Preventive Healthcare Technologies and Services Market Set to Expand by 2020
Preventive healthcare comprises measures taken for prevention of disease by predetermination of the disease or immunization. The diseases that are monitored or immunized vastly are cardiovascular disease, chronic respiratory disease, accidental complications, diabetes and certain infectious diseases. In the modern era, preventive healthcare is attributed with technology that aids significant growth in its application range and efficiency. A decade old revolution of information technology has also influenced the healthcare market and primarily contributed in the market growth of preventive healthcare technology and services market globally.
The preventive healthcare technologies and services market is segmented as early detection and screening technologies, prophylaxis technologies, advanced technologies to reduce errors and chronic disease management technologies. In 2013, early detection and screening technologies accounted for the highest market share, while the market for advanced technologies to reduce errors is expected to be the fastest growing market segment during the forecast period. Early detection and screening technologies market is further sub-segmented into personalized medicine, automated screening techniques and other automated screening techniques. Personalized medicine was observed to be the largest sub-segment in this category, with the increasing research on proteomics and genomics, being the vital reason for its growth in the coming years.
Constructive government policies that are providing favorable environment for healthcare information technology and increasing awareness and initiatives for prophylaxis are major reasons that are driving the growth of this market. Similarly, reduced healthcare cost burden due to penetration of healthcare information technology and increasing demand for self-monitoring devices are other key factors anticipated to propel the market growth. However, high installation and maintenance costs have hindered the penetration of preventive technologies in the emerging markets of the world. Deficient patient engagement activities have demotivated the physicians and pharmacists to adopt the technology.
Geographical scenario of preventive healthcare technologies and services market depicts the market revenue, size and forecast for North America, Europe, Asia-Pacific and Rest of the World. In year 2013, North America was observed to be the largest and fastest growing market during the forecast period of 2014 to 2020 for preventive healthcare technologies and services. The supportive reimbursement policies, international hub of information technology, high awareness about preventive healthcare technologies and presence of major players in this market are some of the major factors supporting the growth of this market in North America. Some of the technologies such as electronic prescribing, clinical decision support system and automated prescription, formulation and dispensing are at nascent stage and expected to affect the market significantly after the entry, hence the other geographies especially Asia-Pacific and Rest of the World are anticipated to be potential markets in the future, with the current market penetration estimated to be low.
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The preventive healthcare technologies and services market is very dynamic and the key players of this market can be differentiated on the basis of segments. In early detection and screening market major players includes Dilon Technologies, Inc., Myriad Genetics, Inc., Novx Systems, Inc., U-Systems, inc. and Viatronix, Inc. Sanofi Pasteur MSD, Merck & Co. and GlaxoSmithKline plc are the key players operating in Prophylaxis segment, whereas advanced technologies to reduce errors segment includes players such as Lifecom, Inc., ScriptPro LLC and Omnicell, Inc. Chronic disease management technologies segment include Alere, Healthways, Inc., Omron Healthcare, Inc. and Medtronic, Inc, as the key players in this segment of the market.
Mr. Sudip S
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