Assessment services include conducting medical examinations and evaluation of a patient's health condition. Some key services offered are diagnostic and screening tests, physical examinations, mental health assessments, functional capacity evaluations and disability assessments. These help in early detection of diseases, creating treatment plans and monitoring health improvements. Rising lifestyle diseases and awareness about preventive healthcare has increased the demand for assessment services globally.
The global assessment services market is estimated to be valued at US$ 17.09 billion in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the assessment services market are Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, J. Mitra & Co. Pvt. Ltd., Merck, Bloom Diagnostics, Finecare TSH, Biotech Co., Ltd. and bioMérieux. These players are focusing on expanding their service portfolios and global footprint through partnerships and acquisitions.
The key opportunities in the market include growing geriatric population prone to chronic illnesses, increasing preference for home healthcare and remote patient monitoring. This has prompted providers to offer telehealth and mobile medical assessment services.
Globally, the market is witnessing high growth in regions with developing healthcare infrastructure like Asia Pacific and Latin America. Countries are allocating higher budgets for preventive healthcare and rolling out universal health coverage programs to boost access to basic medical assessments.
Market Drivers
The main driver fueling the Global Assessment Services Market Size is the rising demand from healthcare institutions and facilities. Hospitals, nursing homes, clinics and other providers extensively use assessment services to streamline treatment processes, comply with quality certifications and optimize resource utilization. Comprehensive evaluation of patients helps deliver higher quality and cost-effective care. Growing healthcare expenditure is also positively impacting the market.
PEST Analysis:
Political: Governments across the globe are encouraging students to pursue higher education by introducing scholarship programs. Some countries are focusing on skill-based training and assessments.
Economic: With rising income levels, more students are opting for higher education and skill enhancement programs. This is driving demand for assessment services from universities and training institutes.
Social: More students and job aspirants want to improve their skills and qualify for better career opportunities. Assessments help in career guidance and skill benchmarking.
Technological: Online assessment platforms are gaining popularity due to convenience. Advanced analytics is being used to enhance question banks, quantify skills, and generate personalized scorecards.
The market in terms of value is concentrated most in North America and Western Europe. Both regions have large number of universities and colleges along with developed training infrastructure. Countries like the US, UK, Germany and France spend significantly on education and skill development.
The assessment services market in Asia Pacific region is growing the fastest. Countries like India, China and Japan are witnessing rising student enrollment in higher education. Along with universities, the corporate sector is also focusing on continuous skill enhancement of their workforce through various assessment programs. This is driving higher demand for assessment services in Asia Pacific region.
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