As per FMI Analysts, the global preventive medicine market is estimated to be valued at USD 396.63 billion in the current year 2023. According to the analysis report by FMI, the overall market is projected to expand at a CAGR of 8.4% during the forecast period from 2023 to 2033.
By following this robust growth rate, the global market share value is expected to reach nearly USD 886.59 billion by 2033.
Pharmacies have identified a sustainable model for sales of preventive medicine, by improving awareness of people along with expanding availability. Access to education has contributed to the growth in demand for preventive medicine as well.
The journal Health Affairs reports that the United States of America is going to save only 0.2% of its healthcare expenditures even when 90% of the population demands preventive medicines. Further, reforming attitudes of individuals along with increasing the supply across local stores has also contributed to this growth in sales of preventive medicine in the last couple of years.
Europe’s preventive market share is growing well with a market share of 36% as a result of the success of risk factor epidemiology in the region. It led to the enactment of a wide range of preventive measures, such as legislation to limit tobacco advertising and smoking in public places, and community-based health education programs, propelling the demand for preventive medicine indirectly
Asia may record significant growth in sales of preventive medicine due to its huge population that still believes in preventive measures, but lack of awareness may also negatively affect the market. China and India might also benefit from the rise in private organizations managing public hospitals and health insurance companies for sustaining the market share in the region.
| Report Attributes or Data Points | Details |
|---|---|
| Global Preventive Medicine Market Valuation in 2022 | USD 371.88 billion |
| Estimated Global Market Share in 2023 | USD 396.63 billion |
| Forecasted Global Market Size by 2033 | USD 886.59 billion |
| Projected Global Market Growth Rate from 2023 to 2033 | 8.4% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 5.5% CAGR |
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The worldwide sales and consumption of preventive medicines, in terms of value, was mere USD 284.6 billion in the year 2018. The global market expanded at an average of 5.5% over the years between 2018 and 2022 because of rising prices for medicines, medical devices, medical treatments, and surgical procedures.
Pharmaceutical companies are generating huge demand for preventive medicine as they struggle with their current model, which is neither profitable nor fulfilling. Furthermore, other studies have similarly demonstrated that preventive measures do not increase life expectancy which has posed a negative impact on the demand for preventive medicines.
The preventative medicine market has also not yet fully realized its potential to limit healthcare expenditures because the return on investment has never been explained. It has also kept people from becoming involved in this field, affecting the demand for preventive medicine to certain degrees.
| Category | By Specialty Area |
|---|---|
| Top Segment | Public Health and General Preventive Medicine |
| Market Share in Percentage | 43.2% |
| Category | By Distribution Channel |
|---|---|
| Top Segment | Hospitals |
| Market Share in Percentage | 37.8% |
There are several factors contributing to the rise in demand for preventive medicine in the global market, including the rising prices of medicines, medical devices, treatments, and surgical procedures.
Also, it seems that pharmaceutical companies are taking an interest in sales of preventive medicine as they are facing problems with their traditional pharmaceutical business model, which is neither profitable nor sufficiently fulfilling the market needs, affecting the business worldwide.
The demand for preventive medicine has received a lot of traction in the healthcare sector recently. Therefore, the pharmaceutical industry has identified and promoted a sustainable model of collaborating with regional players, which has contributed greatly to the growth of the overall market share.
This has also posed a setback for the sales of preventive medicine in the market, mainly because a broad coalition of pharmacy companies includes big players and small start-ups, as well as corporate and academic organizations.
Another obstacle to increasing the demand for preventive medicine is its potential to limit healthcare expenditures because the return on investment was never clearly communicated by private players.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 43.2% |
| Europe | 36.7% |
With a market share of 42%, North America lags behind other countries when it comes to sales of preventive medicine in terms of volume because players are not as interested as in Asia Pacific countries.
A vast coalition of drug companies and start-ups with commercial organizations and academic institutions is needed, which is rare in the country for North America’s market share to succeed. This is one of the key hurdles for the sales of preventive medicine by the market players in the United States of America and Canada.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| The United States | 38.3% |
| Germany | 8.5% |
| Japan | 3.3% |
Europe’s market share is growing well with a 36% market share value, thanks to the success of risk factor epidemiology in the region, which has led to a wide range of preventive measures.
Also, several countries in Europe have been conducting campaigns to reduce cardiovascular disease burden, and Asia may support its significantly growing demand for preventive medicine. However, a lack of awareness could also impact the sales of preventive medicine
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| The United Kingdom | 5.9% |
| China | 10.3% |
| India | 8.4% |
| Australia | 7.5% |
Some of the leading companies operating in the global market include Novo Nordisk, Eli Lilly, Quanterix, Aetna Inc., Preventive Medical Health Care Co., LTD., Cancer Prevention Pharmaceuticals, Inc., Phoenix Medicine, American College of Preventive Medicine and USA, Preventive Medicine.
In preventive medicine, the example that stands out is immunizations, which are the best way to reduce the financial burden on the economy of any country from several life-threatening diseases.
Also, cancer screenings for ovarian cancer, testicular cancer, and prostate cancer through PSA tests, and routine use of aspirin by cardiovascular patients are some of the key opportunities for market players to increase their sales of preventive medicine.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 8.4% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Specialty Areas, Distribution Channels, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Japan; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Australia, New Zealand, China, India, Japan, GCC Countries, South Africa, North Africa |
| Key Companies Profiled |
Novo Nordisk; Eli Lilly; Quanterix; Aetna Inc.; Preventive Medical Health Care Co.; LTD.; Cancer Prevention Pharmaceuticals, Inc.; Phoenix Medicine; American College of Preventive Medicine; USA, Preventive Medicine. |
| Customization & Pricing | Available Upon Request |
The global sales of preventive medicine are anticipated to expand at 8.4% during the forecast period.
The global market is predicted to be valued at USD 886.59 billion by 2033.
The global sales of preventive medicine were valued at USD 371.88 billion in 2022.
The United States accounts for nearly 38.3% revenue share of the global market.
China is to witness a CAGR of 10.3% in sales of preventive medicine through 2033.
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Preventive Medicine Market
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