Digital diagnostics deals with a common tool in which a person can easily collaborate across the entire application lifecycle by allowing quick isolation and resolution of issues. This new technology supports to progress in medical care system by contributing in the precision and correctness of the diagnostics output. Digital diagnostics categorizes, prioritizes and reports on hitches. Digital diagnostics tracks regular scans through every inch of your portfolio, from websites and widgets to social and mobile. The process of digital diagnostics is now a common term for many medical device applications, the installed software delivers deep drill down into transactions from the end user through the back end. Digital diagnostics makes use of unified tools to hold the entire classification of medical device providers, consumers and healthcare professionals and hence grades in enhanced care quality and access, improved patient engagement, closing communication gaps, improved decision making by consumers and medical device providers & reduction in healthcare cost. Healthcare experts recommend that through digital diagnostics, programmed health assessments can be carried out virtually and electronically. The terrestrial barriers can be concentrated with this technology by making it conceivable to diagnose patients placed away from the diagnostic center and clinics.
The global digital diagnostics market is segmented on the basis of product type, end users and region. The product type include Oxitone, Cerora Borealis, Oto, Midmark IQvitals, IQecg, IQholter, IQspiro and IQstress, Lifepatch, Intelligent Breast Exam (iBE), Biomeme device, iBrain, Fever Smart, HealthPatch MD, VitalPatch, BioStampRC, Qardioarm, Qardiobase, and Qardiocore, HxM BT, HxM Smart, and BioHarness 3 and others. Currently, manufacturing companies have established their individual mobile applications and software programs to make remote diagnostics conceivable. During the forecast period, it is projected that more cutting-edge high-end programs will be produced by the companies to diagnose patients irrespective of their physical existence in the diagnostic facility. The integration of medical codes linked with healthcare informatics software solutions requires additional IT investments. This IT trend will attract numerous start-up vendors and medical outsourcing solutions providers in the digital diagnostic market during the forecast period. The U.S. is a major market for digital diagnostics services because of advanced and improved healthcare IT infrastructure, launching reliable healthcare data prototypes. Advancement in information & technology and medical health applications, help minimize errors and heighten working procedures.
The key mass drivers supporting the market growth of digital diagnostics are growing awareness related to daily health diagnostics, patients are expected to prefer digital diagnostic over laboratory or hospital visit, and this technology platform is estimated to surge the approachability for patients as well as medical practitioners. Digital diagnostics market often depresses entry barriers, causing established boundaries between sectors to tumble. Moreover the nature of digital technology causes value chains to disaggregate, generating opportunities for focused, fast-moving entrants. New market competitors often scale up rapidly at lower cost and returns may grow swiftly as more customers will connect to the online network. Expertise technology companies like Google, Microsoft & Apple are capitalizing significantly in this canvas. The initial utilizers of digital tools are individuals or parents, people with health issues and young adults. Even though still in its emerging stage, digital diagnostics market seems to offer a mix of suitability, customization, accessibility or simply the need to have a digital device. For e.g. Accenture is now offering better software tools to access the information from both the ends, such as from end user to the physician directly within seconds. For healthier patient experience. Information fed electronically or manually to mobile applications, such as “Well Docs BlueStar”, is analysed to guide the individual and send the synchronized data to their physician to track the progress. This optimises time and treatment proficiencies.
Based on geography, the global digital diagnostics market is segmented into five key regions, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is the leading regional market for digital diagnostics and is trailed by Europe due to the existence of a large number of population suffering with diseases, and high patient awareness related to disease diagnosis in these regions. Some countries from Asia–Pacific and Latin America are expected to enter the market late because of lack of digital infrastructure, and accessibility to advanced technology. However, rising healthcare expenditure, developing healthcare infrastructure and increasing awareness related to the disease diagnosis. However, poor healthcare facilities in underdeveloped and emerging countries which lack appropriate healthcare infrastructure and trained staff is anticipated to affect the adoption in these countries.
Some of the major players in the global digital diagnostics market include Neurovigil, Inc., Oxitone Medical Ltd., Cerora, CellScope, MidMark Corp., MC10, Inc., Qardio, Inc., Vital Connect, Fever Smart, UE LifeSciences, Inc., Biomeme, Medtronic, Inc. and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.