Medical Health Screening Services Market is growing due to increased focus on preventive healthcare.
Medical health screening services help in early detection of diseases and medical conditions through comprehensive testing of vital health parameters. These services play a crucial role in lowering healthcare costs by facilitating timely diagnosis and treatment. Growing awareness about the significance of regular health checkups in preventing diseases has been driving higher demand for medical health screening globally.
Medical health screening involves tests and clinical assessments to evaluate overall health status and detect asymptomatic conditions. Common screening tests include blood tests, imaging scans, biopsy, genetic tests and physical examinations. Screening services assess health biomarkers like blood sugar, blood pressure, body mass index (BMI), and cholesterol levels. They are effective in detecting illnesses like cardiovascular diseases, diabetes, certain cancers and other disorders. Early detection through screening allows for less costly treatment options and better prognosis. The global medical health screening market is estimated to be valued at US$ 29.57 billion in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the medical health screening 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.
Medical Health Screening Services Market size is being driven by growing health awareness among consumers, along with the increasing prevalence of lifestyle diseases, which has generated higher demand for preventive healthcare screening services globally. Promotional initiatives by governments and private entities are also encouraging more people to opt for regular health checkups.
Rising income levels in emerging nations are facilitating greater affordability of comprehensive screening packages. Meanwhile, growing geriatric population susceptible to chronic diseases continues to open up new expansion avenues for market players in international markets.
Market Key Trends
Adoption of artificial intelligence and machine learning technologies by screening services companies is one of the key trends witnessed in the market. Integration of AI helps automate screening process, provide accurate risk predictions and enable remote delivery of services.
This has further boosted efficiency, reduced costs and expanded access to screening. Meanwhile, growing preference for direct-to-consumer screening is another notable trend, as various point-of-care and home health screening kits have entered the market. This allowing users to self-administer tests with advanced devices and receive lab-quality results remotely on a real-time basis for early detection and management of medical conditions.
Porter’s Analysis
Threat of new entrants: Screening services requires specialised healthcare infrastructure and resources making it difficult for new players to enter.
Bargaining power of buyers: Individual customers have low bargaining power but large corporate and government buyers can negotiate on price and quality of services.
Bargaining power of suppliers: Suppliers of medical devices, equipment and technologies have moderate bargaining power as switching costs are relatively low.
Threat of new substitutes: Alternatives like at-home screening kits pose minimal threat as they are not a replacement for comprehensive medical check-ups.
Competitive rivalry: Medical Health Screening Services Market Challenges and Opportunities include a competitive landscape with a few large players and many regional players, resulting in high competition based on service quality, innovation, and customer relationships.
Geographical Regions
North America currently accounts for the largest share of the global market due to high healthcare spending and availability of advanced screening technologies.
The Asia Pacific market is expected to grow at the fastest pace during the forecast period due to rising lifestyle diseases, growing medical tourism and increasing healthcare investments in emerging economies.
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