GLOBAL PREVENTIVE HEALTHCARE TECHNOLOGIES AND SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

The global preventive healthcare technologies and services market is estimated to be valued at USD 275.29 Bn in 2024 and is expected to reach USD 556.64 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.6% from 2024 to 2031.

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The preventive healthcare technologies and services market is expected to witness significant growth during the forecast period. This rapid growth can be attributed to the rising prevalence of chronic lifestyle diseases such as cardiovascular diseases, diabetes, and obesity. Increasing importance of genome sequencing for early detection and growing demand for personalized care is further expected to drive the preventive healthcare market globally. There is increasing focus among individuals as well as various countries to shift from current healthcare approach which is more reactive and disease centric, towards a preventive healthcare approach to reduce future healthcare costs and improve health outcomes.

Increasing Product Launches by Key Market Players

Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the market growth over the forecast period. For instance, in February 2022, Teladoc Health, Inc., a healthcare company, announced that it had launched Chronic Care Complete, a first-of-its-kind chronic condition management solution to help individuals improve their health outcomes while living with multiple chronic conditions. The solution provides members with a unified, comprehensive experience that leverages connected health monitoring devices, access to health coaches, and support from physicians and mental health specialists when needed.

Market Concentration and Competitive Landscape

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The prevalence of chronic diseases has been rising at an alarming rate across the world. Chronic diseases such as cancer, diabetes, and heart disease are among the leading causes of mortality and morbidity globally. It is estimated that over 20 million new cancer cases were diagnosed and 10 million cancer deaths occurred in 2020 worldwide. Similarly, the number of people suffering from diabetes has risen from 108 million in 1980 to 422 million in 2014. Major risk factors driving the rise in chronic diseases include rapidly aging population, increasing prevalence of obesity and sedentary lifestyles, growing consumption of tobacco and alcohol. Developed countries as well as developing nations are experiencing higher incidence of non-communicable chronic conditions. This rising disease burden puts tremendous pressure on national healthcare systems and budgets. Preventive care helps reduce the occurrence of diseases and manages existing conditions in early stages before it progresses into more complex stages. Preventive healthcare technologies enable the early detection of risk factors, promotes healthy behaviors, and facilitates treatment adherence. For instance, mobile health apps can track vital signs, diet, physical activity, and notify high-risk individuals. Genetic testing aids in identifying inherited predispositions. Wearable devices such as smart watches monitor heart rate and arrhythmias that can detect potential cardiovascular problems. Thus, the growing prevalence of chronic diseases worldwide is a major driver for the demand of preventive healthcare technologies as it provides means for screening, diagnosis, and management of at-risk population.

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Data security and privacy concerns are major roadblocks in the growth of the global preventive healthcare technologies and services market. With more personalized care and sensitive patient information being collected and shared digitally, concerns around unauthorized access, data breaches, and privacy violations have significantly increased in recent years. This has led to rising distrust towards healthcare organizations and their ability to secure consumer data safely.

Market Opportunities – Increased Adoption of Telehealth and Remote Patient Monitoring

Untapped opportunities in emerging markets have a huge potential to boost the preventive healthcare technologies and services market globally. Countries like India, China, Brazil, and others in Asia Pacific and Latin America are still in the growth phase of establishing robust healthcare infrastructure and preventive care adoption. With rising income levels, growing health awareness, increasing life expectancy and aspirations for better quality of life, people in these emerging economies are showing greater inclination towards preventive healthcare approaches.

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The service type segment includes diagnostic services, wellness & health assessment services, telemedicine services, pharmacy services, and others. The diagnostic services sub-segment is estimated to hold 32.8% of the market share in 2024 owing to the continuous technological advancements in the field of medical diagnostics. Advanced diagnostic techniques such as molecular diagnostics, imaging, and pathology are gaining tremendous popularity due to their high accuracy and minimal invasiveness. Molecular diagnostic tests analyze genetic makeup and are widely used for detecting various types of cancer at an early stage. Further, non-invasive imaging technologies like MRI, CT scan, and X-ray provides sharp images of internal body parts without any surgery. This has increased the patient preference for diagnostic tests over other invasive examination methods. Moreover, constant innovations in biomarker detection and liquid biopsy tests have enabled the detection of chronic disorders from simple blood or urine samples. The growing applications of AI and machine learning are also assisting in the automated analysis of diagnostic tests results.

Insights, By Technology Type: Telemedicine Emerges as a Convenient Healthcare Delivery System

The technology type segment includes telemedicine, mHealth, health information technology, wearable devices, and others. The telemedicine sub-segment is estimated to hold 29.1% of the market share in 2024 owing to its ability to overcome geographical and time barriers in accessing healthcare. Telemedicine allows remote clinical healthcare and consultation through video conferencing tools, mHealth apps, and telemonitoring devices. This has significantly benefited patients in rural areas and with limited mobility by minimizing traveling and waiting time. During the pandemic, telemedicine emerged as a safe alternative to physical visits and prevented overcrowding in clinics or hospitals. Various government initiatives are promoting telemedicine to enhance healthcare penetration. For instance, several countries have implemented tele-ICU/tele-stroke programs to extend critical care services to remote regions. Moreover, the growing popularity of mHealth apps and wearable devices is complementing the expansion of telemedicine services.

Insights, By End User: Providers Dominate the End-user Segment due to High Adoption of Advanced Technologies

The end user segment includes healthcare providers, healthcare payers, and others. The healthcare providers sub-segment is estimated to hold 43.6% of the market share in 2024 as they are actively adopting preventive healthcare technologies and services. Hospitals, clinics, diagnostic centers, and other providers are recognizing the vital role of preventive healthcare delivery in curbing healthcare expenditures. Advanced technologies enable early-stage disease identification, timely intervention, disease management, and prevention of medical complications. For instance, providers are increasingly installing diagnostic equipment, telemedicine platforms, and patient engagement solutions. Monitoring devices and mHealth apps are helping chronic patients to connect with clinicians remotely for medication reminders, appointment booking, and necessary care advice. This improves patient satisfaction while minimizing readmission rates. Providers also engage in various collaborations with payers and life science firms to broaden their technology-driven preventive service offerings.

Regional Insights

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North America remains the dominant region in the global preventive healthcare technologies and services market and is estimated to hold 38.2% of the market share in 2024. This can be attributed to a strong presence of leading technology companies and healthcare providers in countries like the U.S. The region enjoys the early adoption of advanced healthcare solutions owing to high disposable income levels and favorable reimbursement policies supporting innovation. Further, the presence of major pharmaceutical players engaged in preventive healthcare adds to overall market strength. With focus on curbing rising healthcare costs, preventive care services see greater priority and private-public investments in this domain remain robust.

Asia Pacific represents the fastest growing regional market for preventive healthcare technologies and services. Rapid economic development across nations such as China and India has enhanced access to superior medical solutions. Rising healthcare expenditures and growing medical tourism industry provide opportunities for international players to expand market footprints in the region. With a large patient pool and increasing health awareness, demand for preventive care is surging significantly. Local governments are promoting preventive services through public health programs and initiatives aimed at non-communicable diseases. This encourages the adoption of modern technologies and services even in rural pockets.

Market Report Scope

Key Developments

• In September 2023, the government of India announced that it had launched a new programme for preventive healthcare. The new healthcare initiative, Jagananna Aarogya Suraksha, provides treatment at the doorstep of the needy
• On February 26, 2024, Vale Health, Inc. announced the launch of ViVE. The startup’s platform helps health systems connect their patients to health and wellness products, which are becoming increasingly interesting to consumers.
• In January 2022, Omron Healthcare Inc., a healthcare company, announced the launch of a new remote patient monitoring services at the 2022 Consumer Electronics Show (CES), Las Vegas, U.S. along with its connected blood pressure monitors and an advanced mobile app – all designed to support every consumer, no matter where they are on their heart health journey
• In January 2022, Healthlane, a preventive healthcare company, launched the Healthlane App, a preventive healthcare technology that fosters comprehensive world-class medical care for longer and healthier lives

*Definition: Preventive healthcare technologies and services involves technologies and services that help in disease prevention through early detection of health issues and minimizing risks of onset of diseases. This includes delivery of lab tests, medical screening, and genetic/disease risk assessment services through online platforms. Companies in this market offer medical screening programs, health risk assessment tools, lifestyle management programs, and tools to promote healthy behaviors.

Market Segmentation

• Service Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Diagnostic Services
  • Wellness & Health Assessment Services
  • Telemedicine Services
  • Pharmacy Services
  • Others
•  Technology Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Telemedicine
  • mHealth
  • Health Information Technology
  • Wearable Devices
  • Others
•  End User Insights (Revenue, USD Bn, 2019 - 2031)
  • Healthcare Providers
  • Healthcare Payers
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Healthlane
  • Abbott 
  • GSK plc
  • Myriad Genetics
  • Omron Healthcare Inc.
  • Quest Diagnostics
  • Pfizer, Inc.
  • Merck & Co., Inc.
  • Omnicell 
  • Novx Systems, Corp.
  • U-Systems, Ltd.
  • Viatronix, Inc.
  • Scripto LLC 
  • Lifecom, Inc.
  • Dilon Medical Technologies, Inc.
  • McKesson Corporation