Preventive Healthcare Technologies and Services Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, New York (PRWEB) January 21, 2015
The global preventive healthcare technologies and services market was valued at USD 72.8 billion in 2013 and is estimated to reach a market worth of USD 144.8 billion in 2020 growing at a CAGR of 9.7% from 2014 to 2020. Preventive healthcare is maintenance of human health throughout life, by predetermining the diseases through application of screening, monitoring and modern biotechnology. According to the World Health Organization (WHO), in 2011 approximately 55 million people died worldwide and among these 66.7% of the population died due to non-communicable diseases, including cancer, diabetes, and chronic cardiovascular and lung diseases. This percentage of death increased from the year 2000, during which 60% of deaths were attributed to the aforementioned diseases. Presently advancement in technology is acting as a major growth driver for the preventive healthcare technologies and services market.
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The preventive healthcare technology market is categorized as early detection and screening technologies, prophylaxis technologies, advanced technologies to reduce errors and chronic disease management technologies. Early detection and screening technologies accounted for the largest market share in 2013, whereas advanced technologies to reduce errors is expected to emerge as the fastest growing segment with a CAGR of more than 13.0% during forecast period of 2014 to 2020. The growth of early detection and screening technologies is driven due to a gradual escalation owing to patent extension and protection, low chances of drug resistance and strong government support. The early detection and screening technologies are further segmented as personalized medicine, automated screening and other automated screening technologies, where, in the year 2013, personalized medicine was observed to be the largest market due to high investments in proteomics and genomics research. Automated screening technologies market is estimated to be the fastest growing market growing at a CAGR of over 14% due to high market demand for automated melanoma screening techniques and telehealth kiosks from pharmacies and clinics.
The major market drivers of preventive healthcare technologies and services market are the favorable government policies for adoption of healthcare information technology and increasing social awareness about vaccination through governmental and non-governmental organizations. In addition, rising demand for self-monitoring devices and technological up-gradations of healthcare systems that are expected to reduce the cost burden are also aiding in the growth of preventive healthcare technologies and services market. The high installation and maintenance cost of healthcare IT and weak patient engagement activities are demotivating the physicians and pharmacists to adopt these preventive healthcare technologies.
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Geographically the preventive healthcare technologies and services market is segmented as North America, Europe, Asia-Pacific and the Rest of the World. In the year 2013, North America was observed to be the largest marker share holder and the region is also anticipated to witness the fastest growth rate during the forecast period of 2014 to 2020. The principal reasons for the dominance of the North America region in this market are technology supportive government policies, a well-designed reimbursement scenario and high social awareness for preventive healthcare. For instance, Medicare Prescription Drug Improvement and Modernization Act of 2003 (PL 108-173) enacted contained several technology-related provisions that would authorize USD 50 million in matching grants to physicians to help pay their cost of acquiring installation, up-gradation, software enabled prescription, along with training and education of staff. This act played an important role in adoption of healthcare information technology systems in many healthcare services. Europe was observed to be the second largest preventive healthcare technologies and services market due to increasing advances in biotechnology research. Asia-Pacific and the Rest of the World (RoW) are currently the developing regions for this market and the adoption of advanced preventive healthcare technologies in these regions is anticipated to move at a slow rate. This slag in the growth rate is witnessed because the infrastructural base for these technologies in Asian region is still in its nascent stages.
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Market dynamics of the preventive healthcare technologies and services market allow the differentiation of the key players on the basis of segments. Early detection and screening market include Dilon Technologies, Inc., Myraid Genetics, Inc., Noxx Systems, Inc., U-Systems, inc. and Viatronix, Inc, as the key players in this segment. Prominent players in the advance technologies to reduce errors segment include Lifecom, Inc., Scripto LLC and Omnicell, Inc. Furthermore, prophylaxis segment is dominated by big players namely, Sanofi Pasteur MSD, Merck & Co. and GlaxoSmithKline plc. whereas major players in the chronic disease management technologies segment include Alere, Healthways, Inc., Omron Healthcare, Inc. and Medtronic, Inc.