Preventive Medicine Market High State Of Affairs, SWOT Analysis, Business Summary and Forecast 2032
According to FMI Analysts, the global Preventive Medicine Market is expected to be worth US$ 372 billion in 2022 and to grow at a CAGR of 4.8% from 2022 to 2032. By 2032, the global preventive medicine market is expected to be worth US$ 623.6 billion.
Preventive Medicine is a type of medical practice based on the principle
of prevention is better than treatment. It covers all the measures taken for
prevention of the disease and opposes treatment. Preventive medicine can reduce
the incidence of non-communicable diseases such as cancer, cardiovascular
diseases and diabetes.
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According to a published article, around 70% of deaths in the USA are due
to cancer, cardiovascular diseases and diabetes, which lead to 75% of health
disbursement of USA. The classical example of preventive medicine is
immunization of little ones through vaccination, which reduces the financial
burden over the economy of any country by saving a humungous number of
children, teenagers and adults from several life threatening diseases.
Other examples include cancer screenings for ovarian
cancer, testicular cancer and prostate cancer via PSA tests. Routine
use of Aspirin in cardiovascular patients, using seat belts and wearing helmets
while driving to protect oneself from traumatic injuries and using protective
sports accessories while playing are also examples of preventive medicine.
Biostatistics and epidemiology are important part of preventive medicine.
Osteopathy doctors and medical doctors are specialized preventive medicine
doctors.
Preventive Medicine Market: Drivers and Restraints
The key contributor to the growth of global Preventive Medicine market is
rising prices of medicines, medical devices, medical treatments and surgical
procedures. The pharmaceutical companies are taking more and more interest in
preventive medicine as they are facing issues with the conventional pharma
model, which is neither profitable nor fulfilling the demands.
Hence the pharma industry has identified a sustainable model in
preventive medicine. This has remarkably contributed towards the market growth.
Reforming awareness of people along with increasing reach of education has also
added value to the market growth.
However, the success of the preventive medicine requires a huge coalition
of pharma industry including big players and start-ups with corporate
organizations and universities/academic institutions, which is rare. This is
the major setback for preventive medicine market. Absence of stark evidences
citing preventive medicine is a significant methodology to protect one from
diseases may also limit the growth.
Another factor limiting growth is that prevention medicine’s potential to
limit the health care expenditure has not yet realized on a large scale because
the return on investment has never been communicated, keeping people’s interest
in this field at bay.
Preventive Medicine Market: Region-wise Outlook
Geographically, Preventive Medicine Market is segmented into
regions viz. North America, Latin America, Western Europe, Eastern Europe,
Asia-Pacific excluding Japan, Japan, Middle East and Africa. North America is
lagging behind other countries as far as preventive medicine market is
concerned because of lack of interest of people.
According to a journal, Health Affairs, USA will save only 0.2% of
healthcare disbursement even when 90% of the population use preventive
services. Few other studies have also indicated that preventive measures do not
lower the risk of serious illness or premature death.
European preventive market is growing well because of successes of the
risk factor epidemiology in the region, which has led to the enactment of a
wide-range of preventive measures, such as legislative policies to limit
tobacco advertising and smoking in public places, health education for obesity,
community promotional events for high blood pressure monitoring etc.
Some European countries have been conducting campaigns to reduce
cardiovascular diseases burden and their dreadful outcomes. Asia may register a
rapid growth in the market based on a huge population that have keen faith in
preventive medicine, but lack of awareness may equally impact the market. Rise
in number of private organizations managing public hospitals and health
insurance will boost the market growth in China and India.
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Preventive Medicine Market: Key Players
- Novo Nordisk
- Eli Lilly
- Quanterix
- Aetna Inc.
- Preventive
Medical Health Care Co.
- LTD.
- Cancer
Prevention Pharmaceuticals, Inc.
- Phoenix
Medicine
- American
College of Preventive Medicine
- U.S. Preventive
Medicine.
Key Segments Profiled in the Preventive Medicine Market
By Specialty Areas:
- Aerospace
Medicine
- Occupational
Medicine
- Public Health
and General Preventive Medicine
By Distribution Channels:
- Hospitals
- Diagnostic
Centers
- Employers
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