Delivery of healthcare services such as diagnosis, consultation, and advice through digital means or via application of digital technology such as software, online, data analytics, etc., is known as digital health. Medical testing which do not require introduction of instruments in the body is noninvasive testing. The main reason to employ noninvasive digital testing is to improve the quality of life using advanced tools and technology. Moreover, these types of testing provides healthcare providers an easy access to patients.
The global noninvasive digital testing market is estimated to expand at a significant rate during the forecast period. Increasing demand for noninvasive testing and rise in healthcare expenses are key factors that drive the global noninvasive digital testing market during the forecast period. Furthermore, technological advancements in software, reduction of manpower, rise in investment by the companies, rise in remote care patient monitoring, higher penetration rates leading to increase in providers, and rise in demand for digital healthcare systems are major factors that are likely to propel the global market during the forecast period. Less interventional procedures, accurate results, faster results as compared to conventional testing, etc., are further driving the global noninvasive digital testing market. High cost of the devices is anticipated to restrain the noninvasive digital testing market in few developing countries during the forecast period.
The global noninvasive digital testing market can be segmented into device type, product type application, end user, and by region. In terms of device type, the global noninvasive digital testing market can be segmented into imaging devices, temperature monitoring devices, blood oxygen monitoring devices, blood pressure monitoring devices, digital Holters, and others. In terms of product, the global market can be segmented into services and software, and instruments. In terms of application, the global market can be segmented into neurology, cardiology, hepatology, metabolic, and others. The cardiology segment is anticipated to dominate the global market due to rise in number of cardiovascular disorders. In terms of end user, the global market can be segmented into hospitals, clinics, ambulatory surgical centers, and home care settings. The hospital segment is estimated to hold a prominent share of the global market due to rise in number of hospitals. The home care settings segment is anticipated to hold a significant share of the global market due to rise in healthcare awareness and improved technologies, which require less expertise.
In terms of geographical region, the noninvasive digital testing market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the market with a major share of the global noninvasive digital market. High adoption rate of the devices and increased healthcare expenditure are a few factors propelling the global market in North America. Furthermore, technological advancement, such as lesser interventions, less manpower etc., have increased the penetration rate of digital healthcare devices in the region leading to expansion of the market in the region. The Asia Pacific market is anticipated to expand rapidly during the forecast period. Asia Pacific is a highly lucrative market due the increasing geriatric population, rise in adoption of healthcare digital solutions for better standard of life, rise in awareness toward healthcare, increase in prevalence of cardiovascular diseases, etc.
Key players in the global market are adopting strategies such as mergers and acquisitions, cost effective and efficient products, collaborative partnerships, etc., to maintain a significant position in the market. For instance, Nokia’s Thermo detects temperature and syncs with the dedicated app, enabling the tracking of temperature and providing reminders. Prominent players operating in the global noninvasive digital testing market include Nokia, Cnoga Medical, Digital Diagnostic, SPRIM, and FEVERSMART.
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.