Preventive Healthcare Technologies and Services Market to Reach US$ 493.1 Billion by 2027 Globally |CAGR: 10.5%| UnivDatos Market Insights
NOIDA, India, Jan. 25, 2021 /PRNewswire/ -- A comprehensive overview of the preventive healthcare technologies and services market is recently added by UnivDatos Market Insights to its humongous database. The preventive healthcare technologies market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the preventive healthcare technologies market. The preventive healthcare technologies market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the preventive healthcare technologies market at the global and regional levels. The Global Preventive Healthcare Technologies and Services Market is expected to grow at a CAGR of 10.5% from 2021-2027 to reach US$ 493.1 billion by 2027.
Market Overview
The escalating prevalence of the chronic disease, lifestyle associated disease coupled with the surging geriatric population across the globe is the key contributing factors due to which the demand for preventive healthcare technologies and services is witnessing an uptick. As per the United Nations, "there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050". Moreover, the promulgation of awareness programs by the government across countries such as the U.S, China, Australia, etc. is gaining end-users traction for the preventive measures for healthcare. For instance, in the United States, the government launched "The Patient Protection and Affordable Care Act" in which the inclusion of preventive healthcare by the insurance providers at no added cost has been mandated. Furthermore, the easy availability of devices owing to the presence of well-established local and foreign players across the regions which are offering solutions and services at a reasonable price for end users is also acting as a growth catalyst to the industry and creating the opportunity for the industry to grow.
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COVID-19 Impact
Covid-19 pandemic has pushed and transformed the healthcare industry beyond its limits. The end-users are taking preventive measures for the prevention of COVID-19. Therefore, end-users shifting towards the digital medium for the services. Therefore, a rise has been witnessed in digital health.
In a report, it was found that in the first half of 2020, total health innovation funding reached US$ 9.1 billion which is around 19% more as compared to US$ 7.7 billion invested during the same period in 2019. Also, the spending on AI and big data proliferate after the spread of the COVID-19 pandemic. It was found that Healthcare data executives are upping their investments in big data analytics and artificial intelligence and "nearly 80% of healthcare executives are investing more in big Data & AI" that would positively impact the market growth.
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The Preventive Healthcare Technologies and Services Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
- Early Detection and Screening Technologies
- Chronic Disease Management Technologies
- Vaccines
- Advanced Technologies to Reduce Errors
Amongst types, the early detection and screening technologies grabbed the major market share will grow at 11% CAGR to reach US$ 225.2 billion by the year 2027.
By Early Detection and Screening Technologies, the market is primarily segmented into
- Personalized Medicine
- Other Screening Technologies
Amongst Early Detection and Screening Technologies, personalized medicine accounted for the largest share and is expected to grow at 10.3% CAGR during the forecast period 2021-2027. In 2019, the personalized medicine segment accounted for a revenue share of almost 56.2%.
By Chronic Disease Management Technologies, the market is primarily segmented into
- Blood Pressure Monitors
- Asthma Monitors
- Cardiovascular Monitors
- Glucose Monitors
In 2019, the cardiovascular monitors' segment dominated the global preventive healthcare technologies and services market with nearly 66.9% of the market share and it is anticipated by 2027, the segment will garner US$ 66.9 billion of the market.
By Vaccines, the market is primarily segmented into
- Infectious Diseases
- Allergy
- Cancer
- Other Vaccines
Amongst vaccine types, infectious disease accounted for the largest share and is expected to grow at 8.4% CAGR during the forecast period 2021-2027. In 2019, the infectious disease segment accounted for a revenue share of 55.7%.
By Advanced Technologies to Reduce Errors, the market is primarily fragmented into
- Electronic Prescribing
- Clinical Decision Support Systems
- Smart Infusion Pumps
- Computerized Provider Order Entry Systems
- Smart Packaging and Automated Prescription Formulation and Dispensing
In 2019, the smart infusion pumps segment dominated the global preventive healthcare technologies and services market with nearly 51.1% of the market share and it is anticipated by 2027, the segment will garner US$ 23.3 billion of the market.
Preventive Healthcare Technologies and Services Market Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Rest of the World
Based on the estimation, the North America region dominated the preventive healthcare technologies and services market with almost US$ 92.7 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 12.4% over the forecast period on account of the presence of well-established players in the region.
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The major players targeting the market includes
- Alere
- GlaxoSmithKline
- McKesson Corporation
- Medtronic
- Merck & Co.
- Myriad Genetics
- Omron Healthcare
- Quest Diagnostics
- Sanofi
- Tivity Health
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the preventive healthcare technologies and services market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the preventive healthcare technologies and services market?
- Which factors are influencing the preventive healthcare technologies and services market over the forecast period?
- What are the global challenges, threats, and risks in the preventive healthcare technologies and services market?
- Which factors are propelling and restraining the preventive healthcare technologies and services market?
- What is the demand in global regions for the preventive healthcare technologies and services market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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