Press release
Preventive Healthcare Technologies and Services Market : Precise Analysis on Business Overview, Product Scope And Ongoing Market Development 2020
High Cost of Installation to Restrain Growth of Global Preventive Healthcare Technologies and Services Market
Increasing public awareness about prophylaxis and constructive government policies have played a pivotal role in the growth of the global preventive healthcare technologies and services market. The introduction of advanced technologies has significantly reduced the cost of healthcare. However, high costs of installation and maintenance of healthcare IT solutions have dampened the adoption of preventive healthcare technologies and services. “Deficient patient engagement activities have hampered the motivation of physicians and pharmacists to adopt preventive healthcare technologies,” a TMR analyst notes.
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Favorable Regulatory Environment Augments Demand for Preventive Healthcare Technologies and Services across North America
North America remains the largest market for preventive healthcare technologies and services and is anticipated to retain its position during the forecast horizon. A conductive regulatory environment and a comprehensive healthcare reimbursement scenario have helped the growth of the market across this region. In 2003, the United States Medicare Prescription Drug Improvement and Modernization Act made provisions for physicians to avail grants worth US$50 mn to cover the costs of acquisition, installation, and upgrade of preventive healthcare software solutions and technologies. The act also made provisions for availing funds for training staffs. This significantly encouraged the regional healthcare facilities to adopt IT services, thereby aiding the growth of the global healthcare technologies and services market.
Lack of Robust Healthcare Structure Hampers Growth of Global Preventive Healthcare Technologies and Services Market across Asia Pacific
Europe is the second largest market for preventive healthcare technologies and services. Though the market has ample opportunities to grow across Asia Pacific and Rest of the World, the rate of adoption of preventive healthcare services in these regions is expected to be slow. “The sluggishness in the growth of these regional markets can be attributed to the lack of a robust healthcare infrastructure,” TMR report states.
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The global preventive healthcare technologies and services market is anticipated to expand at a CAGR of 9.7% during the period from 2014 to 2020. The overall market was worth US$72.8 bn in 2013 and is projected to reach a valuation of US$144.8 bn by 2020.
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