Digital Diagnostics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Digital Diagnostics Market Analysis

The Global Digital Diagnostics Market size is estimated at USD 1.19 billion in 2024, and is expected to reach USD 2.72 billion by 2029, growing at a CAGR of 18.08% during the forecast period (2024-2029).

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.

Digital Diagnostics Market Trends

Oncology Segment is Expected to Account for the Large Market Share During the Forecast Period

Digital Diagnostics Industry Segmentation

As per the scope of the report, the integration of digital technology such as Artificial Intelligence for the diagnosis of chronic diseases, such as cardiac diseases, neurological disorders, and others, is defined as the application of information processing involving both computer hardware and software that deals with the storage, retrieval, sharing, and use of healthcare information, data, and knowledge for communication and decision-making. The Digital Diagnostics Market is Segmented by Product (Hardware, Software, and Services), by Diagnosis Type (Cardiology, Oncology, Neurology, Radiology, Pathology, and Others), by End User (Hospitals and Clinics, Clinical Laboratories, and Others) and by Geography (North America, Europe, Asia Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.