Research report presented by UnivDatos, Emphasis on Type [Early Detection and Screening Technologies (Personalized Medicine, Other Screening Technologies), Chronic Disease Management Technologies (Blood Pressure Monitors, Asthma Monitors, Cardiovascular Monitors, Glucose Monitors), Vaccines (Infectious Diseases, Allergy, Cancer, Other Vaccines), Advanced Technologies to Reduce Errors (Electronic Prescribing, Clinical Decision Support Systems, Smart Infusion Pumps, Computerized Provider Order Entry Systems, Smart Packaging and Automated Prescription Formulation and Dispensing) and Geographical analysis (key regions and countries).
As per the research report, the global Preventive Healthcare Market was valued at US$ 214.1 billion in 2019 and is projected to expand significantly with a CAGR of 10.5% from 2021-2027. The use of digital health technologies in the prevention of disease occurrence, eradication, elimination, or minimizing the negative impact of the disease and ultimately prevention of death is known as Digital preventive healthcare. The key factor attributed to the growing market of preventive healthcare technologies and services market is the accessibility to healthcare. Moreover, the surge in the aging population coupled with the growing number of patients related to cardiovascular, diabetes, respiratory ailment, and other certain contagious illnesses diseases are some of the factors that impact the market growth for preventive healthcare technologies and services.
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Change in lifestyle owing to the hectic and busy schedule has increased the patients of chronic and life associated disease. Moreover, the change in dietary habits and increasing preference for processed and packaged for especially among millenniums coupled with the offerings of organic food by the players across the globe is one of the leading causes for the prevalence of communicable and non-communicable diseases. Therefore, the demand for preventive healthcare technologies and services is on the rise. In a study, it was found that the global market for ready meals is projected to witness a demand for around 20.5% during 2017-22.
Moreover, with the advancement in technology, the healthcare sector across the globe is moving towards a transformation. With the advent of new technologies such as AI, Big data, and ML, the healthcare industry coupled with the surging awareness about preventive measures such as screening & monitoring devices, vaccines, and smart devices to reduce medical errors due to the rising geriatric population who are more prone to chronic disease is contributing to the growing market of preventive healthcare technologies and services market. As per a report by 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”.
The global preventive healthcare market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are Alere, GlaxoSmithKline, McKesson Corporation, Medtronic, Merck & Co., Myriad Genetics, Omron Healthcare, Quest Diagnostics, Sanofi, and Tivity Health among others. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst type, Early Detection and Screening Technologies segment holds the major share”
Based on type, the market is fragmented into Early Detection and Screening Technologies, Vaccines, Chronic Disease Management Technologies, and Advanced Technologies to Reduce Errors. Early Detection and Screening Technologies dominated the market with a share of 43.84% in 2019 and is expected to maintain its dominance during the forecast period owing to the increased consumer preference for preventive healthcare measures owing to the suing awareness about preventive health and wellness.
“Amongst Early Detection and Screening Technologies Market type, Personalized Medicine is expected to dominate the market during the analyzed period”
Based on the market segment by Early Detection and Screening Technologies type, the market is segmented into Personalized Medicine and Other Screening Technologies. In 2019, Personalized Medicine grabbed the major market share and accounted for 56.25% of the market revenue share. Surging the need for safety and efficacy of drugs the demand for personalized medicine is witnessing an uptick. Moreover, and Other Screening Technologies is expected to grow with a CAGR of more than 10% during the forecast period of 2021-27.
“North America represents one of the largest markets of Preventive Healthcare market”
For a better understanding of the market dynamics of the preventive healthcare technologies and services market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC) and Rest of the World has been conducted. North America dominated the market and generated revenue of US$ 92 billion in 2019 owing to the escalating healthcare IT investment in the counties such as the U.S and Canada. Moreover, the presence of well-established players and the latest technology upgraded products and services make the region dominant.
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