Select Page

Jun 2020| Report Format: Electronic (PDF)

• Preventive healthcare, also known as prophylaxis, comprises of the various measures taken to prevent diseases through the provision of medical services like doctor visits (annual physical, dental cleaning and others. The use of technologies and services in this space has witnessed continued growth over the years, as a huge proportion of the global population suffers from one or the other disease or disorder at any given time, which necessitates preventive measures to control or completely eliminate the disease. The market for preventive healthcare technologies and services can thus be expected to show good growth in the coming years.

• The growth in chronic and lifestyle-related diseases has led to an upsurge in the preventive healthcare technologies and services market, and more so in recent years, on account of deteriorating environment conditions, as well as a sedentary and unhealthy lifestyle, which are breeding grounds for a number of diseases. According to an article in ‘The Telegraph’ in 2018, diseases such as CVDs, cancer and diabetes are responsible for 9 out of 10 deaths in the UK. Moreover, WHO data has revealed that deaths due to chronic diseases are on the rise in low-income countries, on account of rapid urbanization and nutrition transition.

• The continued rise in geriatric population, and simultaneously a fall in the birth rates globally, also has led to an increasing number of hospital admissions in the past few years, which necessitates the presence of preventive healthcare services. Data from World Population Prospects states that 1 in 11 people of the world was over 65 years of age in 2019, which is expected to become 1 in 6 by 2050. In this same period, the number of people above 80 years of age are expected to triple, reaching 426 million by 2050. This demographic usually suffers from multiple illnesses or disorders, thus requiring proper medication and diagnosis.

A sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/medical-electronics-market
——————————————————————————————————————————

• Government initiatives as well as a number of awareness programs have immensely helped in the positive development of the preventive healthcare technologies and services market. The Patient Protection and Affordable Care Act, popularly known as ‘Obamacare’ in the US, mandates inclusion of preventive healthcare by the insurance providers at no additional cost, with private insurance companies also becoming enticed by the market. In fact, a recent study by the American Society of Clinical Oncology (ASCO) has linked the Medicaid expansion under Obamacare to a drop in cancer deaths in the country. Economies across the globe are striving to improve their Human Development Index (HDI) ratings, which is expected to drive the market, especially in emerging and underdeveloped economies.

• Based on type, the preventive healthcare technologies and services market has been segmented into early detection and screening technologies, chronic disease management technologies, vaccines and advanced error reduction technologies. The early detection and screening segment, which includes personalized medicine and automated screening, among other technologies, contributes to a substantial portion of the market share. The segment is also expected to show fastest growth of all the segments by 2024.

• The vaccines segment is also expected to show significant growth in the preventive healthcare technologies and services market in the near future. The presence of vaccines for widespread and deadly diseases such as measles, polio, bacterial meningitis, and typhoid, coupled with ongoing research for other diseases, and most notable, the ongoing coronavirus pandemic, is expected to propel the segment growth.

• North America, led by the US, accounts for a significant share in the preventive healthcare technologies and services market, owing to presence of a well-established healthcare infrastructure, presence of major pharma companies, high awareness among people regarding preventive healthcare, and the encouraging policies and initiatives by the governments in the region. Asia Pacific is anticipated to witness spectacular growth in the coming years, with the rapid development of healthcare infrastructure in economies such as India and China.

Recent Trends and Developments
• The current COVID-19 pandemic has led to sustained efforts from governments around the globe to develop a vaccine for the effective treatment of the disease. The global number of confirmed cases are inching closer to 5 million, and various preventive measures have been implemented in almost every affected nation in order to stem the tide of coronavirus. This includes the accurate screening of the disease, which has immensely helped in isolating the affected patients. As a result, the preventive healthcare sector is expected to grow immensely during this situation.

• With the aim to combat coronavirus, pharma giant Pfizer recently stated that it plans to expand human clinical trials for a coronavirus vaccine and include thousands of people by September. On the condition that everything goes smoothly, the company hopes to deliver millions of doses by October. Pfizer is currently testing four different variations of the vaccine, known as BNT162, to know which is the most safe and effective for the next trial phase.

• GSK announced in April 2020 that it was collaborating with Sanofi to develop an effective vaccine for COVID-19. The companies are expected to develop an adjuvanted COVID-19 vaccine, which is expected to enter clinical trials in the second half of 2020 and, if successful and subject to regulatory considerations, would be ready for availability by the second half of 2021. GSK is also additionally collaborating with the University of Queensland, Clover Biopharmaceuticals and Xiamen Innovax Biotech Co., Ltd.

• Medtronic announced in March 2020 the launch of two new solutions designed to help assess, monitor, and triage support for patients who may be concerned about COVID-19 and their respiratory symptoms, through its Medtronic Care Management Services (MCMS) business unit. This came on the back of the launch of the company’s Respiratory Infectious Disease Health Check to existing MCMS customers, which helps patients with chronic, co-morbid health conditions who are at the highest risk for mortality or complications due to COVID-19 track their respiratory infectious disease symptoms and body temperature through daily health checks.