Published Date : September, 2020   |   Report ID : 1014684   |   Report Format : PDF   |   Delivery Time : 48-72 Business Hours   |   Category : Healthcare & Pharmaceuticals

Analyzing Impact of COVID-19 on Digital Diagnostics Market

Evaluating Financial Stability During & Post Pandemic

We understand the intense effect of the coronavirus on numerous businesses across the globe, affecting the opportunities, marketing strategies, and pricing models, that are further affecting the growth of the businesses worldwide. We provide updated pointers in this economic pandemic to help the conglomerates to sustain in these uncertain and challenging times and ensure that they take affirmative business decisions. Know More

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The Research Report is Updated with 2020 Base Year, 2021 Estimated year and Forecast till 2030 with Market Insights.

With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2020 as base year, 2021 as estimated year and forecast to 2030. This will have market drivers, recovery rate in the market, insights and competitive analysis.

Introduction and Overview

The global Digital Diagnostics market is estimated to attain significant progress over the next few years, owing to access to better medical facilities and healthcare services and new medical innovations taking place all over the world. Between 2018 and 2027, the United States (U.S.) health spending is anticipated to achieve a yearly average growth rate of 5.5% and reach an estimated value of USD 6 trillion by 2027, as a result of increase in prices of healthcare products and services during the period. The three key sectors coming under healthcare expenditure consist of prescription drugs, hospital spending and physician and clinical services. The estimated growth rate of prescription drugs in the U.S. was 3.3% in 2018 and is estimated to further observe a growth rate of 4.6% in 2019. The spending on prescription drugs is estimated to rise by an average of 6.1% per year for the period (2020-2027). In 2019, the estimated growth rate of expenditure on hospitals was 5.1% in 2019 as compared to 4.4% in 2018. On an average, the projected growth rate for the period 2020-2027 is 5.7%. As a result of the current trend, a rise in spending is being observed on Medicare and Medicaid which is accompanied by rise in wages as well as employment rates that is mainly helping the healthcare industry. An estimated growth rate of 4.9% in physician and clinical services expenditure was recorded in 2018 and had reached a growth rate of 5.4% in 2019, with spending on physician and clinical services estimated to grow at an average of 5.4% every year during the period (2020-2027). The global Digital Diagnostics market study contains a descriptive evaluation of the trends and developments in the market, including the overall market scope and annual growth rate in terms of various parameters being revenue, market segmentation, growth indicators and opportunities along with challenges affecting the growth of the market. The global Digital Diagnostics market is estimated to attain notable absolute $ opportunity value in 2027 as compared to the value achieved in 2019.

Our study presents an extensive analysis that determines relationship between independent and dependent variables through correlation and regression, combined with supply and demand risks associated with the growth of the market. Additionally, a separate section on macro-economic indicators that are affecting the growth of the market has been included in the report.

Top Macro-Economic Indicators Impacting the Growth:

With Medicare, Medicaid, private health insurance and out-of-pocket healthcare expenditure rising continuously, the healthcare industry is anticipated to witness noticeable growth over the forecast period (2019-2027). The growth rate of Medicare services was estimated at 5.9% in 2018, on account of increasing demand for Medicare services and is expected to reach an estimated 7.1% in 2019. On the other hand, the projected growth rate on an average is anticipated to reach 7.6% per year during the period 2020-2027. Medicaid spending grew at a comparatively slower rate of 2.2% in 2018 and is estimated to grow at 4.8% in 2019. The expenditure on Medicaid is estimated to grow at an average of 6% per year. During the period 2020-2027, private health insurance expenditure is anticipated to grow by an average of 5.1% per year, while average annual growth rate of out-of-pocket spending on healthcare is estimated at about 5% during the same period.

The 2018 EU Industrial R&D Investment Scoreboard consists of investments made by 2500 companies in the research and development sector of various industries. The health sector occupied about 7.7% share in 2018 by holding the second highest position, out of the worldwide growth of R&D sector. Additionally, the global healthcare industry saw an improvement in its employment prospects, with the number of persons employed increasing from 2.5 million in 2008 to 3.5 million in 2017. On the other hand, in Europe region, the number of persons employed rose from 1 million in 2008 to 1.4 million in 2017. The developments in this industry are having a noteworthy impact on growth of the global Digital Diagnostics market and thus are predicted to boost the growth of the market substantially over the forecast period.

Export and Import Scenario by Regions, (USD Thousands), 2017

Geographic Overview

A separate section in the report highlights regional scenario in market which includes North America (further segregated into U.S. and Canada).

The report further includes a section on European region which is further segmented on a country/regional level including Germany, U.K., France, Italy, Spain, BENELUX, Netherlands, NORDIC, Poland, Hungary, Russia, Turkey, and Rest of Europe.

In the Asia Pacific Digital Diagnostics market, the report studies China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific. In the Latin America section, an in-depth analysis on Mexico, Brazil, Argentina and Rest of Latin America is covered. Middle East and Africa region have been further identified for the Digital Diagnostics market demand and segregated into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa.

Competitive Landscape

A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.

Key Topic Covered

  • Market Size, Demand, Y-o-Y Growth Comparison
  • Market Segmentation Analysis
  • Market Segmentation Analysis by Geography
    • North America (U.S. and Canada)
    • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
    • Europe (Germany, France, UK, Spain, Italy, BENELUX, NORDIC, Russia, Poland, Turkey, Hungary, Rest of Europe)
    • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
    • Middle East and Africa (GCC, North Africa, South Africa, Rest of Middle East and Africa)
  • Absolute $ Opportunity
  • Regional Average Pricing Analysis
  • Demand and Supply Risk
  • Regulatory Landscape
  • Regression and Correlation Analysis
  • Porters Five Force Model
  • Market Dynamics
    • Growth Drivers
      • Demand Side Drivers
      • Supply Side Drivers
      • Economy Side Drivers
    • Challenges
    • Trends
    • Opportunities
  • Macro-economic Indicators impacting the growth of the market
  • Competitive Landscape
    • Market Share of the companies
    • Competitive Positioning of the companies
    • Overview of the companies
    • Key Product Offerings
    • Business Strategies
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • SWOT Analysis
    • Recent Developments
    • Regional Presence

Major Target Audience for this report:

  • Manufacturers of the product
  • Suppliers of raw materials
  • Distributors
  • Strategic and management consulting firms
  • Investors
  • Investment banks
  • Various regulatory and Government bodies
  • Industrial Associations
  • Research Organizations and institutes
  • Organizations, alliances and forums related to this market

Crucial Questions Answered in this report:

  • How the market is going to be impacted based upon the macroeconomic indicators?
  • What are the various opportunities in Digital Diagnostics market?
  • Which segment and which country has the fastest growth?
  • Complete analysis of the competitive landscape
  • Where the maximum opportunity lies in terms of further investments by region?
  • Potential countries for investment

Scope for the Customization:

We are open for the customization of this report for our client.

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