Portable Diagnostic Devices Market Research Report: By Type (Diagnostic Imaging (CT, Ultrasound others) and Monitoring Devices (Cardiac, Neuromonitoring, others))), Application (Gynecology, Urology others), End User – Global Forecast Till 2023
The Global Portable Diagnostic Devices Market is expected to grow at an approximate CAGR of 10.6% during forecast period, 2018–2023.
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.
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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.
Some of the key players in the global 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.
The Global 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.
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 global portable diagnostic devices market due to the low per capita income, especially within the African region.
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