Preventive Healthcare Technologies and Services Market By Type (Early Detection & Screening Technologies, Chronic Disease Management Technologies, Prophylaxis Technology, Vaccines, Advanced Technologies to Reduce Errors), Application (Hospitals, Clinics, Homecare Settings), and Region Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023-2032

Market Perspective

Preventive Healthcare Technologies and Services Market size was valued at USD 170.59 billion in 2022 and is projected to reach USD 438.76 billion by 2032, at a CAGR of 11% during the forecast period, 2023-2032 owing to the increasing prevalence of chronic diseases, aging population, and rise in the global health threats.

Preventive healthcare technologies and services are in high demand as the world seeks to protect itself from future pandemics. These solutions offer the promise of early detection and prevention of disease, as well as mitigation of transmission risks. The market encompasses a wide range of products and services, from vaccines to Diagnostics-as-a-Service (DaaS). In October 2020, the WHO has been a key proponent of preventive healthcare, investing heavily in research and development for new solutions.

The advent of technology in healthcare such as artificial intelligence, AR & VR, blockchain, and robotics are among the significant technologies to revolutionize the healthcare industry. Advances in these technologies have opened up new doors for health app developers and healthcare investors to develop better services and a healthier society which have the potential to revolutionize the preventive healthcare technologies and services market.

Key Insights

• Based on type, the vaccines segment held the largest market share
• Based on application, the hospital segment generated the highest revenue
• On the basis of region, North America was key the contributor to the global market revenue

Rising Incidence of Chronic Diseases is Driving the Market Growth

Preventive healthcare has been shown to be effective in reducing the incidence of chronic diseases, as well as the overall cost of healthcare. As the population ages, the demand for preventive healthcare technologies and services is expected to grow.

According to the World Health Organization, in 2020 there is an increase in the elderly population from 1 billion to 1.4 billion. In the United States, 15% of people reported having two or more chronic medical illnesses, compared to only 11% of older millennials in 2021. The statistic shows that the proportion of adults and older millennials in the U.S. will have chronic medical conditions in 2021.

Globally, there will be 1 in 6 persons would be 60 years of age or older and by 2050, 2.1 billion more people in their 60s and older.

There are several factors that are driving the demand for preventive healthcare technologies and services.

• First, the aging population is increasingly aware of the importance of preventive care.
• Second, the prevalence of chronic diseases is on the rise, and preventive care can help to manage these conditions.
• Third, advances in technology have made preventive care more accessible and affordable.
• Finally, rising healthcare costs are making preventive care more attractive to patients. Preventive healthcare is an important part of keeping people healthy and reducing the burden on the healthcare system. 

Dearth of Skilled Healthcare Professionals Preventive Healthcare

A recent study has found that the dearth of skilled healthcare professionals is preventing many people from accessing preventive healthcare. The research, which was conducted by the University of Southampton, looked at the impact of general physician (GP) shortages on people's ability to access preventive healthcare. The study found that GP shortages are Having a negative impact on people's ability to access preventive healthcare.

The research found that 1 in 5 people said they had not been able to access preventive healthcare due to a lack of GP appointments. 1 in 3 people said they had not been able to get an appointment with a GP within two weeks. The research also found that the lack of skilled healthcare professionals was having an impact on people's mental health. 1 in 4 people said they had experienced anxiety or depression as a result of not being able to access preventive healthcare.

The study highlights the importance of ensuring there are enough skilled healthcare professionals to meet the needs of the population. It also highlights the need for government and policy-makers to invest in measures to increase the supply of skilled healthcare professionals.

Rural populations especially in developing countries like India, China, Indonesia, Thailand, and Indonesia frequently face difficulties in accessing basic healthcare restricting their ability to get the care they need on time. Healthcare services must be accessible and timely in order to be considered accessible.

Segmentation Analysis

Based on type, the market report is segmented into early detection and screening technologies, chronic disease management technologies, prophylaxis technology, vaccines, and advanced technologies to reduce errors. The vaccine segment is expected to continue dominating the global market over the forecast period owing to the growing emphasis on studies and improvements in technologies along with the launch of recent campaigns to increase the method of vaccination.

Based on application, the market is divided into hospitals, clinics & homecare settings. The hospital segment is expected to continue holding its dominance over the preventive healthcare technologies and services market owing to the rising trend of preventative healthcare technology and services across hospitals for several medical conditions such as identifying several types of diseases such as cardiovascular diseases, indications of Alzheimer's, predicting breast cancer, and type 1 diabetes can be identified using the advanced AI technologies.

The prevalence of Type II diabetes mellitus (DM), which currently affects 425 million people worldwide, is predicted to rise to 629 million by the year 2045, according to the American College of Cardiology. It presently ranks as the seventh-leading cause of mortality in the US with 9.4% of the population. By 2030, it is anticipated that the worldwide economic burden of this chronic illness would reach USD 2.1 to USD 2.5 trillion. The National Library of Medicine reports that 6.2 million Americans aged 65 and over are thought to be suffering from Alzheimer's disease and this figure is expected to increase to 13.8 million by 2060.

Recent Developments

In December 2022: Healthlane launched the Healthlane App. The App can provide customers the ability to book an appointment, view scientific assessment outcomes and records, witness their fitness score, receive entry to a care plan, and vitamin tips.

In February 2022: Goqii raised USD 50 million in its Series-C investment round led through Sumeru Ventures. The funding aims to proceed and strengthen its contemporary offerings, together with a wearable health tracker, and an app, which augments the real-time training and coverage services.

In November 2020: Medtronic PLC entered into an agreement to acquire Medicrea International, which presents AI-pushed surgical making plans and predictive modeling equipment for backbone management. The acquisition targets to enhance the portfolio of backbone implants, robotics, navigation, and 3D image generation with Medicrea’s abilities and answers in information analytics, synthetic intelligence, and customized implants, which could decorate Medtronic’s fully-included procedural answers for surgical making plans and delivery.

North America to Continue Dominating the Market Due to Rapid Adoption of Novel Technologies

The North America preventive healthcare technologies and services market is one of the key regions when it comes to the rapid adoption of novel technologies, especially in the healthcare sector. The presence of a strong healthcare infrastructure and heavy spending on availing healthcare services have accelerated the adoption of novel healthcare technologies in the region. In 2020, approximately 16.9% of Americans were over 65 years old and it is anticipated to reach 22% by 2050.

The region has been the largest revenue generator in the preventive healthcare technologies and services market, accounting for over 40% of the global revenue in 2021. In terms of market share, North America is followed by Europe and Asia-Pacific. The high prevalence of chronic diseases and the growing awareness about the importance of preventive healthcare are the major drivers of the market in North America.

According to CDC, around 117 million adults in the US suffer from one or more chronic diseases. In fact, 6 in 10 American suffer from the at least one kind of chronic disease. On the other hand, over 38% deaths in the US are recorded due to cardiovascular disease and cancer.

Competitive Landscape

Major players contributing to the preventive healthcare technologies and services industry are Medtronic, Quest Diagnostics Incorporated, Abbott Laboratories, Merck & Co., Inc, GlaxoSmithKline PLC, Pfizer Inc., Sanofi SA, Excellarate, Vellnezmed Health Care LLP,  Healthlane, GOQii, and amongst others.

The global preventive healthcare technologies and services market is segmented as follows:

By Type

• Early Detection & Screening Technologies
• Chronic Disease Management Technologies
• Prophylaxis Technology
• Vaccines
• Advanced Technologies to Reduce Errors

By Application

• Hospitals
• Clinics
• Homecare Settings

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America