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Virtual Diagnostics Market Size Forecasted to Reach Valuation of USD 1,512.2 Million by 2027

By Biswas Debanjan

Posted on December 16, 2021

The global virtual diagnostics market is expected to be valued at USD 1,512.2 Million in 2027 from USD 491.4 Million in 2019, registering a CAGR of 15.0% through the forecast period. Revenue from the virtual diagnostics market is projected to register a significantly high growth rate over the estimated period. The most significant factors stimulating the market growth include the rising prevalence of chronic diseases worldwide, the surging awareness about early disease diagnosis, the growing patient pool, and the increasing demand for highly cost-effective and accessible diagnostic solutions & services. A rapid surge in the adoption of advanced technologies, such as artificial intelligence (AI), IoT (Internet of Things), and machine learning in the healthcare industry is a pivotal factor boosting the growth of the global virtual diagnostics market. The growing penetration of mobile devices like smartphones and tablets, more convenient access to the Internet, and rising income levels have further boosted the demand for virtual diagnostics.

The global virtual diagnostics market has recorded a massive growth in revenue since the COVID-19 outbreak, which has propelled the demand for virtual diagnostics around the world. The coronavirus pandemic led to stringent social distancing, barring people from stepping out of their homes. This is when the virtual diagnostics industry gained utmost significance, as people started seeking digital healthcare solutions remotely. However, the global market is likely to be faced with certain challenges, such as lower accuracy levels and increasing user data security concerns, which could potentially hamper the market growth in the coming years.

Furthermore, governments worldwide encourage healthcare companies to provide virtual healthcare and diagnostic services, including virtual check-ins, e-visits, video consultations, and a wide range of advanced telehealth services. Therefore, various companies are making considerable investments in developing leading-edge medical technologies and tapping into various prospective markets worldwide. For instance, in November 2020, Vera Smart Healthcare expanded its healthcare services with a major USD 20 million funding backed by some leading U.S. investors. According to the company, the funding aims to improve Vera Smart’s remote healthcare services, virtual doctor care, medication delivery, and nutrition consultation.

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Key Highlights of the Report:

Based on type, the gastrointestinal virtual diagnostics sub-segment is the leading segment in the global virtual diagnostics market, accounting for the highest revenue share. The increasing number of patients with gastrointestinal disorders and the rising prevalence of pediatric gastroenterological disorders have fueled the demand for virtual gastrointestinal diagnostics.
The hospitals end-user sub-segment has emerged as the most dominant, with the largest market share in 2019. The segment is poised to register the fastest growth rate over the projected period, owing to the rising demand for telehealth services and remote patient care and IoT integration into medical equipment across hospitals.
The Asia Pacific virtual diagnostics market is the most prominent regional market globally. The rising geriatric population, soaring adoption of cutting-edge technologies in the healthcare sector, and the presence of state-of-the-art healthcare infrastructure in the region are the key parameters triggering its market growth.
Leading market players include Medtronic plc, AliveCor Inc., ResApp Health Limited, Cardiologs Technologies, Eyenuk Inc., CapsoVision Inc., IDx Technologies Inc., Olympus Corporation, Sight Diagnostics, and Phelcom Technologies.