by Medical health screenings help detect health issues in asymptomatic individuals by conducting various tests such as blood tests, imaging scans, and physical examinations. They allow early detection of diseases like cancer, heart conditions, and diabetes among others. With rising lifestyle diseases and increasing health consciousness, regular medical checkups are becoming important for overall wellbeing. Medical health screening services offer a variety of preventive screening packages tailored to different age groups and risk factors. This helps identify potential problems in early stages when treatment and cure rates are high.
The global Medical Health Screening Services Market is estimated to be valued at US$ 26.56 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Wellness and preventive health screening is one of the major trends in the medical health screening services market. With rising chronic diseases, focus on proactive healthcare management and wellness is increasing. Medical health screening service providers offer customized wellness packages to attract more consumer base. Advancements in screening technologies is another key trend. Introduction of innovative diagnostic techniques like liquid biopsy, blood-based screening tests, AI-powered diagnostics enables accurate, non-invasive and early-stage disease screening. Growing popularity of direct-to-consumer laboratory testing is also a notable trend, allowing customers to order lab tests online and get results privately without consulting doctors. This empowers people to proactively manage their health.
The key players in this market are focusing on strategic collaborations and expanding service portfolios to leverage new opportunities. For instance, in January 2022, Eurofins Scientific acquired a clinical laboratory services provider GenOptix to expand its oncology and genetic testing business in the US.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high costs associated with building medical infrastructure and certification requirements. However, advancements in telemedicine can reduce entry barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of large healthcare providers that can negotiate lower prices. Buyers can also choose from multiple providers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for medical equipment and technologies. However, suppliers of advanced technologies may wield more power.
Threat of new substitutes: The threat of new substitutes is low as medical screening cannot be easily replicated. However, certain basic tests may be substituted by home-based kits.
Competitive rivalry: The competitive rivalry is high among major providers to gain market share through service quality, pricing and partnerships.
Key Takeaways
The global Medical Health Screening Services Market Growth is expected to witness high growth. The market size for 2023 is projected to be US$ 26.56 Bn with a CAGR of 5.5% during the forecast period.
Regional analysis: North America dominates the market currently due to presence of major industry players and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by increasing healthcare spending and demand in China and India.
Key players: Key players operating in the Medical Health Screening Services Market are Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp, Unilabs, Lifelabs, Healthscope, Clinical Reference Laboratory, ACM Medical Laboratory. Quest Diagnostics and Sonic Healthcare are the leading providers with strong global presence. Eurofins Scientific is expanding organically and through acquisitions to increase its testing portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
