According to FMI Analysts, the global Preventive Medicine Market is estimated to be valued US$ 372 billion in 2022 and to increase at a CAGR of 4.8% from 2022 to 2032. The global preventative medication industry is anticipated to be worth US$ 623.6 billion by 2032.
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.
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.
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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.
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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 numbers of private organizations managing public hospitals and health insurance will boost the market growth in China and India.
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.
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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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