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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.
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.
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.
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.
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