Portable diagnostic devices market outlook and analysis by type, monitoring devices, application and end user –forecast till 2032. Market Research Future asserts that the global portable diagnostic devices market is estimated to demonstrate 9.04% CAGR throughout the assessment period (2022-2032). One of the key elements encouraging industry expansion is the rapid advancement of technology. The phrase "portable diagnostic devices" describes cutting-edge tools that enable users to carry out a diagnosis in a clinic, home, or in any other remote place. They share robust data processing and feature durable wireless connection interfaces to provide patients with a sophisticated user interface. WMAN, WLAN, WWAN, and WPAN are just a few of the networks that these devices can use to connect with both a single patient and a doctor. In order to store patient medical records securely, medical cloud hubs are connected to equipment like blood glucose metres, scales, and blood pressure monitors.
Market Potential and Pitfalls
With augmenting technological advancements in portable diagnostic devices, the global market for portable diagnostic devices is likely to experience an upthrust. For instance, EKO Devices had received approval from the FDA for Eko Duo which can be used as an ECG monitoring tool. Factors such as accelerating geriatric population, augmenting incidences of chronic conditions, the increasing rate of diagnosis, the presence of a target patient pool, and growing patient awareness associated with portable diagnostic devices coupled with the improving treatment rates and healthcare infrastructure are anticipated to foster the growth of the market throughout the forecast period. Portable diagnostic devices also enable the ease of diagnostic tests and enable homecare settings.
Information and communication technologies are extensively used in the healthcare sector which has led to advancements in the ICT-based medical devices. Portable medical devices are integrated with ICT and enable the user to perform diagnosis at home, thereby reducing office visits. Such devices are cheaper than the conventional ones used by physicians. Such factors are propelling the market to a great extent. Moreover, the augmenting need for early diagnosis is anticipated to propel the market growth. The need for medical diagnostic devices in developing and remote areas are difficult to access, which is increasing the adoption of portable diagnostic devices.
In contrast, it is predicted that the key issues impeding market growth over the course of the evaluation period would be the high cost connected with such devices, a shortage of educated specialists, and data security. Despite these setbacks, it is anticipated that government funding and the development of portable devices for cardiovascular, urological, neurological, and other applications will lead to new market prospects for portable diagnostic equipment in the years to come.
Competitive Dashboard
The prominent players operating the global portable diagnostic devices market are Cardiac Science, Koninklijke Philips N.V, Sorin Group, Hologic, Siemens AG, OMRON Corporation, Beckman Coulter Inc., General Electric Company, Schiller AG, PhysioControl, Zoll Medical, Instrumentation Laboratory, Samsung, PT. RAFA Topaz Utama, Cooper Surgical, HeartSine, Alere Inc., F. Hoffmann-La Roche Ltd., PTS Diagnostics, PixCell, Medtronic PLC, and others.
Global Portable Diagnostic Devices Market: Segmental Analysis
The portable diagnostic devices market share has been segmented on the basis of application, type, and end user.
By mode of type, the portable diagnostic devices market has been segmented into diagnostic imaging and monitoring devices. Among these, the monitoring devices segment is considered to occupy the largest market share and is estimated to retain its dominance in the coming years. The growth is credited to the augmenting cases of chronic conditions.
By mode of application, the portable diagnostic devices market has been segmented into cardiology, gynecology, urology, gastrointestinal, respiratory, neurology, orthopedics, and others.
By mode of end-users, the portable diagnostic devices market has been segmented into clinics, hospitals, diagnostic centers, hospitals, home care settings, and others. Among these, the homecare setting is predicted to experience the highest growth rate owing to the increasing demand for home-based treatment.
Regional Insights
Geographically, the portable diagnostic devices market span across regions namely, Europe, America, Asia-Pacific, and the Middle East Africa.
Among all the regions, the American region is predicted to dominate the global market for portable diagnostic devices and is estimated to retain its dominance throughout the forecast period. The growth is credited to the presence of major market giants coupled with the augmenting healthcare infrastructure in this region. The total healthcare spending in the U.S. reached USD 3.5 trillion in 2017.
Throughout the projected period, it is predicted that the Asia Pacific area will grow at the quickest rate. The region's expansion is being fueled by factors including the region's rapidly advancing technology. For instance, the Sonon 300L handheld ultrasound equipment manufactured by South Korean company Healcerion has FDA certification.
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