Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others.
Friday, 16 June 2017
Preventive Healthcare Technologies and Services Market will expand at a 9.70% CAGR from 2020
The competitive landscape of the global preventive healthcare technologies and services market includes players such as Dilon Technologies Inc., Alere Inc., Medtronic Inc., Healthways Inc., Omron Healthcare Inc., Merck & Co. Inc., and ScriptPro LLC. The key players are investing heavily in proteomics and genomics with the increased demand for personalized medicines. Furthermore, the market players are focusing on emerging economies where the market has a significant potential to grow in the near future.
The global preventive healthcare technologies and services market is anticipated to expand at a CAGR of 9.7% during the period from 2014 to 2020. The overall market was worth US$72.8 bn in 2013 and is projected to reach a valuation of US$144.8 bn by 2020.
High Cost of Installation to Restrain Growth of Global Preventive Healthcare Technologies and Services Market
Increasing public awareness about prophylaxis and constructive government policies have played a pivotal role in the growth of the global preventive healthcare technologies and services market. The introduction of advanced technologies has significantly reduced the cost of healthcare. However, high costs of installation and maintenance of healthcare IT solutions have dampened the adoption of preventive healthcare technologies and services. “Deficient patient engagement activities have hampered the motivation of physicians and pharmacists to adopt preventive healthcare technologies,” a TMR analyst notes.
Favorable Regulatory Environment Augments Demand for Preventive Healthcare Technologies and Services across North America
North America remains the largest market for preventive healthcare technologies and services and is anticipated to retain its position during the forecast horizon. A conductive regulatory environment and a comprehensive healthcare reimbursement scenario have helped the growth of the market across this region. In 2003, the United States Medicare Prescription Drug Improvement and Modernization Act made provisions for physicians to avail grants worth US$50 mn to cover the costs of acquisition, installation, and upgrade of preventive healthcare software solutions and technologies. The act also made provisions for availing funds for training staffs. This significantly encouraged the regional healthcare facilities to adopt IT services, thereby aiding the growth of the global healthcare technologies and services market.
Lack of Robust Healthcare Structure Hampers Growth of Global Preventive Healthcare Technologies and Services Market across Asia Pacific
Europe is the second largest market for preventive healthcare technologies and services. Though the market has ample opportunities to grow across Asia Pacific and Rest of the World, the rate of adoption of preventive healthcare services in these regions is expected to be slow. “The sluggishness in the growth of these regional markets can be attributed to the lack of a robust healthcare infrastructure,” TMR report states.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.