Preventive Healthcare Technologies and Services Market will Grow due to Advent of Health-Driven Nutraceutical Products

With new investments surging in the private as well as government sectors, the healthcare technologies and services market is rapidly growing across the globe. Recently, there has been a high emphasis on the use of technology in the healthcare sector to improve the quality of services. Worldwide, governments now perceive preventive healthcare as a viable option to curb the burden of healthcare costs on their respective economies. Hence, the forecast for the preventive healthcare technologies and services market looks positive for the coming years. This market is slated to grow at a CAGR of 9.70% between 2014 and 2020 in order to reach US$144.8 bn by 2020, from a value of US$72.8 bn in 2013, says Transparency Market Research.

Curbing Chronic Diseases through the Power of Prevention and Various Healthcare Services

The market for preventive healthcare technologies and services is a combination of several aspects such as monitoring, screening, healthcare information technology, and prophylaxis. Preventive healthcare consists of measures taken for disease prevention. Preventive healthcare technologies aid in the prevention of diseases by immunization or predetermination of the disease. These technologies and services are high in demand due to the rising incidence of chronic respiratory diseases, cardiovascular diseases, diabetes, complications arising from prescription errors, and certain infectious diseases. Patients suffering from chronic diseases have found various options such as self-monitoring/remote patient monitoring devices and services that provide advanced monitoring solutions. Such solutions prevent patients from expending a lot of time and money on treating a disease and thus improve their health.

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Preventive healthcare technologies, services, and appropriate medical devices provide better disease management, thus strengthening the demand for effective technologies and healthcare services among the global population.

Nutraceutical Products Playing a Major Role in Preventive Healthcare

Due to the increasing prevalence of chronic diseases such as cardiovascular disease and diabetes, consumers are taking a proactive approach towards their health by using nutraceutical products. Nutraceutical products are used to aid various health conditions. They are playing a key role in the wellness movement among the global population, empowering consumers to manage their health proactively.

Nowadays, nutraceutical products are often found in the form of focused products that help in addressing specific conditions. This way, customers select the right type of nutraceutical products based on their specific health benefits, purpose, and demographics. Many nutraceutical companies also try to understand the consumer trends across various regions before introducing a product on the market. Such activities are promoting consumer awareness in developing countries.

While Asia Pacific has consistently remained the largest market for nutraceuticals, Europe is the upcoming region, witnessing high demand for nutraceutical products due to the high number of health-conscious consumers. The healthcare infrastructure in regions such as Europe, Asia Pacific, and even North America is largely dependent on technological solutions and the presence of well-developed biotechnology research facilities.

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The rise in the technological upgradation in healthcare information technology, increasing public awareness initiatives regarding vaccination from governments and private bodies, as well as the emergence of new and improved health products are further fueling the preventive healthcare technologies and services market globally.