Medical health screening services provide preventive health check-ups and medical tests to assess the risk of diseases. These services help detect diseases at an early stage and enable timely treatment. They help identify risk factors for chronic diseases like cancer, diabetes, and cardiovascular diseases. Medical screening involves evaluating medical history, conducting physical examinations, and ordering medical tests. It ensures overall well-being and fitness levels of individuals. The global medical health screening services market is estimated to be valued at US$ 26.56 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of preventive health management is estimated to drive the growth of the medical health screening services market. Regular health screenings help identify potential health issues at an early stage when treatment and management can be more effective. This prevents the development of serious illnesses and reduces healthcare costs in the long run. As chronic diseases pose a major health burden, preventive screening assumes greater importance. It helps manage risks, monitor the progression of diseases, and improve health outcomes. With growing health awareness, people are realizing the benefits of medical check-ups. This is increasing the demand for varied screening services and tests. As preventive health management gains prominence, the medical health screening services market is expected to witness lucrative growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The medical health screening services market has moderate threat from new entrants due to the high innovation cost and capital requirement and established brand image of existing players.
Bargaining power of buyers: The bargaining power of buyers is high as customers can easily switch between service providers based on service quality and cost.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for key raw materials and services.
Threat of new substitutes: There is low threat from substitutes as medical health screening services have limited substitutes.
Competitive rivalry: The competitive rivalry is high among existing players.
SWOT Analysis
Strength: Established distribution network, brand reputation, advanced technology and equipment.
Weakness: High operational cost, lack of skilled professionals, data security issues.
Opportunity: Growth in aging population, rise in lifestyle diseases, increase in healthcare expenditure.
Threats: Stringent regulatory policies, reimbursement issues.
Key Takeaways
The global Medical Health Screening Services Market Growth is expected to witness high growth. The market in North America is the largest region due to factors such as increasing healthcare expenditure, presence of major players and rising prevalence of chronic diseases. The Asia Pacific region is expected to grow at the fastest rate over the forecast period owing to growing medical tourism, rising healthcare expenditure and increasing focus of key players in emerging countries.
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 is the global leader in medical testing, information and services. Eurofins Scientific offers analytical testing for food, environmental, pharmaceutical and clinical purposes.
The North America region is dominating the global medical health screening services market. The factors driving the growth of the region include increasing healthcare expenditure, presence of major players and rising prevalence of chronic diseases. The United States represents the largest market in the region owing to factors such as rising consumer awareness about preventive healthcare and availability of advanced healthcare infrastructure. Asia Pacific is expected to witness the fastest CAGR over the forecast period owing to rising medical tourism, growing healthcare expenditure and increasing focus of global players in emerging countries of the region.
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Magnetic resonance imaging (MRI) is a scanning technique that uses strong magnetic field and radio waves to produce detailed images of internal structure of body.
These images are displayed on a computer screen using various software.
To obtain better images, contrast agent (Gadolinium) is given intravenously to obtain better resolution image after scanning in some cases.
MRI has application in diagnosis and monitoring treatment for variety of chronic conditions within brain, chest, abdomen and pelvis.Constant introduction of advanced disease diagnostic technologies is primarily boosting the growth.
Rapid growth of MRI sector is attributed to the rising prevalence of chronic diseases which require early diagnosis and timely treatment to prevent late stage complications.
Also, rising number of road accidents leading to injuries and complications are augmenting the demand for this modality.
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