April 20, 2024
Medical Health Screening Services Market

The global Medical Health Screening Services Market Propelled by Rising Preventive Healthcare Measures

Medical health screening services play a crucial role in identifying health risks through tests like blood tests, X-rays, and other screening procedures. These screening services aid in early detection of illnesses like cancer, heart disease, and diabetes. They help monitor existing health conditions to enable timely clinical interventions. The global Medical Health Screening Services Market is estimated to be valued at US$ 26.56 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising focus on preventive healthcare measures across the globe is expected to boost the medical health screening services market over the forecast period. Preventive healthcare measures aim to promote health and detect illnesses at the earliest through regular health checkups, tests, and screenings. As people are increasingly realizing the advantages of early disease detection for better health outcomes, there is a surge in the adoption of preventive healthcare measures worldwide. For instance, screening programs for breast, cervical, colon, prostate, and lung cancers aim to detect these diseases early when treatment is most effective. As a result of increased awareness regarding early detection of diseases, preventive screenings and checkups are acquiring momentum globally, which augurs well for the growth of the medical health screening services market.

Given market name and other data: Given Market Name- Medical Health Screening Services Market; CAGR: 5.5%; Forecast period is: 2023 to 2030; Market Size for 2023 is US$ 26.56 Bn; Key players: Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp, Unilabs, Lifelabs, Healthscope, Clinical Reference Laboratory, ACM Medical Laboratory

SWOT Analysis

Strength: The medical health screening services market has high demand due to growing incidences of chronic and lifestyle diseases. Regular health checkups help in early disease detection.

Weakness: High cost of advanced medical screening tests limits the reach to only high-income groups in developing regions. Lack of health insurance further adds to the screening costs.

Opportunity: Rising health awareness and focus on preventive healthcare open growth prospects. Advances in personalized medicine and genomics could expand the market scope.

Threats: Stringent regulations surround data privacy and diagnostic techniques. Reimbursement policies influence the pricing and market dynamics.

Key Takeaways

The global Medical Health Screening Services Market Growth is expected to witness high growth over the forecast period of 2023-2030. North America currently dominates the market owing to advancements in diagnostic technologies and supportive insurance policies in the region. Europe retains second position in the medical health screening services market supported by rising geriatric population and government initiatives for disease prevention.

Key players operating in the medical health screening services market are Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp, Unilabs, Lifelabs, Healthscope, Clinical Reference Laboratory, ACM Medical Laboratory. Quest Diagnostics and LabCorp dominate North America while SYNLAB International has significant presence in European markets. The companies are investing in personalized screening programs and Artificial Intelligence enabled diagnostics.

The global medical health screening services market is anticipated to grow at a CAGR of 5.5% during 2023-2030. Increased risk of chronic diseases, growing medical tourism, and technical advancements in diagnostics are the key driving factors. Region-wise, Asia Pacific exhibits fastest growth led by China and India owing to expanding medical infrastructure and healthcare awareness.

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