Virtual Diagnostics Market Size To Be Worth USD 1,512.2 Million by 2027 Growing at a CAGR of 15.0% | Emergen Research

Vancouver, British Columbia, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The Global Virtual Diagnostics Market is forecast to be worth USD 1,512.2 Million by 2027, according to the current analysis by Emergen Research. The market is experiencing increased demand due to the infiltration of smartphones and the advent of advanced technologies in the healthcare sector.

Increased incidences of chronic health conditions and advancements in artificial and machine learning technology will provide a lucrative growth opportunity to players in the virtual diagnostic market. However, this technology is new and involves multiple challenges such as privacy concerns and low accuracy associated with the virtual diagnosis. The growth in the geriatric population and the need for a quick and easy diagnosis will impact the market positively. Additional factors, such as lack of medical and physicians and poor health conditions, are fueling the market demand. Increasing access to diagnosis will make it possible for the further growth of the market.

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The technology is instrumental in rural areas where lack of proper transportation to hospitals or getting access to a doctor’s clinic is challenging. Governments are also supporting industry growth by launching initiatives in remote areas and offering financial support to families. The growth in investment in startups has also gained momentum, which has augmented the market demand.

Key Highlights From The Report

• In October 2020, Mayo Clinic launched an on-demand diagnostic testing platform for COVID-19. Safe Health Group and Mayo Clinics announced the formation of Safe Health Systems, Inc., a venture which is focused on the reduction of commodity diagnostics and cost of low-complexity care at a mass scale. The venture intends to enhance access to efficient and affordable treatment.
• Ophthalmology virtual diagnostics are an essential part of the virtual diagnostic market. It allows the ophthalmologist to record and find data from the clinical examinations in a transmissible and durable manner. The advancement in technology has positively impacted the demand for the segment.
• The homecare and research institutes segment is anticipated to grow with a significant CAGR during the forecast period. Patients in remote locations are increasingly using these technologies to consult with doctors and get home care, especially in the current scenario of COVID-19. Infiltration of high-speed internet is also boosting the growth of the market.
• The European region is rapidly adopting the technology, and future opportunities for expansion in Germany, France, and the U.K., which will reflect in a higher growth rate of the regional market. Many countries in the region have relaxed their stringent regulations to encourage the adoption of the technology and expand their reimbursement policies.
• Key participants include AliveCor Inc., Eyenuk Inc., IDx Technologies Inc., Cardiologs Technologies, CapsoVision Inc., Olympus Corporation, Sight Diagnostics, Phelcom Technologies, ResApp Health Limited, and Medtronic Plc., among others.

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For this report, Emergen Research has segmented the Global Virtual Diagnostics Market based on type, end-user, and region:

• Type Outlook (Revenue, USD Billion; 2017-2027)
  • Cardiology Virtual Diagnostics
  • Pathology Virtual Diagnostics
  • Ophthalmology Virtual Diagnostics
  • Gastrointestinal Virtual Diagnostics
  • Others Virtual Diagnostics
• End-User Outlook (Revenue, USD Billion; 2017-2027)
  • Hospitals
  • Specialty Clinics and Ambulatory Surgical Centers
  • Others (Homecare and Research Institutes)

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• Regional Outlook (Revenue, USD Billion; 2017-2027)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle  East & Africa
    1. Saudi Arabia
    2. U.A.E.
    3. Rest of MEA

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