New York, United States , July 15, 2024 (GLOBE NEWSWIRE) -- The Global Digital Diagnostics Market Size is to Grow from USD 1.38 Billion in 2023 to USD 7.60 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 18.60% during the projected period.
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Digital diagnostics is defined as diagnostic services facilitated by digital technologies, which have partially or wholly replaced healthcare professionals. Digital diagnostics has changed the way disease diagnosis is, offering a more accurate and practical approach by lowering mistakes, improving accuracy, and enabling early treatment by utilizing data analytics, AI algorithms, and remote patient monitoring. The introduction of advanced technologies such as artificial intelligence and machine learning are enhancing the precision and speed of medical diagnostics. The increasing demand for precise diagnostic tools and automation alleviates the burden on healthcare providers and promotes the accessibility of healthcare services. The growing incidence of chronic diseases and the awareness about early diagnosis intervention are escalating the market demand for digital diagnostics. The increasing investments and the launch of new products and services are driving the market. The adoption of key strategies such as partnership, acquisition, and collaborations by the key market players is responsible for driving the market. On the contrary, the biased data leads to miscalculations in data-driven diagnostic software that are restraining the market. The lack of awareness and the concerns regarding data security and privacy are restraining the global digital diagnostics market.
Browse key industry insights spread across 191 pages with 120 Market data tables and figures & charts from the report on the "Global Digital Diagnostics Market Size, Share, and COVID-19 Impact Analysis, By Product (Hardware and Software), By Application (Cardiology, Oncology, Neurology, Pathology, and Others), By End-User (Hospitals and Clinical Laboratories), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The software segment dominates the market with the largest revenue share through the forecast period.
Based on product, the global digital diagnostics market is segmented into hardware and software. Among these, the software segment dominates the market with the largest revenue share through the forecast period. Digital solutions are necessary to improve patient care and expedite processes. The integration of modern technologies in healthcare settings is driving the market growth for digital diagnostics.
The oncology segment held the largest revenue share of the global digital diagnostics market in 2023.
Based on the application, the global digital diagnostics market is segmented into cardiology, oncology, neurology, pathology, and others. Among these, the oncology segment held the largest revenue share of the global digital diagnostics market in 2023. The discovery of proteins, biomarkers, and other indicators that point to the presence of a malignant tumor is a necessary step in the diagnosis of cancer. The rising cancer rates, the use of digital diagnostics for cancer screening, technological advancements, and the launching of new products are driving the market.
The hospitals segment dominated the global digital diagnostics market with the largest market share in 2023.
Based on the end-user, the global digital diagnostics market is segmented into hospitals and clinical laboratories. Among these, the hospitals segment dominated the global digital diagnostics market with the largest market share in 2023. Computer-aided diagnosis systems and CT scanners are available in hospitals. The extensive usage of digital radiography and pathology in hospitals, together with the integration of AI platforms, is driving the market expansion in hospital segmentation.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The increasing investments in healthcare IT for the development of advanced solutions are leveraging market growth. The presence of advanced healthcare infrastructure and high adoption rates of digital technologies for chronic disease management is driving the market in the region. Furthermore, the adoption of strategies like rising partnerships, expansion, and increasing investments by major players in the region for promoting innovation are boosting the market
Asia-Pacific region is expected to grow the fastest during the forecast period. The rising healthcare expenditure and growing awareness about the benefits of digital diagnostics in the region are driving the market. The increasing adoption of digital health technologies and the rising demand for remote monitoring solutions are propelling the market growth. In addition, rising product launches, and key initiatives taken by the key market players are contributing to driving the market growth in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global digital diagnostics market are Hoffmann-La, Roche Ltd., GE Healthcare, ThermoFisher Scientific Inc., Laboratory Corporation of America Holdings, Siemens Healthcare GmbH, Digital Diagnostics Inc., Midmark Corporation, Riverain Technologies, Cerora, AliveCor, Inc., Behold.ai, Brainomix, Healthy.io, Canon Inc., and Other Key Players.
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Recent Developments
- In February 2024, Roche entered into a collaboration agreement with PathAI to expand digital pathology capabilities for companion diagnostics. PathAI would exclusively work with Roche Tissue Diagnostics (RTD) to develop artificial intelligence (AI) digital pathology algorithms for RTD’s companion diagnostics business.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global digital diagnostics market based on the below-mentioned segments:
Global Digital Diagnostics Market, Product Analysis
- Hardware
- Software
Global Digital Diagnostics Market, Application Analysis
- Cardiology
- Oncology
- Neurology
- Pathology
- Others
Global Digital Diagnostics Market, End-User Analysis
- Hospitals
- Clinical Laboratories
Global Digital Diagnostics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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