April 17, 2024
Medical Health Screening Services

Medical Health Screening Services Market Is Set For Rapid Growth Driven By Increased Focus On Preventive Healthcare

The medical health screening services market provides a variety of examinations aimed at early disease detection and risk assessment of health conditions. Services offered include comprehensive metabolic panel tests, complete blood count, coronary artery calcium scoring, and colonoscopy screening among others. Regular health screening helps monitor health parameters, catch problems in early stages, and enable timely clinical interventions. This is becoming increasingly important as populations around the world grapple with growing numbers of lifestyle conditions like diabetes and cardiovascular diseases.

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 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.

The growing awareness about benefits of preventive healthcare and rising emphasis on early disease diagnosis is fueling demand for medical health screening services globally. Various governments and employer-sponsored insurance schemes covering periodic health checkups is further boosting market growth.

Several Medical Health Screening Services Market providers are also focusing on global expansion through strategic partnerships and acquisitions to tap opportunities in emerging markets and strengthen their geographic footprint. This is allowing them to cater to a wider population and drive further revenue growth.

Market key trends

One of the key trends gaining traction in the medical health screening services market is increased adoption of direct-to-consumer screening models. Various players are offering direct access to screening packages without requiring a doctor referral to make it more convenient and remove barriers for customers. This allows screening from the comfort of one’s home and on one’s schedule. It is expected to positively impact the market outlook over the forecast period

Porter’s Analysis

Threat of new entrants: New companies need substantial capital investments and resources to enter due to regulatory requirements. Bargaining power of buyers: Individual consumers don’t have strong bargaining power but larger organizations can negotiate on price and services. Bargaining power of suppliers: Suppliers of medical equipment and technologies have some bargaining power given proprietary nature of their products and services. Threat of new substitutes: Limited threat as medical screening services are more comprehensive compared to individual health checkups. Competitive rivalry: Intense competition exists among existing players to gain market share and expand service offerings.

Geographical regions where market in terms of value is concentrated: North America region currently holds the highest value share in the global medical health screening services market owing to presence of major players and higher spending on preventive health measures.

The Asia Pacific region excluding Japan is expected to be the fastest growing market during the forecast period. This can be attributed to growing healthcare expenditure, rising incidence of chronic diseases, increasing aging population, improving reimbursement landscape and expanding network of healthcare providers in countries such as China and India.

There exists significant opportunities for market players in the Asia Pacific region given lower penetration levels currently compared to developed markets and rapid economic development of countries. Widespread health awareness campaigns by governments and NGOs are also boosting uptake of screening services in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.