Vancouver, British Columbia, December 10, 2020 (GLOBE NEWSWIRE) – The global virtual diagnostics market is expected to be valued at $ 1,512.2 million by 2027, according to Emergen Research’s latest analysis. The market is experiencing increased demand due to the infiltration of smartphones and the advent of advanced technologies in the healthcare sector.
The increasing incidence of chronic illnesses and advances in artificial and machine learning technology offer players in the virtual diagnosis market a lucrative growth opportunity. However, this technology is new and poses numerous challenges such as privacy concerns and poor accuracy in virtual diagnostics. The growth of the geriatric population and the need for quick and easy diagnosis will have a positive impact on the market. Additional factors such as the shortage of doctors and doctors and poor health conditions are fueling market demand. Better access to diagnostics will enable further growth of the market.
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Technology is vital in rural areas where the lack of adequate transportation to hospitals or access to a doctor’s office is a challenge. Governments also support industry growth by launching initiatives in remote areas and providing financial assistance to families. The growth in investment in startups has also gained momentum, which has increased 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 creation of Safe Health Systems, Inc., a company focused on reducing the need for product diagnostics and the cost of low-complexity care on a large scale. The company intends to improve access to efficient and affordable treatment.
- Virtual ophthalmology diagnostics is an essential part of the virtual diagnostics market. It enables the ophthalmologist to record and find data from clinical exams in a transferable and permanent manner. Technological progress has had a positive effect on the demand for the segment.
- The homecare and research institutes segment is expected to grow with a significant CAGR in the forecast period. Patients in remote locations are increasingly using these technologies to consult with doctors and receive home care, especially in the current scenario of COVID-19. The infiltration of high-speed internet is also fueling the growth of the market.
- The European region is rapidly adopting technology and future expansion opportunities in Germany, France and the UK, which will translate into a higher growth rate in the regional market. Many countries in the region have relaxed their strict regulations to encourage adoption of the technology and expand their reimbursement policies.
- The most important 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.
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For this report, Emergen Research has segmented them Global Virtual Diagnostics Market Based On Type, End User, And Region:
- Outlook Type (Revenue, USD Billion; 2017-2027)
- Virtual cardiology diagnostics
- Virtual pathology diagnosis
- Virtual ophthalmology diagnostics
- Virtual gastrointestinal diagnosis
- Other virtual diagnosis
- End User Outlook (Revenue, $ Billion; 2017-2027)
- Specialty clinics and outpatient surgical centers
- Others (homecare and research institutes)
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- Regional Outlook (Revenue, Billion USD; 2017-2027)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East and Africa
- Saudi Arabia
- Rest of MEA
- North America
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