Digital Diagnostics Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2022-2027
Digital Diagnostics Market Overview
The Digital Diagnostics Market size is estimated to reach $1.8 billion by 2027, growing at a CAGR of 14.3% during the forecast period 2022-2027. Digital Diagnostics has evolved to precisely capture, harmonize and record SARS-CoV-2 diagnostic testing data with the advent and spread of the Coronavirus (COVID-19) pandemic. Digital radiology is a computer-based kind of X-ray technology that utilizes digital imaging to develop medical images. Digital diagnostic pathology requires gaining, handling, storing, recovering and sharing medical images in a digital environment. Magnetic resonance imaging applies effective computer algorithms to produce multiplanar imaging slices by way of the body. Computer-aided diagnosis (CAD) is likely to alleviate the subjectivity of conventional histopathology image analysis. Artificial intelligence (AI) encourages the capability to evaluate enormous quantities of data promptly. The surging awareness regarding everyday health diagnostics including digital radiology is set to drive the Digital Diagnostics Market. The soaring inclination of patients toward digital diagnostics over laboratory or hospital visits is set to propel the Digital Diagnostics Industry during the forecast period 2022-2027. This represents the Digital Diagnostics Industry Outlook.
Digital Diagnostics Market Report Coverage
The “Digital Diagnostics Market Report - Forecast (2022-2027)” by Industry ARC, covers an in-depth analysis of the following segments in the Digital Diagnostics Market.
- Geographically, North America (Digital Diagnostics market share) accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the increasing predominance of incessant ailments that require the application of digital radiology in the region.
- Digital Diagnostics Market growth is being driven by the surging introduction of novel products and services including digital radiology and digital diagnostic pathology. However, the soaring cost of instruments is one of the major factors hampering the growth of the Digital Diagnostics Market.
- Digital Diagnostics Market Detailed Analysis on the Strengths, Weaknesses and Opportunities of the prominent players operating in the market would be provided in the Digital Diagnostics Market report.
Digital Diagnostics Market: Market Share (%) by Region, 2021
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Digital Diagnostics Market Segment Analysis - by Diagnosis Type
The Digital Diagnostics Market based on diagnosis type can be further segmented into Cardiology, Oncology, Neurology, Radiology, Pathology and others. The Oncology Segment held the largest Digital Diagnostics market share in 2021. This growth is owing to the increasing predominance of cancer across the world. The rising introduction of digital diagnostics platforms for cancer screening, technological innovation and the surging introduction of novel product launches are further propelling the growth of the Oncology segment. Furthermore, the Radiology segment is estimated to grow with the fastest CAGR of 15.1% during the forecast period 2022-2027. This growth would be fuelled by the benefits of digital radiology like the outcome being examined instantly, edited, enlarged, the contrast and luminosity being raised or reduced to acquire the best possible image of the object under investigation and the option to conserve it electronically or in print.
Digital Diagnostics Market Segment Analysis - by End-user
The Digital Diagnostics Market based on end-user can be further segmented into Hospitals & Clinics, Clinical Laboratories, Pharmaceutical & Biotechnology Companies, Academic & Research Institutes and Others. The Hospital & Clinics Segment held the largest Digital Diagnostics market share in 2021. This growth is driven by the extensive application of digital diagnostics involving digital radiology and digital pathology in hospitals and clinics. Computer-aided diagnosis and positron emission tomography scanners are available in hospitals. The development of Artificial Intelligence platforms to perform with the healthcare system is further propelling the growth of this segment. Furthermore, the Clinical Laboratories segment is estimated to grow with the fastest CAGR of 16.3% during the forecast period 2022-2027 owing to the extensive application of digital diagnostics within the clinical laboratories to link preanalytic, analytic and postanalytic modules.
Digital Diagnostics Market Segment Analysis - by Geography
North America held the largest Digital Diagnostics market share with 40% of the overall market in 2021. The growth of this region is fuelled by the increasing predominance of incessant ailments in the North American region. The surging product launches are further propelling the growth of the Digital Diagnostics Industry, thereby contributing to the Digital Diagnostics Industry Outlook in the North American region. Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR over the forecast period 2022-2027. This growth due to factors like the increasing healthcare expenditure involving computer-aided diagnosis in the Asia-Pacific region. The surging awareness regarding Digital Diagnostics is further fuelling the progress of the Digital Diagnostics Market in the Asia-Pacific region.
Digital Diagnostics Market Drivers
Surging Applications of Artificial Intelligence for Radiology:
In the wake of the Coronavirus (COVID-19) pandemic worldwide, the application of artificial intelligence (AI) and computer-aided diagnosis in healthcare is on the rise. As per a survey of healthcare leadership by Optum, 56 percent pronounced that they are expediting or extending their AI deployment timelines in response to COVID-19, showing the significance of this business tool at one of the most nerve-racking times. AI tools are specifically well adapted for applications in radiology. The surging applications of Artificial Intelligence for Radiology are therefore fuelling the growth of the Digital Diagnostics Market during the forecast period 2022-2027.
Soaring Applications of Magnetic Resonance Imaging:
Magnetic Resonance Imaging (MRI) is a non-invasive imaging technology that generates three-dimensional detailed anatomical images. MRI statistics in the US disclose that medical professionals carry out nearly 30 million MRI scans each year. Since MRI does not use ionizing radiation and supplies a greater degree of contrast between the distinct soft tissues of the body than computed tomography (CT), it is specifically useful in cardiovascular, musculoskeletal, neurological and oncological imaging. These kinds of soaring applications of Magnetic Resonance Imaging are therefore driving the growth of the Digital Diagnostics Industry, thereby contributing to the Digital Diagnostics Industry Outlook during the forecast period 2022-2027.
Digital Diagnostics Market Challenge
Data Sharing Limitations of Digital Pathology:
In 2020, pathologists were 90% and 60% comfortable with contributing a digital primary diagnosis with or without access to glass slides, respectively. In digital pathology, open science and open innovation are not well-established. Technical challenges owing to the enormous quantities of imaging data produced by slide scanners make it hard to effortlessly share images between remote labs. Typical digital pathology software is generally closed-source and hardly interoperable since it is not straightforward to reuse outcomes produced between two distinct bits of software. These issues are, thus, hampering the growth of the Digital Diagnostics Market.
Digital Diagnostics Industry Outlook
Novel product launches, services, technological advancements, mergers, acquisitions and partnerships are key strategies adopted by players in the Digital Diagnostics Market. The top 10 companies in the Digital Diagnostics market are:
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Siemens Healthcare GmbH
- ThermoFisher Scientific Inc.
- Laboratory Corporation of America Holdings
- Neurovigil, Inc.
- Oxitone Medical Ltd.
- MidMark Corp.
- In June 2022, Roche declared the CE introduction of the next-generation VENTANA DP 600 slide scanner (CE-IVD marked). This scanner generates superior image quality of stained histology slides from patient tissue samples. It lends ease of use and workflow flexibility to the pathology lab.
- In January 2022, Roche declared the introduction of the cobas® pulse system in select nations receiving the CE Mark. The cobas® pulse system records Roche Diagnostics’ most novel production of connected point of care solutions for professional blood glucose management. Glucose is among the most significant biomarkers to evaluate patient health.
- In January 2021, Roche declared the CE-IVD introduction of its automated digital pathology algorithms, uPath HER2 (4B5) image analysis and uPath Dual ISH image analysis for breast cancer. It assists in deciding the best treatment strategy for every patient. The image analysis algorithms utilize artificial intelligence.
Report Code: HCR 1283
Report Code: HCR 0422
Report Code: ESR 0127
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