Preventive Healthcare Technology: A $432 Billion Market by 2024

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Sep 26, 2016, 07:53 ET

NEW YORK, Sept. 26, 2016 /PRNewswire/ -- Reportlinker Review is a series of posts featuring Innovations, Social and Economic Megatrends to understand the World of Tomorrow. Each post is illustrated with statistics for one industry.

Reportlinker Review in a nutshell

North America holds nearly half of the market
Royal Phillips and Qualcomm partner to increase connected healthcare
Patients will have access to better healthcare at home

By 2024, the preventive healthcare technologies and services market will be valued at $432.4 billion globally, Grand View Research forecasts.

This growth is driven by the development of smart devices that minimize medical errors, the development of more screening devices and an increase in vaccination use. A reduction in the birth rate combined with an increase in the geriatric population also will play a role.

The largest segment of the market in 2015 was early detection and screening technologies.

North America has the largest market share, 48%, and is expected to continue to dominate the landscape. Asia-Pacific is forecasted to grow at a compound annual growth rate (CAGR) of 15% as economies in the region grow.

Royal Phillips and Qualcomm Life are partnering to increase connected healthcare. The partnership will allow the companies to combine their products and services to create a system will provide more services and tools.

The partnership combines Phillips' HealthSuite, which offers four tools to allow patients to monitor their vitals, with Qualcomm's 2net Ecosystem. This gives patients access to more healthcare products and apps.

Patients also will be able to access digital records and analytics as well as third-party apps.

The partnership allows the companies to be in the forefront of the medical Internet of Things, according to Qualcomm.

At Home

The partnership also establishes a care network that allows patients, as well as their healthcare providers, to better manage chronic diseases, Phillips said.

"As the home is fast becoming a viable care setting, care providers, home health agencies, and other institutions are increasingly using connected care to reduce emergency care, readmissions of patients with chronic diseases," said Jeroen Tas, CEO, Connected Care and Health Informatics at Philips, said in a statement. "By collaborating with Qualcomm Life and leveraging its connectivity and wireless expertise, we aim to help care providers to engage better with their patients and contribute to the goal of improving outcomes. Patient self-management combined with 24/7 connectivity to a care network is an emerging model that enables scalable chronic disease management for patients and providers."

It is unknown when the system will be available to patients.

HealthSuite has been in development since 2014.

Reportlinker Review – Global Patient Monitoring Device Market (source: BCC Research)

In 2014 the patient monitoring device market reached $15.9 billion globally. In 2015, it reached $16.9 billion.
In 2020, the market is forecasted to be valued at $23.8 billion. From 2015 to 2020, this represents a CAGR of 7.1%.
In 2015, the patient monitoring device market in North America reached $7.4 billion. In 2020, the market is forecasted to be valued at $10.3 billion, growing at a CAGR of 6.7%.
In 2015, the patient monitoring device market in Asia reached $3.1 billion. In 2020, the market is forecasted to reach $4.8 billion, growing at a CAGR of 9.1%.