July 13, 2024
Medical Health Screening Services Market

The Rising Awareness For Preventive Healthcare Is Anticipated To Open Up The New Avenue For Medical Health Screening Services Market

Market Overview:

Medical health screening services involve various medical tests performed to detect hidden diseases in asymptomatic individuals. These screening tests aid in early detection of diseases which helps in timely treatment and management. Common screening tests include blood tests, imaging tests, pathology tests, audiometry tests etc. Screening tests plays a vital role in prevention and early detection of chronic and lifestyle diseases like cancer, diabetes, cardiovascular diseases and others. Rising awareness about benefits of preventive healthcare and early disease detection is driving the growth of medical health screening services market.

Market Dynamics:

Growing geriatric population susceptible to various chronic diseases is a major driver propelling the medical health screening services market growth. According to the UN report, number of people aged 60 years and above is expected to reach 2 billion by 2050 from 1 billion in 2019. This rising geriatric demographic is more prone to chronic illnesses which necessitates regular health checkups driving the market’s growth. Furthermore, increasing healthcare expenditure on preventive healthcare and wellness programs by both public and private players is also contributing to the market expansion. For instance, in 2021 Medicare spent around US$ 421.2 billion on preventive care services in U.S. However, high cost of advanced screening diagnostics and tests may hinder the market growth over the forecast period.

The global Medical Health Screening Services Market Demand 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.

Segment Analysis

The medical health screening services market can be segmented based on type as laboratory tests, genetic tests, diagnostic imaging, and biopsies. The laboratory tests segment is currently dominating the market due to the high prevalence of chronic and infectious diseases. Laboratory tests provide quick and accurate results for various medical conditions and help in early disease diagnosis.

PEST Analysis

Political: Governments across countries are increasing healthcare budgets to offer better medical health screening services and focused on preventive healthcare. This will drive the market growth.
Economic: Rising per capita health expenditure and increasing disposable income are positively impacting the market. Higher spending on preventive healthcare services has accelerated the demand.
Social: Growing health awareness among people, favorable government initiatives to promote preventive healthcare, and increasing lifestyle diseases have boosted the market.
Technological: Adoption of advanced technologies like digital pathology, web-based screening tools and AI has improved efficiency. Growing penetration of telehealth and home healthcare will support market growth.

Key Takeaways

The global medical health screening services market size was valued at US$ 26.56 Bn in 2023 and is expected to reach over US$ 44 Bn by 2030, expanding at a CAGR of 5.5% during the forecast period. Rapid digitization in healthcare, rising geriatric population suffering from chronic diseases, and growing focus on preventive healthcare are the key factors expected to drive the market.

Regional analysis: North America dominated the market due to high awareness levels and advanced healthcare infrastructure. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to rising medical tourism, rapidly improving healthcare facilities and growing health expenditure in countries like India and China.

Key players: Key players operating in the medical health screening services market are Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp. Quest Diagnostics is the market leader with strong brand presence across key regions. Eurofins Scientific offers a wide range of testing services and is expanding geographically.

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