Digital Screening, Monitoring and Diagnostics Market is projected to reach a value of $178.45 billion by 2030

According to the report published by Virtue Market Research, the Global Digital Screening, Monitoring and Diagnostics Market was valued at $43.2 billion in 2022 and is projected to reach a market capitalization of $178.45 billion by 2030. Over the forecast period of 2023-2030, the market is anticipated to grow at a CAGR of 19.4% owing to an increase in advancement in technology.

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The need for digital screening, monitoring, and diagnostics is being driven by the increase in the prevalence of chronic diseases including diabetes, cancer, and cardiovascular disease. Today's modern persistent need for continuous monitoring and control of chronic disorders is met by a simple and affordable option offered by digital technology. Throughout the world, chronic illnesses cause more than 70% of all deaths, and the World Health Organization predicts that this percentage will go up in the years to come. Therefore, a sizable market potential currently exists for digital screening, monitoring, and diagnostic technologies that can assist in the treatment and prevention of sickness.

Advancements in digital technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) are driving the growth of the digital screening, monitoring, and diagnostics market. These technologies enable the development of more sophisticated and accurate screening and diagnostic tools and allow for the real-time monitoring of patients. For example, wearable devices and mobile apps that use AI and ML algorithms can monitor patients' vital signs, activity levels, and medication adherence, providing healthcare providers with real-time data that can be used to adjust treatment plans and prevent adverse events. These technological advancements are making digital screening, monitoring, and diagnostic technologies more accessible and affordable, and are expected to drive the growth of the market in the coming years. The growing use of telehealth and remote patient monitoring (RPM) technologies is a significant market trend in digital screening, monitoring, and diagnostics. By the use of digital tools like smartphone applications, wearable technology, and communication tools, telehealth and remote patient monitoring (RPM) enable healthcare practitioners to monitor patients from a distance. Since healthcare professionals seek to deliver care while decreasing face-to-face encounters, the COVID-19 epidemic has hastened the use of telehealth and RPM solutions. The ability to get treatment in one's own home, which lowers the need for hospital trips and enhances patient outcomes, is one of the main advantages of telehealth and RPM solutions. The rising desire for individualised treatment is one significant market potential in digital screening, monitoring, and diagnostics. Customizing medical care to a patient's particular genetic, environmental, and lifestyle characteristics is known as personalised medicine. Personalized medicine is becoming a reality because of developments in digital technologies like genomics, bioinformatics, and data analytics, which make it possible to gather, analyse, and interpret vast volumes of patient data. The COVID-19 pandemic has had a substantial influence on the market for digital screening, monitoring, and diagnostics. The pandemic has expedited the use of these technologies, as both patients and healthcare professionals strive to limit in-person encounters and lower the danger of viral exposure. As a result, the market for digital screening, monitoring, and diagnostics has expanded rapidly, with many firms developing new products and services to match the rising demand for digital health solutions.

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Segmentation Analysis:
The Global Digital Screening, Monitoring and Diagnostics Market segmentation includes:

By Type:
• mHealth
• Wireless Sensor Technology
• Telehealth
• Wearable Device
• Remote Patient Monitoring

In the upcoming years, RPM is anticipated to experience tremendous growth. Data from patients is gathered and transmitted via wireless sensors to healthcare professionals. These sensors may be integrated into a variety of gadgets, including smart home appliances, wearable technology, and medical gear, enabling remote monitoring and the early diagnosis of health problems. Mobile health is the practise of delivering healthcare services using portable electronics like smartphones and tablets. A variety of uses for mHealth technology exist, including screening, monitoring, and diagnosis. Using digital tools, usually from the comfort of a patient's home, remote patient monitoring entails keeping an eye on patients remotely. This may involve utilising telemedicine services, smartphone apps, and wearable technology. Overall, a large range of technologies and applications, each with unique advantages and disadvantages, are included in the digital screening, monitoring, and diagnostics market.

By Product:
• Diagnostic Monitoring Devices
• Therapeutic Monitoring Devices

It is projected that the market for diagnostic monitoring devices would grow significantly in the future years. Neurological issues and sleeping patterns are monitored using diagnostic monitoring instruments. To track and administer therapeutic treatments for specific medical diseases, therapeutic monitoring devices are employed.

Overall, these monitoring devices are crucial for the early detection, diagnosis, and management of a number of medical disorders, providing patients with individualised and precise healthcare solutions. The sophistication of these monitoring tools is increasing as technology advances, enabling healthcare professionals to provide better care and improve patient outcomes.

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Regional Analysis:
In the upcoming years, the digital screening, monitoring, and diagnostics market will have the fastest growth in the Asia-Pacific region. The market for digital screening, monitoring, and diagnostics is dominated by North America, due to the region's advanced healthcare infrastructure, kind reimbursement practises, and rising expenditures in healthcare IT. Digital screening, monitoring, and diagnostics have their second-largest market in Europe. The market expansion in Europe is being driven by the expanding use of digital health technology, supportive governmental regulations, and the rise in chronic illness prevalence. Latin America is an emerging market for digital screening, monitoring, and diagnostics, with increasing investments in healthcare infrastructure, and rising healthcare expenditure. The Middle East and Africa region are also witnessing significant growth in the digital screening, monitoring, and diagnostics market, owing to the increasing adoption of digital health technologies.

Latest Industry Developments:
• In January 2021, the US Food and Drug Administration (FDA) granted Breakthrough Device Designation to Eko's cardiac monitoring device, which uses artificial intelligence to detect heart murmurs and atrial fibrillation. This designation will help to expedite the device's regulatory review and approval.

• In February 2021, Biofourmis, a digital therapeutics company, received 510(k) clearance from the FDA for its Biovitals RhythmAnalytics platform. The platform uses artificial intelligence to detect cardiac arrhythmias from continuous ECG monitoring, enabling early detection and intervention.

• In March 2021, Becton, Dickinson and Company (BD) launched its BD Veritor™ Plus System for rapid antigen testing of COVID-19 in the United States. The system provides digital results within 15 minutes and is designed for use in point-of-care settings.

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This release was published on openPR.