Medical Health Screening Services Market is Estimated to Witness High Growth Owing to AI and Automation
The medical health screening services market involves preventive healthcare services including disease screening, health check-ups, and lab tests to detect health issues at an early stage. Health screening aids in detecting illnesses before symptoms appear when treatments can be more effective. It helps reduce healthcare costs and improves quality of life by enabling early detection and management of chronic conditions like cancer, diabetes, and cardiovascular diseases. The growing burden of chronic diseases and rise in lifestyle-related disorders have augmented the demand for health screening services worldwide.
The Global Medical Health Screening Services Market is estimated to be valued at US$ 30.6 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the medical health screening services are Oracle Corporation, Veeva Systems, Axion Real-Time Metrics, IBM Watson Health, CIMS Global, eClinical Solutions LLC, MMS Holdings, Calyx, Fortress Medical and Ennov.
The key opportunities in the market include growing focus on wellness programs by employers, rise in preventive healthcare, increased adoption of digital health technologies.
Technological advancements such as AI, machine learning, cloud computing, and automation are aiding health screening by enabling early detection, improving accessibility and affordability of screening services.
Market drivers
The growing prevalence of chronic and lifestyle diseases is a key driver for the medical health screening services market. As per the WHO, chronic diseases accounted for over 70% of all deaths globally in 2020. Moreover, changing lifestyle and dietary patterns have increased the burden of cardiovascular diseases, diabetes, and obesity worldwide which is boosting the demand for preventive health check-ups. The rise in healthcare costs associated with treatment of chronic diseases has further augmented the need for early detection via screening services to reduce the economic burden on patients and payers. Therefore, increased disease burden is expected to propel the medical health screening market over the forecast period.
Current challenges in the Medical Health Screening Services Market
The medical health screening services market is facing few challenges currently. One of the major challenge is increasing cost of various diagnostic tests and healthcare services. This has made healthcare unaffordable for common people in many countries. Another challenge is shortage of diagnostic centers and labs in rural and remote areas. This limits the access to screening services for people living in such areas. Integration of new technologies like AI, cloud and digital platforms in healthcare is also a slow process in emerging economies. This limits the potential of digital and advanced screening. Attracting and retaining skilled healthcare professionals especially in rural areas is another challenge for this industry.
SWOT Analysis
Strength: Growing awareness about preventive healthcare and rising lifestyle diseases. Shift towards wellness and preventive healthcare models.
Weakness: High cost of advanced diagnostic devices and services. Shortage of specialized healthcare workforce.
Opportunity: Untapped rural markets. Growing geriatric population. Increased adoption of digital healthcare IT solutions.
Threats: Stringent regulations. Data privacy and security concerns. Reimbursement issues. Competition from point of care devices.
Medical Health Screening Services Market Regional Analysis as Geographical Regions
In terms of value, the medical health screening services market is currently concentrated in developed regions like North America and Europe. This is because of higher per capita healthcare expenditure and wider acceptance of regular health checkups in these regions. However, the Asia Pacific region is emerging as the fastest growing geographical region for medical health screening services market. Countries like China, India and Japan are witnessing rapid economic growth and improving access to healthcare facilities. Rising health awareness, growing geriatric population and increasing disposable incomes are driving the demand for various screening services in Asia Pacific region.
Currently North America region holds the highest value share for medical health screening services market globally. This is owing to factors such as advanced healthcare infrastructure, presence of major market players and favorable reimbursement policies for preventive health checkups. The United States accounts for the major share in the North American region currently. However, Asia Pacific region is expected to witness highest CAGR during the forecast period due to developing healthcare sector and growing medical tourism industry in the region.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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