The global virtual diagnostics market is predicted to be valued at USD 1,512.2 million by 2027, registering a CAGR of 15.0%, according to the latest analysis by Emergen Research. The market is witnessing exponential growth due to increasing awareness about early diagnosis and rising need for affordable and accessible diagnostic solutions. Rapid advancement in the IoT sector and its increased adoption in the healthcare industry is also a major growth contributing factor.
The COVID-19 pandemic has boosted the industry’s growth due to the implementation of social and physical distancing. This has increased the demand for virtual diagnostics to curb the spread of the coronavirus. Digital healthcare emerged as a vital tool in reaching remote areas and rural population.
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Moreover, the technological breakthroughs in machine learning and artificial learning, combined with the rising penetration of smartphones are expected to drive the industry’s growth. The government’s increasing initiatives to compel the companies to provide coverage for services such as virtual check-ins, e-visits, and communication are further adding to market growth. Major players of the industry are developing innovative technology to tap into the lucrative growth opportunities.
Key Highlights from the Report:
- The gastrointestinal virtual diagnostic segment is proliferating at a substantial rate accredited to the rising gastrointestinal patient pool. Additionally, the escalating number of pediatric gastrointestinal disorders is also adding to the segment’s growth.
- The hospital segment is snowballing due to increasing adoption of the technology to consult and treat patients living in remote locations. Increasing burden on the healthcare staff has made the hospitals struggle with the adoption of the technology. However, with recent investment and funding, the virtual diagnostic market is set to witness a booming growth.
- The Asia Pacific is foreseen to show lucrative growth attributable to the elevated geriatric populace and the augmented adoption of smart technology across the healthcare industry.
- Key players in the global market include CapsoVision Inc., AliveCor Inc., IDx Technologies Inc., Eyenuk Inc., Olympus Corporation, Cardiologs Technologies, ResApp Health Limited, Sight Diagnostics, Medtronic Plc., and Phelcom Technologies, among others.
- Vera Smart Healthcare expanded its portfolio with the addition of twenty new services with funding of USD 20 million, in November 2020. The company secured funding from several renowned U.S. investors. With the funding, the company plans to launch remote healthcare services for medication delivery, home-based diagnostics and tests, nutrition consultation, and virtual physician care.
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For the purpose of this report, Emergen Research has segmented the Global Virtual Diagnostic Market on the basis of type, end-user, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Cardiology Virtual Diagnostics
- Gastrointestinal Virtual Diagnostics
- Ophthalmology Virtual Diagnostics
- Others Virtual Diagnostics
- Pathology Virtual Diagnostics
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Specialty Clinics and Ambulatory Surgical Centers
- Others (Homecare and Research Institutes)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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