Global Preventive Healthcare Market - 2023-2030

Global Preventive Healthcare Market - 2023-2030

Global Preventive Healthcare Market reached US$ XX million in 2022 and is expected to reach US$ XX million by 2030, growing with a CAGR of XX % during the forecast period 2023-2030.

Preventive healthcare refers to measures and practices aimed at preventing the onset or progression of diseases, conditions, and injuries. The goal is to maintain and enhance overall health and well-being by proactively addressing potential health risks. Preventive healthcare encompasses a wide range of strategies, interventions, and activities that can be applied at different levels, including individual, community, and population levels.

The scope of preventive healthcare is vast and encompasses a wide range of strategies and interventions aimed at maintaining and improving overall health, preventing the onset of diseases, and reducing the burden of illness. Conducting regular screenings and diagnostic tests to identify health issues in their early stages, allowing for timely intervention and treatment. Promoting awareness and understanding of healthy lifestyle choices, nutrition, physical activity, and the importance of preventive measures.

Market Dynamics: Drivers and Restraints

The rise of technological advancements of the products

Technological advancements, such as improved diagnostic tools and health monitoring devices, have enhanced the ability to detect and manage health issues at earlier stages, contributing to preventive healthcare efforts. For instance, Chatbots are AI-backed computer applications (sometimes not full-blooded AI but sophisticated algorithms) conducting human-like meaningful conversations via voice, textual, or option-based input.

They are becoming popular and widespread in every industry, including healthcare and medical consulting. Such solutions, accessible 24/7 online or via mobile devices, are capable of preliminary medical diagnostics and health advisory based on a patient’s inputs and complaints. Chatbots can also be integrated with custom patient portals for hospitals and clinics.

Thus rise of chatbots helps to boost the market growth. For instance, in July 2023, DiagnaMed had introduced a new generative artificial intelligence (AI) personal medical chatbot called Dr GenAI. Powered by OpenAI’s ChatGPT, the new medical chatbot will help people receive rapid, personalised medical information based on their unique medical conditions.

Market Dynamics: Restraint

High cost of the services

Individuals may find preventive healthcare measures expensive, especially if they have to bear the costs out-of-pocket. This can discourage people from actively participating in preventive programs or getting regular screenings and check-ups. Implementation of comprehensive preventive healthcare programs often requires substantial financial investments in infrastructure, technology, and personnel training.

Healthcare systems may be hesitant to allocate such resources, particularly if they are already strained or face budget constraints. For instance, healthcare databases are made to monitor and improve the value of healthcare services and provide actionable insights to physicians.

These apps work on predictive analysis and make medical information accessible to the appropriateness, effectiveness, and quality of healthcare services. A database app development for health care delivery can cost between $30000 to $50,000. Thus due to the expensive cost, growth the market will restrain during the forecast period.

Segment Analysis

The global preventive healthcare market is segmented based on service type, technology, application, end-user and region.

The wearable devices segment from the technology segment accounted for approximately 37.7% of preventive healthcare type share

The integration of wearable devices in preventive healthcare has become increasingly important for several reasons. Wearable devices, such as fitness trackers, smartwatches, and other health monitoring tools, play a significant role in promoting and enhancing preventive healthcare efforts. The technological advancements of the products and new launch of products helps to boost the segment growth.

For instance, in August 2022, the preventive healthcare devices player, GOQii, had introduced Smart Vital Ultra and GOQii Stream devices targeted at the young adults and youth, encouraging them to lead a healthy and active lifestyle. Smart Vital Ultra features a big, high resolution screen. The always on display ensures that a user does not have to tap the device unnecessarily while engaging in an activity. It monitors blood oxygen saturation levels (SpO2) and continuous and non-disruptive heart rate, and detects sleep patterns by analyzing these two factors while a user is asleep.

The device also tracks a user’s steps, the distance covered, calories burnt, and the active time. Additionally, in November 2023, Global pharma company Dr Reddy's Laboratories had launched of Nerivio in India, a wearable therapy device approved by the United States Food and Drug Administration (USFDA) for drug-free migraine management. Thus above factors helps to accelerates the market growth.

Geographical Analysis

North America accounted for approximately 32.4% of the market share in 2022

The market for preventive healthcare technologies and services in North America is expanding due to several factors, including the growing prevalence of chronic diseases, an ageing population, the introduction of campaigns emphasizing the need for preventive healthcare, and other tactical moves taken by major players in the industry. The growing geriatric population, the increasing prevalence of chronic diseases, the introduction of campaigns emphasising the importance of preventative healthcare, and other tactical moves taken by major industry participants are driving the healthcare technology and services market

For instance, according to article published in NIH, estimated that, the number of people in the United States aged 50 years and older will increase by 61.11% from 137.25 million in 2020 to 221.13 million in 2050. Of the population 50 years and older, the number with at least one chronic disease is estimated to increase by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. At the same time, those with multimorbidity are projected to increase 91.16% from 7.8304 million in 2020 to 14.968 million in 2050.

Additionally, in February 2022, Teladoc Health, Inc. had announced the launch of Chronic Care Complete, a first-of-its-kind chronic condition management solution to help individuals improve their health outcomes while living with multiple chronic conditions. The solution provides members with a unified, comprehensive experience that leverages connected health monitoring devices, access to health coaches, and support from physicians and mental health specialists when needed. Thus above factors help to boost the region growth.

COVID-19 Impact Analysis

The pandemic has led to a significant shift in healthcare priorities, with a heightened focus on addressing and managing COVID-19 cases. This shift has, at times, resulted in a temporary diversion of resources and attention away from routine preventive healthcare services.

Lockdowns, social distancing measures, and overwhelmed healthcare systems have disrupted routine healthcare services, including preventive screenings, vaccinations, and regular check-ups. Many individuals have delayed or avoided seeking preventive care due to concerns about exposure to the virus.

The pandemic has underscored the importance of vaccinations in preventing infectious diseases. Efforts to promote COVID-19 vaccination have highlighted the broader significance of vaccines in protecting public health and preventing the spread of contagious diseases. The pandemic has accelerated the adoption of telehealth and virtual healthcare services. Telehealth platforms have become essential for delivering preventive healthcare services, enabling remote consultations, monitoring, and health education.

Market Segmentation

By Service Type
• Primary Prevention
• Secondary Prevention
• Tertiary Prevention

By Technology
• Telehealth and Telemedicine
• Wearable Devices
• IoT (Internet of Things)
• Artificial Intelligence
• mHealth Applications
• Others

By Application
• Vaccines and Immunizations
• Screening and Diagnostics
• Wellness and Lifestyle Management
• Others

By End-User
• Hospitals
• Specialty Clinics
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Teladoc Health, Inc., Amwell, Apple Inc, Merative L.P., Siemens Healthineers, Aetna, Cerner Corporation, Microsoft Healthcare, Alphabet Inc, Philips Healthcare and among others.

Why Purchase the Report?
• To visualize the global preventive healthcare market segmentation based on service type, technology, application, end-user and region as well as understandkey commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of preventive healthcare market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global Preventive Healthcare market report would provide approximately 69 tables, 58 figures and 187 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies