Market Size of Global Digital Diagnostics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 17.23 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Digital Diagnostics Market Analysis
The Digital Diagnostics Market Market is expected to witness a significant CAGR of 17.23% during the study period, 2022-2027.
As COVID-19 diagnostic testing becomes more widespread and accessible beyond laboratories at points of care, at schools and workplaces, at home, and over-the-counter, it is essential that diagnostic data from testing devices are harmonized, automated, and shared with medical providers and reported to appropriate public health authorities. The COVID-19 TOPx Tech Sprint is one of the many innovative approaches we are exploring to accelerate the development of digital tools to accurately capture, harmonize, and report SARS-CoV-2 diagnostic testing data. The article 'COVID-19 TOPx Tech Sprint Final Demos: Showcasing Digital Diagnostic Tools,' published in April 2021, stated that the National Institute of Health, in collaboration with the Center for Disease Control and Prevention, launched the 'Say Yes! COVID Test' community health initiative, an innovative approach to ensure that accurate COVID-19 tracking data is captured through regular screening with at-home COVID-19 tests to strengthen prevention efforts. Thus, the adoption of technology to track COVID-19 will have a significant impact on the market growth.
The factors propelling the studied market growth are the growing burden of chronic diseases such as cardiac diseases, neurological diseases, cancer, and others, adoption of technology for chronic disease management, rising investments, increasing product and service launches, and adoption of key strategies by major market players.
According to a study published by the British Heart Foundation in January 2022, there were approximately 7.6 million people with heart disease in the United Kingdom and nearly 160,000 deaths each year. An average of 460 fatalities each day or one death every three minutes happen in the United Kingdom due to cardiovascular disorders (CVDs). Due to the rising burden of cardiovascular diseases, there is an increasing demand for innovative technologies diagnosing cardiovascular diseases, thereby driving the digital diagnostics market.
Additionally, the launch of new products and services is expected to boost the market growth globally. For instance, in February 2022, Carestream Health India launched the DRX Compass, an accurate, convenient & configurable digital radiology solution designed to provide radiologists with a whole new level of efficiency. It offers the versatility to build the desired configuration from a wide range of selections in detectors, tubes, generators, tables, and collimators, giving Radiology facilities full control over how they can use this future-proof digital radiology technology.
Furthermore, In January 2021, Roche launched its automated digital pathology algorithms, uPath HER2 (4B5) image analysis, and uPath HER2 Dual ISH image analysis for breast cancer to help determine the best treatment strategy for each patient.
Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, the high cost of instruments is expected to hinder the market growth during the study period.
