A Broad Analysis of the “Global Portable Diagnostic Devices Market Research Report- Forecast To 2023 “methodology of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the industry performance.
Portable Diagnostic Devices Market – Scenario
Market Research Future asserts that the global portable diagnostic devices market is estimated to demonstrate 10.6% CAGR throughout the assessment period (2018–2023). Increasing technological advancement is one of the major factors favoring the market growth.
Portable Diagnostic Devices are referred to as technologically advanced devices which enable the users to perform a diagnosis at the clinic, home, or any remote area. They are wireless communication interfaces with long battery life and also share robust processing of data in order to provide sophisticated user interface among the patients.
Such devices can communicate with an individual patient and a physician with the help of several types of networks like WMAN, WLAN, WWAN, and WPAN. Devices like blood glucose meters, weight scales, and blood pressure connect data with medical cloud hub in order to maintain personal medical records which are further stored in a secured place.
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.
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Global Portable Diagnostic Devices Market – Segmental Analysis
The portable diagnostic devices market 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.
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 in 2017 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.
On the contrary, high cost associated with such devices, lack of trained professionals and data security are the major concerns estimated to impede the market growth throughout the appraisal period. Despite such hiccups, investments by the government coupled with the introduction of portable devices for cardiovascular, urological, neurological, and others are estimated to create new opportunities for portable diagnostic devices market in the coming years.
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Detailed 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.
The Asia Pacific region is estimated to expand at the fastest growth rate throughout the forecast period. Factors like surging technological advancements within the region are propelling the regional growth. For instance, South Korea-based Healcerion had received the FDA approval for Sonon 300L handheld ultrasound device in the year 2018.
A biomedical engineering assistant professor at Purdue University, Jacqueline Linnes has been developing a technology along with her team that can make lab detection tests portable as well as faster. This first paper-based device can help to detect HIV nucleic acids from the blood of a finger prick within 90 minutes.
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