According to Emergen Research, the global virtual diagnostics market size was USD 565.11 million in 2020 and is expected to reach USD 1,739.03 million in 2028 and register a revenue CAGR of 15.0% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Virtual Diagnostics Market, By Type (Gastrointestinal Virtual Diagnostics, Ophthalmology Virtual Diagnostics, Cardiology Virtual Diagnostics, Pathology Virtual Diagnostics, Others), By End-use (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Home Healthcare Settings, Research Institutes, Others), and By Region Forecast to 2028”
According to Emergen Research, the global virtual diagnostics market size was USD 565.11 million in 2020 and is expected to reach USD 1,739.03 million in 2028 and register a revenue CAGR of 15.0% during the forecast period, 2021-2028.
Market Dynamics:
The global virtual diagnostics market revenue growth is majorly attributed to factors such as rising prevalence of chronic diseases across the globe, increasing availability of the Internet, rapid adoption of virtual diagnostic technologies in the healthcare sector, increasing government initiatives to virtual diagnostic services in remote locations, and unprecedented rise in demand during the COVID-19 pandemic. Surge in global geriatric population, rising awareness of early disease diagnosis and treatment among individuals, rapidly rising inflow of patients in hospitals and ambulatory care centers amid the pandemic, and growing demand for more advanced and cost-effective diagnostic solutions are other key factors expected to boost diagnostics market revenue growth over the upcoming years.
Digital healthcare tools including virtual diagnostics are increasingly being adopted to control the spread of the novel coronavirus and provide patients with remote healthcare services. Moreover, rapid integration of healthcare IoT solutions, rising trends of mobile health (mHealth) and personalized medicine, growing need for point-of-care diagnostics, and rising focus of government and private health insurance organizations on providing improved coverage for digital healthcare services such as e-visits, video consultations, and virtual check-ins are expected to offer growth opportunities for the global market.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Gastrointestinal Virtual Diagnostics Segment Accounted for Largest Revenue Share in 2020:
Based on type, the global virtual diagnostics market is segmented into Gastrointestinal Virtual Diagnostics, Ophthalmology Virtual Diagnostics, Cardiology Virtual Diagnostics, Pathology Virtual Diagnostics, and Others. The gastrointestinal virtual diagnostics segment accounted for the largest revenue share in the global market in 2020, owing to factors such as rising prevalence of chronic and acute gastrointestinal disorders, especially among the elderly, growing patient pool, and rapid adoption of virtual diagnostics in hospitals and home healthcare settings.
Home Healthcare Settings Segment to Account for Fastest Revenue CAGR:
Based on end-use, the global virtual diagnostics market is segmented into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Home Healthcare Settings, Research Institutes, and Others. The home healthcare settings segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Growing trend of home health care, increasing adoption of virtual diagnostics in home health care settings, and emergence of advanced health-centric mobile apps are key factors expected to boost revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America virtual diagnostics market held the largest revenue share in the global market in 2020. Rising geriatric population, increasing adoption of emerging diagnostic technologies in the healthcare sector, growing trend of mHealth and home health care, and presence of state-of-the-art healthcare infrastructure and key market players in the region, including AliveCor Inc., Eyenuk Inc., and IDx Technologies Inc., are major factors prompting the North America market revenue growth.
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Major Companies in the Global Virtual Diagnostics Market Include:
- AliveCor Inc.
- Eyenuk Inc.
- IDx Technologies Inc.
- Cardiologs Technologies
- CapsoVision Inc.
- Olympus Corporation
- Sight Diagnostics
- ResApp Health Limited
- Phelcom Technologies
- Medtronic Plc
For the purpose of this report, Emergen Research has segmented the global virtual diagnostics market based on type, end-use, and region:
Type Outlook (Revenue, USD Million; 2018-2028)
- Gastrointestinal Virtual Diagnostics
- Ophthalmology Virtual Diagnostics
- Cardiology Virtual Diagnostics
- Pathology Virtual Diagnostics
- Others
End-use Outlook (Revenue, USD Million; 2018-2028)
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Home Healthcare Settings
- Research Institutes
- Others
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Region Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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