Portable Diagnostic Devices Market Scenario
Portable diagnostic devices market is anticipated to reach USD 39654.25 Million by 2030 at 8.2% CAGR during the forecast period 2022-2030.
Portable diagnostic devices are technologically advanced devices that enable the user to perform diagnosis at home, clinic or any remote area
Rising technological advancements in portable diagnostic devices is one of the prominent factors driving the portable diagnostic devices market. For instance, in 2017, EKO Devices received FDA approval for Eko Duo, which can be used as an effective ECG monitoring tool.
Various other factors such as increasing incidence of chronic condition, rising geriatric population presence of a large target patient population, rising diagnosis rate, rising patient awareness about portable diagnostic devices and improvement in treatment rates and healthcare infrastructure are also expected to propel the growth of the market.
However, cost associated with the devices, data security and lack of trained professionals can hamper the market growth over the forecast period.
The portable diagnostic devices market is segmented based on type, application, end user, and region.
The global market for portable diagnostic devices, by type is segmented into diagnostic imaging and monitoring devices. The diagnostic imaging segment is further classified as CT, X-ray, ultrasound, and endoscopes. The monitoring devices segment is further classified as cardiac monitoring, neuromonitoring, respiratory monitoring, fetal monitoring, neonatal monitoring, hemodynamic monitoring systems, vital sign monitors, and smart wearable medical device. The cardiac monitoring segment includes holter monitors, resting ECG system, stress ECG monitors, event monitoring systems, and ECG management systems.
The neuromonitoring segment includes EEG machines, EMG machines, ICP monitors, MEG machines, and cerebral oximeters. The respiratory monitoring segment includes capnographs, spirometers, and peak flow meters.
The monitoring devices segment is anticipated to hold the largest market share owing to the increasing cases of chronic conditions. The diagnostic centres are expected to grow at the highest CAGR owing to the rising demand for early diagnosis.
The market, by application, is segmented into gynecology, cardiology, gastrointestinal, urology, neurology, respiratory, orthopedics, and others.
Based on end user, the market is segmented into hospitals, clinics, diagnostic centres, homecare settings, and others.
In the current scope of the study, the above-mentioned segments are covered into the four global regions, namely the Americas, Europe, Asia-Pacific and the Middle East & African region.
The portable diagnostic devices market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European portable diagnostic devices market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The portable diagnostic devices market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The portable diagnostic devices market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Portable Diagnostic Devices market Share (%), by Region, 2017
Sources: MRFR Analysis
The Americas dominated the global market for portable diagnostic devices owing to presence of major market players and rising healthcare pending within the region. In the United States, the total healthcare spending reached USD 3.5 trillion in 2017. It is also estimated that the US healthcare spending would reach USD 5.7 trillion by 2026.
In 2017, it was estimated that Europe stood second in the global portable diagnostic devices market. This can be attributed to the rising research and development investments.
Asia Pacific was projected to be the fastest growing region in 2017. Factors such as growing healthcare sector and increasing technological advancements within the region are boosting the regional markets of the Asia Pacific region. For instance, South Korea-based Healcerion received FDA approval for Sonon 300L handheld ultrasound device in 2018.
On the other hand, the Middle East and Africa held least share in the portable diagnostic devices market due to the low per capita income, especially within the African region.
Some of the key players in the portable diagnostic devices market are Koninklijke Philips N.V, Medtronic PLC, General Electric Company, OMRON Corporation, Samsung, and F. Hoffmann-La Roche Ltd., PixCell, PT. RAFA Topaz Utama, Siemens AG, Alere, Inc., Instrumentation Laboratory, PTS Diagnostics, Beckman Coulter, Inc., Sorin Group, Schiller AG, Zoll Medical, Cardiac Science, HeartSine, Hologic, PhysioControl, Cooper Surgical, and others.
Market Research Future research is conducted by industry experts who offer insights into industry structure, market segmentation, assessment, Competitive Landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~ 80%) and secondary research (~ 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analysing historical trends and current market positions. Furthermore, the varying trends of segments and categories geographically presented are studied and are estimated based on the primary and secondary research.
Extensive primary research was conducted to gain a deeper insight of the market and the industry performance. In this particular report we have conducted primary surveys (interviews) with key level executives (VPs, CEOs, Marketing Directors, Business Development Managers, and many more) of major players who are active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed, over the next five to ten years.
Secondary research was mainly used to collect and identify information useful for extensive, technical, market-oriented, and commercial study of the portable diagnostic devices. It was also used to obtain key information about major players, market classification, and segmentation according to industry trends, geographical markets, and developments related to the market and perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company web sites, international organization of chemical manufacturers, some paid databases, and many others.
Market Segmentation and Key Market Players
Portable Diagnostic Devices Market, by Type
Portable Diagnostic Devices Market, by Application
Portable Diagnostic Devices Market, by End User
|Market Size||2030: USD 39654.25 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Koninklijke Philips N.V, Medtronic PLC, General Electric Company, OMRON Corporation, Samsung, and F. Hoffmann-La Roche Ltd., PixCell, PT. RAFA Topaz Utama, Siemens AG, Alere, Inc., Instrumentation Laboratory, PTS Diagnostics, Beckman Coulter, Inc., Sorin Group, Schiller AG, Zoll Medical, Cardiac Science, HeartSine, Hologic, PhysioControl, Cooper Surgical, and others|
|Key Market Opportunities||
|Key Market Drivers||Rising technological advancements in portable diagnostic devices|
The Portable Diagnostic Devices Market would grow with 8.2% CAGR during the forecast period of 2022 to 2030.
Lack of data security, cost of devices, and lack of trained professionals can deter the growth rate of the Portable Diagnostic Devices Market.
Americas has the maximum Portable Diagnostic Devices Market share.
Asia Pacific has the scope to beat others in growth rate.
Ease of application is the prime factor to drive the Portable Diagnostic Devices Market ahead.