market includes revenues earned by entities remote patient monitoring, 5G-enabled devices, and wearable sensors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Preventive Healthcare Technologies And Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on preventive healthcare technologies and services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for preventive healthcare technologies and services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The preventive healthcare technologies and services market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Early Detection and Screening Technologies; Vaccines; Chronic Disease Management Technologies; Advanced Technologies to Reduce Errors
• 2) By Application: Hospitals; Clinics
• Companies Mentioned: McKesson Corporation; Walgreens Boots Alliance Inc.; Pfizer Inc.; Merck & Co. Inc.; GlaxoSmithKline plc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.