GLOBAL PREVENTIVE HEALTHCARE TECHNOLOGIES AND SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

The global preventive healthcare technologies and services market is estimated to be valued at USD 275.29 Bn in 2024 and is expected to reach USD 556.64 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.6% from 2024 to 2031.

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The preventive healthcare technologies and services market is expected to witness significant growth during the forecast period. This rapid growth can be attributed to the rising prevalence of chronic lifestyle diseases such as cardiovascular diseases, diabetes, and obesity. Increasing importance of genome sequencing for early detection and growing demand for personalized care is further expected to drive the preventive healthcare market globally. There is increasing focus among individuals as well as various countries to shift from current healthcare approach which is more reactive and disease centric, towards a preventive healthcare approach to reduce future healthcare costs and improve health outcomes.

Increasing Product Launches by Key Market Players

Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the market growth over the forecast period. For instance, in February 2022, Teladoc Health, Inc., a healthcare company, announced that it had launched Chronic Care Complete, a first-of-its-kind chronic condition management solution to help individuals improve their health outcomes while living with multiple chronic conditions. The solution provides members with a unified, comprehensive experience that leverages connected health monitoring devices, access to health coaches, and support from physicians and mental health specialists when needed.

The prevalence of chronic diseases has been rising at an alarming rate across the world. Chronic diseases such as cancer, diabetes, and heart disease are among the leading causes of mortality and morbidity globally. It is estimated that over 20 million new cancer cases were diagnosed and 10 million cancer deaths occurred in 2020 worldwide. Similarly, the number of people suffering from diabetes has risen from 108 million in 1980 to 422 million in 2014. Major risk factors driving the rise in chronic diseases include rapidly aging population, increasing prevalence of obesity and sedentary lifestyles, growing consumption of tobacco and alcohol. Developed countries as well as developing nations are experiencing higher incidence of non-communicable chronic conditions. This rising disease burden puts tremendous pressure on national healthcare systems and budgets. Preventive care helps reduce the occurrence of diseases and manages existing conditions in early stages before it progresses into more complex stages. Preventive healthcare technologies enable the early detection of risk factors, promotes healthy behaviors, and facilitates treatment adherence. For instance, mobile health apps can track vital signs, diet, physical activity, and notify high-risk individuals. Genetic testing aids in identifying inherited predispositions. Wearable devices such as smart watches monitor heart rate and arrhythmias that can detect potential cardiovascular problems. Thus, the growing prevalence of chronic diseases worldwide is a major driver for the demand of preventive healthcare technologies as it provides means for screening, diagnosis, and management of at-risk population.