Global virtual diagnostic market is expected to reach US$ 1409.57 million by 2028, growing at a CAGR of 16.71% over the forecast period. Virtual diagnostic is a key solution and is a future of virtual healthcare. Virtual diagnostic solutions are efficient in providing care with increased efficiency and speed. There are a number of ways in which the world of health care is changing through virtual care. Virtual diagnostic provides patients a transparent view of healthcare, they are well versed with the location of treatment and what are the treatment procedures to be performed. The patient can be treated at any location urban, suburban and rural and technology can enable patients to access healthcare in more flexible ways than ever before. With the help of virtual diagnostic solutions patients are able to minimize travel time, effort and cost. The use of these solutions by end users will relieve a lot of burden from care providers thus aiding in providing more time for rest and recovery for patients.
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Virtual diagnostic solutions are aiding in reducing the time of visit to a doctor thus adoption of these solutions have raised globally. These solutions are becoming a central component of helping patients boost or sustain their well-being as virtual wellness gathers momentum as well as playing an increasingly important role in disease detection and care. Factors such as growing understanding of early disease detection and increasing demand for accessible and affordable diagnostics can primarily be attributed to consumer growth in the virtual diagnostics market. The virtual diagnostics market has been driven by factors such as increased diagnostic costs, poor health conditions, shortage of doctors and medical personnel, and rising incidences of chronic health conditions. As a result, leading manufacturers in the industry are creating tools focused on artificial intelligence and machine learning, which are often embedded into smartphones and platforms that aids in analyzing data available through various sources and make diagnostic decisions accordingly.
The major players in the market are looking to provide virtual diagnostic solution to meet the increasing demand of these solutions from patients. The need for virtual diagnostic products has risen globally and the companies in this market are looking to gain enormous profits and make full use of technologies such as artificial intelligence and machine learning to implement important developments in the field of diagnostics. Virtual diagnostic offers stakeholders and patients to digitally exchange information and content and conduct customized experiences. This provides the patients with high access to quality care and thus strengthens the connection between patient and providers.
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Virtual diagnostic solutions are increasingly gaining momentum towards adoption of sophisticated tools such as virtual assistants and virtual reality devices. The investment by companies in this sector has boosted the research and development activities thus providing state of the art solutions for patients, physicians and payers. These virtual diagnostic solutions are adding to identify, diagnose and manage disease at early stages. Thus virtual diagnostic solutions are saving lives and improving the quality of lives. Since medical imaging catches diseases early virtual exams will reduce the cost of healthcare. The quality of healthcare provided can be improved with the help of virtual diagnostics.
Due to the outbreak of coronavirus (COVID-19) the need for virtual diagnostic solutions is gaining momentum. As there is no availability of a vaccine or medication yet screening and identification of this virus is much more difficult. The virus remains undetected due to a serious shortage of diagnostic test kits and screening techniques. Screening and detection of covid-19 virus is the foremost priority of healthcare practitioners in order to monitor the spread of infection globally. In order to tackle these issues the healthcare industry is looking towards virtual diagnostic solutions. The adoption of cloud and mobile technology by various end users is aiding in proving efficient care. Due to the advent of internet virtual diagnostic tools can be made accessible to patients in any area globally, thus these solutions will help in increasing the coverage and reduce diagnosis costs. Due to the pandemic there is an upsurge in the spending towards healthcare related services. The government spending towards healthcare has increased enormously during the pandemic and is expected to continue post pandemic thus boosting the market for virtual diagnostic. Increasing need for efficient healthcare infrastructure and need for adoption of advanced technologies in healthcare will boost the demand for virtual diagnostic solutions over the forecast period.
The detailed research study provides qualitative and quantitative analysis of virtual diagnostic market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In the end user physicians/clinicians segment will dominate the market over the forecast period. The use of virtual diagnostic by hospitals has risen during the pandemic which will boost the segment growth. Moreover, the adoption of virtual diagnostic will rise in the post pandemic era due to increase government spending globally.
- North America is expected to dominate the market for virtual diagnostic due to presence of major players in this region. The government spending for healthcare has risen over the years in this region which will boost the demand for virtual diagnostics in this region.
- The major players operating in the market include AliveCor, Inc., CapsoVision, Inc., Digital Diagnostics Inc., dSPACE GmbH, Eyenuk, Inc., hearX IP (Pty) Ltd., Hill-Rom Services, Inc., Infermedica, Medtronic, ResApp Health Limited, Sight Diagnostics Ltd, SkinVision, Teckel Medical and Other Market Participants.
Virtual Diagnostic Market:
- By Application
- Ophthalmology
- Cardiology
- Pulmonology
- Gastroenterology
- Otolaryngology
- Dermatology
- Geriatric
- Neurology
- Orthopedics
- Mental Health
- Women's Health
- By End-User
- Physicians/Clinicians
- Providers
- Hospitals
- Urgent and Acute Care Centers
- Clinics
- Primary Care Centers
- Senior Care Facilities
- Home –Based care
- Others
- Payers
- Insurance Companies
- Others
- Diagnostic Centers
- Research Laboratories and Organizations
- Others
- By Type
- Device/Wearable-based
- Mobile App-based
- By Geography
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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