With governments across the world now perceiving preventative healthcare as a viable means to curtail the burden of healthcare costs on their respective economies, the preventative healthcare technologies and services market holds a positive outlook. Market intelligence firm Transparency Market Research states in its latest report that the global preventative healthcare technologies and services market will register a CAGR of 9.7% between 2014 and 2020, as it expands from its 2013 valuation of US$72.8 billion to US$144.8 billion. A detailed analysis of the market is conducted in the report, titled “Preventive Healthcare Technologies and Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014–2020.”
Browse the full Preventive Healthcare Technologies and Services Market (Early Detection and Screening Technologies, Prophylaxis Technologies, Advanced Technologies to Reduce Errors and Chronic Disease Management Technologies) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020 report at http://www.transparencymarketresearch.com/preventive-healthcare-technologies.html
Recent reports by the World Health Organization have clearly indicated that chronic diseases are now responsible for an increasing number of deaths worldwide. In 2012, the following diseases and conditions were identified as the top three factors causing death worldwide: Ischaemic heart disease (7.4 million deaths), stroke (6.7 million deaths), and chronic obstructive pulmonary disease (3.1 million deaths). These figures turn the spotlight on preventative healthcare technologies and services. Technological advancement and improvement in prophylaxis techniques have been credited for advancing the state of preventative healthcare in recent years. This factor will thus act as the key stimulator for the global preventative healthcare technologies and services market.
The report, however, also notes that healthcare IT solutions providers are faced with an uphill task in developing economies where the high cost of such solutions will slow down the pace of market penetration. More importantly, despite milestone technological breakthroughs, if patient engagement activities are not given enough importance, both patients and healthcare providers will not adopt preventative healthcare products and technologies.
The report studies the preventative healthcare technologies and services market by segmenting it on the basis of the following criteria: Early detection and screening technologies, advanced technologies to reduce errors, flu vaccines, chronic disease management technologies, and geographical regions. Of these, early detection and screening technologies constituted the largest share of the market in 2013.
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However, through the forecast period of the report, advanced technologies to reduce errors will show the fastest pace of growth, with an estimated CAGR of 13.0% between 2014 and 2020. The report segments early detection and screening technologies into automated screening, personalized medicine, and other automated screening technologies. Personalized medicine stood as the largest market because of substantial investments in R&D related to genomics and proteomics.
On the basis of geography, the report segments the preventative healthcare technologies market into: Europe, North America, Asia Pacific, and Rest of the World (RoW). North America was not only the largest market for preventative healthcare technologies and services in 2013, but is also expected to remain the fastest through 2020. The following factors can be credited for North America’s strong position in the market: A comprehensive healthcare reimbursement scenario, a conducive regulatory environment, and the prevalence of greater awareness among patients.
An example of supportive policies is the United States Medicare Prescription Drug Improvement and Modernization Act of 2003 (PL 108-173). The act made provisions to provide physicians with grants to the tune of US$50 million to help them cover costs of acquiring, installing, or upgrading preventative healthcare and prescription software and technologies. The act also made provisions to cover the cost of training staff. This act was instrumental in encouraging healthcare facilities to adopt healthcare IT.
The report ranks Europe as the second largest market for preventative healthcare services and technologies globally. The rate of adoption of preventative healthcare will remain slow in Asia Pacific and Rest of the World (RoW). This sluggishness in growth will result from the lack of infrastructure that can support preventative healthcare technologies and services.
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