July 21, 2024
Medical Health Screening Services Market

Medical Health Screening Services Market is Estimated to Witness High Growth Owing to Preventive Healthcare

The medical health screening services market comprises products and services that assist in detecting health problems in their early stages through screening tests, medical imaging, and laboratory tests for preventive care. The use of medical screening helps diagnose diseases as early as possible or even before the onset of symptoms leading to better health outcomes. Some common medical screening tests include blood tests, physical exams, ultrasound screening, X-rays, and MRI scans. The medical screening facilities with advanced diagnostic equipment allows detecting any presence of diseases through non-invasive methods for conditions like cancer, heart diseases, diabetes, and other chronic illnesses. This helps reduce mortality rates and lowers healthcare costs associated with advanced medical treatments at later stages of illnesses.

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 market provides considerable opportunities for growth owing to the growing prevalence of chronic and lifestyle diseases along with rising health awareness. Medical screening helps identify risk factors at an early stage enabling timely interventions. Moreover, emerging technologies such as telehealth and mobile healthcare apps are expanding access to screening tests.

Globally, there is significant demand for medical screening services in developed regions like North America and Europe due to supportive government policies and health reimbursement schemes. Meanwhile, countries in Asia Pacific and Latin America are expected to witness high growth driven by growing medical tourism, private healthcare expenditure, and increasing focus on preventive healthcare.

Market Drivers

The increasing prevalence of chronic diseases due to the growing geriatric population, changing lifestyle habits, and rising life expectancy is a key growth driver for the medical health screening services market. As per estimates, chronic diseases contributed to over 70% of all deaths globally in 2020. Early detection of chronic diseases through screening helps curb mortality and reduces healthcare costs associated with advanced treatment requirements at later stages. Hence, preventive screening is encouraged to manage the chronic disease burden. This is expected to boost the demand for medical health screening services over the forecast period.

PEST Analysis

Political: The medical health screening services market is regulated by government policies and regulations regarding patient privacy laws and insurance coverage for preventive health screenings. Changes to regulations can impact the market.

Economic: Economic growth and rising disposable incomes are increasing the demand for preventive healthcare and medical health screenings. Market growth is aided by rising healthcare spending.

Social: Increased health awareness and focus on preventive healthcare is driving more people to undergo medical screenings. Social trends around healthy lifestyles also contribute to growth in the demand for screening services.

Technological: Advancements in screening technologies allow for more accurate and early detection of health issues. Technologies like telehealth and remote patient monitoring are also expanding access and convenience of medical screenings. Developments in digital health records and integration with labs and healthcare providers further aid the market.

Medical Health Screening Services Market Regional Analysis as Geographical Concentration  North America accounts for the largest share of the global market in terms of value, led by the US. This is due to high healthcare expenditures, favorable regulatory environment, and presence of leading market players. Asia Pacific is expected to be the fastest growing region during the forecast period owing to increased healthcare spending, growing middle class, and higher focus on preventive healthcare.

Fastest Growing Region

Asia Pacific region is poised to grow the fastest for medical health screening services market during 2024-2031 period. Factors such as rising awareness, lifestyle diseases, healthcare infrastructure development, and government initiatives are driving higher demand across countries like China, Japan and India. Growing medical tourism industry is also contributing to regional market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Money Singh

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, chemicals and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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