What Fueled Digital Diagnostics Market?
The digital diagnostics market has seen considerable growth due to a variety of factors.
• There has been a considerable expansion in the size of the digital diagnostics market in the recent past. It is anticipated to escalate from $1.76 billion in 2024 to $2.16 billion in 2025, with a compound annual growth rate (CAGR) of 22.7%.
Factors which contributed to the growth during the historical period include increased investment and funding, enhanced awareness and training, boosted funding for research and development, heightened focus on ESG factors and the rise of patient-centered approaches.
What Can Be Expected from the Digital Diagnostics Market in the Coming Years?
The digital diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• In the next few years, the digital diagnostics market size will witness a boom, reaching $4.86 billion in 2029 with a 22.4% compound annual growth rate (CAGR). This growth during the forecast period can be credited to worldwide health efforts, the globalization of healthcare, a cultural shift to digital solutions, backing from healthcare institutions, and increased diagnostic capabilities. Key trends for the forecasted time include the growth of point-of-care testing, expansion in telemedicine solutions, the creation of innovative software solutions, development in digital pathology solutions, and the use of blockchain for data security.
What Are The Primary Growth Drivers In The Digital Diagnostics Market?
The rise in chronic disease incidents is foreseen to stimulate the expansion of the digital diagnostics market. This increase in chronic diseases can be attributed to the aging population, increased obesity rates, inactive lifestyles, environmental factors, and heightened consciousness and detection of these conditions. Digital diagnostics play a crucial role in chronic disease scenarios as it facilitates persistent monitoring, early complication detection, and individualized treatment modifications, enhancing long-term disease management and patient outcomes. To illustrate, the World Health Organization, an intergovernmental organization based in Switzerland, reported in February 2024 that there were around 20 million new cancer cases and 9.7 million cancer-related fatalities in 2022. With 2.5 million new incidents, or 12.4% of all new cases, lung cancer topped the list. It was closely followed by female breast cancer with 2.3 million incidents (11.6%), then colorectal cancer with 1.9 million incidents (9.6%), prostate cancer with 1.5 million cases (7.3%), and stomach cancer with 970,000 cases (4.9%). Countries with a high Human Development Index (HDI) are anticipated to face the most significant increase in the total burden, with an additional 4.8 million new cases projected for 2050 compared to 2022. Thus, the surge in chronic disease incidents is fueling the growth of the digital diagnostics market.
How Are The Segments Defined Within The Global Digital Diagnostics Market?
The digital diagnostics market covered in this report is segmented –
1) By Product: Hardware, Software, Services
2) By Application: Cardiology, Gynecology, Infectious Diseases, Oncology, Diabetes, Other Applications
3) By End-Users: Hospitals And Clinics, Clinical Laboratories, Pharmaceutical And Biotechnology Companies, Academic And Research Institutes, Other End-Users
Subsegments:
1 By Hardware: Diagnostic Devices, Wearable Devices, Sensors And Monitoring Equipment
2) By Software: Diagnostic Software, Data Analytics Software, Artificial Intelligence (AI) And Machine Learning Software, Cloud-Based Platforms
3) By Services: Diagnostic Testing Services, Telemedicine And Remote Monitoring Services, Data Management And Analytics Services
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How Are New Trends Expected To Influence The Growth Of The Digital Diagnostics Market?
Leading firms in the digital diagnostics market are concentrating on producing technologically superior items, such as digital cytology systems. These advancements aim to improve diagnostic precision, make workflows more efficient, and facilitate remote assessments via cutting-edge imaging and AI-based tools. A digital cytology system is an evolved diagnostic platform that applies imaging technology and artificial intelligence to inspect and comprehend cytological samples for precise and efficient medical diagnoses. For example, in February 2024, Hologic Inc., a medical technology company based in the US, received approval from the U.S. Food and Drug Administration (FDA) for its Genius Digital Diagnostics System equipped with the Genius Cervical AI algorithm. As the first and only FDA-cleared digital cytology platform, the Genius Digital Diagnostics System combines AI nurtured through deep learning with high-level volumetric imaging to detect pre-cancerous lesions and cells of cervical cancer. Unlike the conventional techniques where cervical cells from a Pap test are manually scrutinized under a microscope, this system digitizes the glass slides and employs AI to emphasize crucial cells for cytologists and pathologists to examine.
Who Are the Key Players in the Digital Diagnostics Market?
Major companies operating in the digital diagnostics market are include:
• Hoffmann-La Roche Holding AG
• Thermo Fisher Scientific Inc.
• Abbott Laboratories
• Danaher Corporation
• Siemens Healthineers
• Koninklijke Philips N.V.
• General Electric Company
• Laboratory Corporation of America Holdings
• Quest Diagnostics Incorporated
• Hologic Inc.
• bioMérieux S.A.
• Bio-Rad Laboratories Inc.
• Fulgent Genetics Inc.
• Guardant Health Inc.
• Tempus Labs Inc.
• Genomic Health Inc.
• EDX Medical Inc.
• PathAI Inc.
• Healthy.io Ltd.
• BrightInsight Inc.
• Digital Diagnostics Inc.
• Brainomix Limited
• DnaNudge Ltd.
• GRAIL Inc.
What Is The Most Dominant Region In The Digital Diagnostics Market?
North America was the largest region in the digital diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
