Medical health screening services provide preventive healthcare checkups which helps in early detection of diseases. These services include blood test, screening of diabetes, cardiovascular diseases and cancer among others. Medical health screening facilitates timely diagnosis and treatment, thereby preventing development of chronic conditions.
The global Medical Health Screening Services Market is estimated to be valued at US$ 30.6 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of rise in preventive care will boost the medical health screening services market growth. Preventive care focuses on detecting illnesses early through various screening tests when symptoms are not present. This allows diseases to be managed more effectively and sometimes even cured. As health issues like cancer, heart diseases are growing, people are inclined towards early screening. Also, rising health awareness and focus on wellness is making preventive care more popular. Increasing funding by governments worldwide in preventive services will also drive this market. More individuals are opting for screening annually or multiple times a year to measure health indicators proactively. This growing trend of preventive approach will fuel demand in the medical health screening services market.
Porter's Analysis
Threat of new entrants: The medical health screening services industry requires large investments in technologies and infrastructure. Regulatory procedures also act as a barrier. However, the growing demand opens opportunities.
Bargaining power of buyers: Individual customers have low bargaining power due to lack of transparency in pricing. However, large healthcare providers can negotiate better prices and customized packages.
Bargaining power of suppliers: The presence of many technology providers, laboratories and healthcare professionals ensures competitive supplier market. However, companies developing specialized tools wield some power.
Threat of new substitutes: While at-home testing kits pose a threat, they cannot replace comprehensive clinical screening. Telehealth is complementary by improving access in remote areas.
Competitive rivalry: Intense competition exists among established providers to expand service portfolio and global footprint through partnerships.
SWOT Analysis
Strengths: Growing aging population and focus on preventive healthcare are driving demand. Technology integration enables efficient operations and personalized offerings.
Weaknesses: High initial infrastructure costs and regulatory hurdles. Dependency on skilled professionals leads to supply issues in some markets.
Opportunities: Emerging economies lack capacity, offering scope for partnerships and franchising. Digital solutions can enable remote screening and make services accessible in rural areas.
Threats: Economic slowdowns may negatively impact discretionary spend on healthcare. Stringent privacy and data storage rules increase regulatory compliance costs.
Key Takeaways
The global Medical Health Screening Services Market Size is expected to witness high growth over the forecast period of 2024 to 2031, expanding at a CAGR of 11% . The total market valuation is projected to increase from US$ 30.6 Bn in 2024 to US$ 67.3 Bn by 2031.
North America currently leads the market, supported by favourable demographic trends and insurance coverage in the US and Canada. However, Asia Pacific is likely to emerge as the fastest growing regional market. Countries like China, India and Indonesia offer massive untapped potential given their huge population bases and increasing healthcare expenditure.
Key players operating in the medical health screening services market are Oracle Corporation, Veeva Systems, Axion Real-Time Metrics, IBM Watson Health, CIMS Global, eClinical Solutions LLC, MMS Holdings, Calyx, Fortress Medical and Ennov. These companies have established themselves as leaders through technologically advanced solutions, presence across global healthcare hotspots, and integrations with hospitals and physician networks. Oracle Corporation and IBM Watson Health remain the largest players with broad service portfolios.
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