Market Size of Global Preventive Healthcare Technologies and Services Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 325.74 Billion |
Market Size (2029) | USD 590.76 Billion |
CAGR (2024 - 2029) | 12.64 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Preventive Healthcare Technologies and Services Market Analysis
The Global Preventive Healthcare Technologies and Services Market size is estimated at USD 325.74 billion in 2024, and is expected to reach USD 590.76 billion by 2029, growing at a CAGR of 12.64% during the forecast period (2024-2029).
In recent times, countries have faced a huge threat of COVID-19. As per the World Health Organization (WHO), coronavirus disease is an infectious disease, and most people infected with the COVID-19 virus will experience mild to moderate respiratory illness. Screenings are important to avoid future health problems or catch them early when they are easier to treat. But the COVID-19 pandemic has led to a decrease in preventive screenings because some patients have been hesitant to see their health care provider. As per the study 'Estimated impact of COVID-19 on preventive care service delivery: an observational cohort study' published in October 2021, COVID-19 decreased the delivery of preventive care services, which may cause delayed diagnoses, increased mortality, and increased health care costs. Therefore, COVID-19 had a significant impact on the market. However, with the advancements in virtual care, increase in vaccination drives, and reopening of screening centers, the preventive healthcare technologies and services are expected to meet the demand of pre-pandemic stages, indicating a healthy growth during the study period.
The factors propelling the studied market growth are the rising burden of chronic diseases, increasing geriatric population, increasing research and development activities, advancement in technology preventive healthcare, rising product launches, and strategic initiatives adopted by key market players.
With the growing burden of chronic diseases, the demand for solutions capable of effectively managing chronic diseases is expected to increase, which will drive the market. Technological advancements in these solutions for monitoring diabetes, cardiovascular diseases, asthma, blood pressure, and other chronic diseases will also propel the market.
The growing research and development activities in the studied market are driving the market growth. For instance, in January 2021, GlaxoSmithKline initiated a phase 3, randomized, placebo-controlled, observer-blind, multi-country study to evaluate the efficacy of the RSVPreF3 OA investigational vaccine in preventing Lower Respiratory Tract Disease (LRTD) caused by RSV in adults less than 60 years of age following a single dose of the RSVPreF3 OA vaccine and following annual revaccination This study will also assess if the vaccine is safe and induces an immune response. The study is expected to be completed by May 2024. positive responses from such studies evaluating the efficacies of vaccines will boost the studied market during the study period.
Moreover, the entry of new players indicates a huge potential in the market and will offer more technologically advanced products, which will also drive the market. For instance, in January 2022, Ismaël Emelien co-founded Zoi, a new French startup that wants to combine routine medical checkups with preventive care through a mobile app. Therefore, accessibility to such preventive services will increase their demand, thus, leading to lucrative growth of the market.
Rising investments in the market will also expand the product offerings and geographical reach of the studied products, which will drive the market. For instance, in February 2022, Goqii raised USD 50 million in its Series-C funding round led by Sumeru Ventures. Goqii will use the proceeds to strengthen its current offerings, including a wearable fitness tracker, an app, a health store as well as real-time coaching and insurance services.
Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, the lack of skilled healthcare IT professionals is expected to hinder the market growth during the study period.
Preventive Healthcare Technologies and Services Industry Segmentation
As per the scope of the report, preventive healthcare is a proactive approach to addressing healthcare concerns. It attempts to deal with issues before an emergency room visit is required or an illness has progressed past the point of effective treatment. Preventive healthcare and technologies and services comprise all technological products and services that help in the prevention and early diagnosis of diseases. The preventive healthcare technologies and services market is segmented by type(early detection and screening, vaccines, chronic diseases management, advanced technologies to reduce errors), application (hospitals, clinics, and others), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above-mentioned segments.
By Type | |
Early Detection and Screening | |
Vaccines | |
Chronic Diseases Management | |
Advanced technologies to Reduce Errors |
By Application | |
Hospitals | |
Clinics | |
Others |
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Global Preventive Healthcare Technologies and Services Market Size Summary
The preventive healthcare technologies and services market is poised for significant growth, driven by the increasing prevalence of chronic diseases and an aging population. The market is experiencing a resurgence as advancements in virtual care, vaccination drives, and the reopening of screening centers help to recover from the setbacks caused by the COVID-19 pandemic. The demand for solutions that effectively manage chronic conditions such as diabetes, cardiovascular diseases, and asthma is on the rise, fueled by technological advancements and strategic initiatives from key market players. The entry of new companies and the launch of innovative products further indicate the market's potential, offering more accessible and advanced preventive services.
North America is expected to hold a substantial share of the market, with the United States leading due to its high burden of chronic diseases. The region's growth is supported by campaigns promoting preventive healthcare and the introduction of new technologies and services. The market is characterized by fragmentation and moderate competition, with major players like GlaxoSmithKline, Myriad Genetics, and Medtronic driving expansion through mergers, acquisitions, and partnerships. Investments in research and development, along with the launch of new preventive healthcare technologies, are anticipated to contribute to the market's lucrative growth trajectory during the forecast period.
Global Preventive Healthcare Technologies and Services Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Burden of Chronic Diseases and Geriatic Population
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1.2.2 Increasing Government Initiatives and Awareness Programs
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1.3 Market Restraints
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1.3.1 Lack of Healthcare IT Professionals
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - in USD Million)
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2.1 By Type
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2.1.1 Early Detection and Screening
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2.1.2 Vaccines
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2.1.3 Chronic Diseases Management
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2.1.4 Advanced technologies to Reduce Errors
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2.2 By Application
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2.2.1 Hospitals
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2.2.2 Clinics
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2.2.3 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Global Preventive Healthcare Technologies and Services Market Size FAQs
How big is the Global Preventive Healthcare Technologies and Services Market?
The Global Preventive Healthcare Technologies and Services Market size is expected to reach USD 325.74 billion in 2024 and grow at a CAGR of 12.64% to reach USD 590.76 billion by 2029.
What is the current Global Preventive Healthcare Technologies and Services Market size?
In 2024, the Global Preventive Healthcare Technologies and Services Market size is expected to reach USD 325.74 billion.