by Medical health screening services aid in the early detection of various illnesses and health conditions through physical examinations and diagnostic tests. They involve carrying out routine tests such as blood tests, X-rays, EKGs, cancer screening etc. to assess an individual’s current health status. These services play a pivotal role in promoting preventive healthcare through customized screening programs tailored to age, gender, lifestyle habits and family history of clients.
The global medical health screening services market offers a wide range of screening options including general wellness screening, cancer screening, cardiovascular screening, diabetes screening and osteoporosis screening among others. Advancements in diagnostics technologies have enabled service providers to conduct high-tech screening tests with greater accuracy and precision. As per recent estimates, the US accounts for over 35% of the global medical health screening services market primarily driven by the growing elderly population susceptible to chronic diseases. However, increasing health awareness and disposable incomes in emerging nations of Asia and Latin America are expected to drive faster market growth from these regions going forward.
The global medical health screening services market is estimated to be valued at US$ 30.6 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increased prevalence of chronic lifestyle diseases and growing geriatric population: According to the Centers for Disease Control and Prevention, around 6 in 10 Americans suffer from at least one chronic disease leading to 7 out of 10 deaths each year. Further, the proportion of global population aged over 60 years is projected to double from 12% to 22% between 2015 and 2050. This rising disease burden coupled with an aging demographic is a key driver of demand for preventive health screening services.
Customized screening programs focused on early disease detection: Medical health screening service providers offer highly customized screening plans focused on early identification of health issues according to an individual’s risk profile. This enables early clinical interventions and management of conditions, improving health outcomes. Rapid diagnostic tests further aid in detecting diseases at preliminary stages. Such disease monitoring and preventive approach is stimulating market expansion.
Segment Analysis
The medical health screening services market is dominated by the preventive health screening segment which accounts for over 40% of revenue. People are increasingly focusing on preventive healthcare and getting regular medical checkups done even if they don’t have any noticeable health issues. This helps detect problems at an early stage when treatment and cure is much easier. The preventive health screening segment is growing the fastest due to rising health awareness and focus on wellness.
PEST Analysis
Political: Governments in many countries are promoting preventive healthcare through public campaigns. Some even provide subsidies for health checkups. This is boosting market growth.
Economic: Rising income levels are allowing more people to spend on their health and wellness. This is driving demand for advanced medical screening services.
Social: There is higher health consciousness now. People want to catch issues early and lead active lifestyles. This is increasing the social acceptance of regular health checkups.
Technological: New technologies like AI, big data and telehealth are enabling remote, affordable screening. Wearables can monitor health continuously. This is enhancing screening accessibility and accuracy.
Key Takeaways
The global Medical Health Screening Services Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by rising health awareness, lifestyle diseases and preventive healthcare focus.
Regional analysis: North America dominates the market currently due to advanced healthcare systems and high spending on wellness. However, Asia Pacific is emerging as the fastest growing market led by countries like China and India. Rising incomes are boosting preventive healthcare spending in the region.
Key players: Key players operating in the medical health screening services 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. They are focusing on technologies to enhance service quality, access and pricing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
