Market Overview:
Medical health screening services involve various kinds of medical tests performed on individuals to detect hidden diseases or risks of developing diseases. These services help in early diagnosis and treatment of diseases, thereby helping to prevent severe health issues. Some common screening tests include blood tests, body mass index (BMI) measurement, mammography, Pap test, colonoscopy, cholesterol tests, etc. Regular health screenings are important for improving health outcomes and longevity.
Market key trends:
One of the major trends in the medical health screening services market is rising preference for wellness programs. Many employers are offering wellness programs that include periodic health screenings to evaluate risks for chronic diseases like diabetes or cardiovascular conditions. This helps employees stay healthy and productive while reducing employer healthcare costs in the long run. Other key trends include growing demand for cancer screening, expanding network of labs and screening centers, and increasing adoption of direct-to-consumer screening services.
The global Medical Health Screening Services Market Demand 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.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in medical health screening services market is low. The market requires high initial investments and regulatory compliance which makes market barriers high for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. The buyers have several options to choose from however medical health screening tests are an essential service with limited substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. The suppliers depend on buyers for their business however suppliers have low switching costs.
Threat of new substitutes: The threat of new substitutes is low. There are limited alternatives available for medical health screening services.
Competitive rivalry: The competitive rivalry in the market is high as the key players compete on service quality, price and innovation.
Key Takeaways
The global Medical Health Screening Services market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of chronic diseases.
The market size for Medical Health Screening Services was valued at US$ 26.56 Bn in 2023. North America dominated the market owing to increased awareness about preventive healthcare and availability of advanced healthcare facilities in the region.
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 Sonic Healthcare captured significant market share in their respective regions due to wide service portfolio and geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
