The medical health screening services market involves providers that offer various medical screening tests to detect health issues. These tests help identify health risks, develop treatment plans, and monitor existing medical conditions. The major types of screening services offered include cholesterol tests, cancer screening, HIV screening, diabetes screening, and other general health checkups. The growing prevalence of chronic diseases worldwide and rising awareness about the importance of early disease detection are key factors driving more people to undergo regular health screenings. Advancements in medical testing technologies have also made screening tests more accessible and convenient.
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 of 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. These players are focusing on expanding their service portfolios and developing digital solutions to make screening more efficient.
Some of the key opportunities in the market include increasing penetration in developing regions, growing demand for workplace wellness programs, and rising telehealth and home Medical Health Screening Services Market. Many global players are investing in emerging markets like Asia Pacific and Latin America to tap the high growth potential.
The market is also witnessing significant expansion through various strategic partnerships and mergers and acquisitions as companies look to enhance their geographic footprints and service offerings. For instance, Veeva Systems acquired Veracity Logic in 2021 to add risk-based monitoring and clinical trial optimization to its product suite.
Market drivers
- Growing geriatric population and rising lifestyle diseases: The aging population and increasing incidence of chronic conditions like cancer, diabetes, and heart disease are major drivers for the market. According to the WHO, chronic diseases account for over 70% of all deaths globally.
- Government initiatives to promote preventive healthcare: Favorable regulations and invests by governments worldwide to spread awareness about the financial and health benefits of screening are also propelling the market growth.
Market restraints
- High cost of advanced screening tests: Tests like colonoscopy, mammography, MRI scans involve expensive equipment and procedures. This influences affordability and access to care.
- Shortage of skilled medical professionals: The lack of adequately trained healthcare providers to perform and interpret various screening tests poses challenges, especially in developing regions. This hinders the overall market expansion.
Segment Analysis
The medical health screening services market is dominated by routine health check sub segment as it accounts for around 40% share of the overall market. Routine health checkups includes basic screening tests such as complete blood count, blood sugar, blood pressure check, body mass index measurement etc. which helps in early detection of chronic diseases. These routine checkups are recommended for overall well-being and are affordable. The preventive health checkup sub segment is also growing owing to increasing health awareness and healthcare expenditure. It involves comprehensive screening tests for diseases along with lifestyle and dietary consultation.
Global Analysis
North America holds around 35% share of the global medical health screening services market and is the fastest growing region. This is attributed to rising geriatric population, growing burden of chronic diseases, favourable health reimbursement policies and healthcare infrastructure. Asia Pacific region is also emerging as a lucrative market driven by improving access to healthcare facilities, rapid economic growth and health initiatives by governments in countries like India and China. The European region has widespread demand owing to supportive public healthcare schemes and focus on preventive healthcare services. Growth in Latin America and Middle East & Africa will be fuelled by increasing healthcare spending, urbanization and lifestyle changes.
Get More Insights On Medical Health Screening Services Market
Magnetic resonance imaging (MRI) is a scanning technique that uses strong magnetic field and radio waves to produce detailed images of internal structure of body.
These images are displayed on a computer screen using various software.
To obtain better images, contrast agent (Gadolinium) is given intravenously to obtain better resolution image after scanning in some cases.
MRI has application in diagnosis and monitoring treatment for variety of chronic conditions within brain, chest, abdomen and pelvis.Constant introduction of advanced disease diagnostic technologies is primarily boosting the growth.
Rapid growth of MRI sector is attributed to the rising prevalence of chronic diseases which require early diagnosis and timely treatment to prevent late stage complications.
Also, rising number of road accidents leading to injuries and complications are augmenting the demand for this modality.
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