by The medical health screening services market involves detection, diagnosis, and prevention of diseases and health abnormalities through various screening tests and diagnostics procedures. Screening services help identify potential health risks and diagnose conditions in early stages, improving chances of treatment and reducing healthcare costs. Common types of screenings include cancer, cardiovascular, metabolic, and other illness screenings providing patients with vital health information through simple blood, imaging, and other tests.
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 players operating in the medical health screening market are Oracle Corporation, Veeva Systems, Axion Real-Time Metrics, IBM Watson Health, CIMS Global, eClinical Solutions LLC, MMS Holdings, Calyx, Fortress Medical and Ennov. Regular health screenings can detect asymptomatic conditions and reduce the incidence of advanced diseases. This is expected to drive increasing demand for screening services especially among aging populations. The market is also witnessing a shift towards digitalization with key players focusing on telehealth and home healthcare to optimize resources and provide convenient options to customers.
Key Takeaways
Key players: Key players operating in the medical health screening market include Oracle Corporation, Veeva Systems, Axion Real-Time Metrics, IBM Watson Health, CIMS Global, eClinical Solutions LLC, MMS Holdings, Calyx, Fortress Medical and Ennov. They are focusing on personalized screening packages and digital innovations.
Growing demand: Rising lifestyle diseases, growing geriatric population, increasing health awareness and predictive analytics are fueling demand for medical screening services globally. Regular screenings can reduce morbidity and healthcare expenditure.
Global expansion: Players are expanding globally through partnerships and mergers to tap opportunities in emerging markets. Digital technologies allow international expansion and remote delivery of screening services. Telehealth is revolutionizing the market.
Market key trends
Artificial intelligence is gaining traction in the medical screening market. Applications include automated report generation and analysis, predictive analytics, and intelligent diagnostics using imaging and other data. AI assists in remote monitoring, improves efficiencies, and allows screening of more people. This is a major trend that is expected to accelerate over the coming years.
Porter’s Analysis
Threat of new entrants: strict compliance regulations in the medical healthcare screening industry makes entry difficult for new players.
Bargaining power of buyers: buyers have moderate bargaining power due to rising healthcare costs and availability of alternative products and services.
Bargaining power of suppliers: suppliers have moderate bargaining power due to availability of substitutes and compliance requirements.
Threat of new substitutes: threat is moderate as new substitutes can disrupt existing offerings with advanced technologies.
Competitive rivalry: the industry players intensely compete on service quality, innovation, and pricing.
Medical Health Screening Services Market Regional Analysis as Geographical Regions North America accounts for the largest share in the medical health screening services market in terms of value owing to rising healthcare costs, access to advanced screening technologies, awareness levels and favorable reimbursement scenario.
Asia Pacific is poised to grow at the fastest pace during the forecast period driven by increasing healthcare expenditure, rapid aging population, prevalence of chronic diseases and growing medical tourism in countries such as India, China and Malaysia. Rapid urbanization and economic development in Asia Pacific countries will further aid the market growth through 2031.
*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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
