Wilmington, Delaware, United States, May 04, 2023 (GLOBE NEWSWIRE) -- The global preventive healthcare technologies and services market was valued USD 217.09 Mn in 2020 and is projected to reach USD 557.47 Mn by 2028 with CAGR of 13% from 2021 to 2028.
Favorable government policies for technological upgrade of healthcare systems is driving the global market. These policies provide favorable environment for awareness and initiatives for prophylaxis and proliferation of healthcare information technologies, thus propelling market size.
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Reduced healthcare cost burden because of adoption of digital technologies and rise in demand for self-monitoring devices are expected to boost the preventive healthcare technologies and services market value.
However, high installation and maintenance costs have challenged the penetration of preventive healthcare technologies and services in developing economies such as the Philippines, India, and Sri Lanka. Moreover, lack of patient engagement initiatives has discouraged physicians and pharmacists to adopt preventive healthcare technologies. This necessitates stakeholders in the preventive healthcare technologies and services market to increase awareness about the advantages of healthcare IT, which translates into cost efficiency and offsets high installation cost in the long run.
Outbreak of COVID-19 led to surge in adoption of digital systems by hospitals and pharmacists. Investment in computer systems and software products has ensured robust supply of life-saving drugs and medical devices amid the pandemic, thereby fueling market demand for preventive healthcare technologies and services.
Preventive Healthcare Technologies and Services Market Growth drivers
- Advantages of reduced burden of healthcare costs due to penetration of healthcare IT augments preventive healthcare technologies and services market growth
- Influx of digital systems amid COVID-19, resulting in increasing acceptance for healthcare IT in developing economies is likely to propel industry growth
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Preventive Healthcare Technologies and Services Market - Key findings of study
Continued Use of Good Manufacturing Practices Significant in COVID-19 Vaccine – High demand for flu vaccines during COVID-19 compelled production units, medical packaging companies, and vaccine delivery centers to adopt healthcare IT. This created immense business opportunities in preventive healthcare and technologies market.
In order to meet the demand during the pandemic, good manufacturing practices (GMP) continued to be followed for production process and delivery of life-saving drugs and medical devices. The practice of on-demand products and services is increasingly becoming prominent in the preventive healthcare technologies and services market. Next-gen technologies, such as machine learning (ML), are anticipated to gain traction with increasing adoption of computerized order entry systems and automated prescription systems.
Personalized Medicine and Automated Screening Pivotal for Early Detection & Screening Technologies – Based on early detection & screening technologies, the global market has been divided into personalized medicine, automated screening techniques, and other advanced screening tests. The personalized medicine segment accounted for the leading market share in 2020 owing to increase in research in proteomics and genomics. The automated screening segment is anticipated to expand at a high CAGR during the forecast period due to surge in the number of telehealth kiosks by healthcare clinics & pharmacies and rise in adoption of automated screening approach.
Preventive Healthcare Technologies and Services Market Regional Landscape
North America is projected to account for the leading share of 39.70% of the global market by 2028. Growth in the region is ascribed to favorable reimbursement policies, early adoption of healthcare technologies, substantial awareness about preventive healthcare technologies, and presence of key players.
Novel technologies such as clinical decision support system (CDSS), electronic prescribing, formulation, dispensing, and automated prescription are expected to drive the market in North America after commercialization. These technologies are anticipated to create lucrative growth opportunities in other regions such as Latin America and Asia Pacific, where the current market penetration of healthcare technologies is estimated to be low. Nevertheless, key role of healthcare stakeholders in these regions to increase awareness about the advantages and long-term benefits of preventive healthcare technologies and services are expected to propel adoption of these technologies.
Preventive Healthcare Technologies and Services Market - Key Players
Prominent players in the preventive healthcare technologies and services market include Dilon Technologies Inc., Novx Systems, Inc., Viatronix, Inc., Merck & Co., Lifecom, Inc., Omnicell Inc., Healthways, Inc., Medtronic, Myriad Genetics, Inc., U-Systems, Inc., Sanofi Pasteur MSD, GlaxoSmithKline plc, Scripto LLC, Alere, and Omron Healthcare, Inc.
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The preventive healthcare technologies and services market is segmented as follows;
By Early Detection & Screening Technologies
- Personalized Medicine
- Automated Screening
- Other Advanced Screening Tests
By Prophylaxis Technologies
- Influenza Vaccines
- Meningococcal Vaccines
- Combined Tetanus-Diphtheria-Pertussis Vaccines
- Human Papilloma Virus Vaccine
- Other new vaccines
By Advance Technologies to Reduce Errors
- Electronic Prescribing
- Computerized Provider Order Entry Systems
- Clinical Decision Support System
- Automated Prescription, Formulation, and Dispensing
- Smart Infusion Pumps
- Smart Packaging
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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