Market Summary
Global Portable Diagnostic Devices Market Overview
Portable Diagnostic Devices Market size was valued at USD 60.44 billion in 2022. The Portable Diagnostic Devices market industry is projected to grow from USD 120.80 Billion in 2030 to USD 149.27 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.04% during the forecast period (2023 - 2032). The growing technological advancements and increasing incidences of chronic diseases are driving market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Portable Diagnostic Devices Market Trends
- The growing technological advancements boosts the market growth.
The growing technological advancements in portable diagnostics offer benefits such as affordability, patient safety, and rapid & quality diagnosis. The market players are bringing new technologies into portable devices, such as 3D ultrasound, advanced features and tools at fingertips, and wireless ultrasound, which are driving the market's growth. For instance, February 2023: Mindray (China) launched the wireless handheld ultrasound system TE Air, which is specifically designed to meet the demand of global healthcare professionals. It is simple to use in a variety of medical settings and provides clear point-of-care ultrasound (POCUS) imaging.
Furthermore, the rise in chronic diseases is an imperative factor propelling market growth. Cancer, heart disease, diabetes, obesity, and chronic respiratory diseases are among the most common and rapidly increasing chronic diseases. In September 2022, the Global Initiative for Chronic Obstructive Lung Cancer announced that approximately 200 million people worldwide have chronic obstructive pulmonary disease (COPD) and 262 million people are affected by asthma each year.
Portable Diagnostic Devices Market Segment Insights
Portable Diagnostic Devices Type Insights
The Portable Diagnostic Devices Market segmentation is based on type, segmented into diagnostic imaging and monitoring devices. The diagnostic imaging is further segmented into CT, X-ray, ultrasound and endoscopes. Furthermore, monitoring devices are segmented into cardiac monitoring, neuromonitoring, respiratory monitoring, ophthalmic monitoring, hemodynamic monitoring systems, vital sign monitors, smart wearable medical device and others. Moreover, cardiac monitoring further bifurcated into Holter monitors, resting ECG system, stress ECG monitors, event monitoring systems, and ECG management systems. Also, neuromonitoring further segmented into EEG machines, EMG machines, ICP monitors, MEG machines, and cerebral oximeters. Further, respiratory monitoring segment into capnographs, spirometers, and peak flow meters. Lastly ophthalmic monitoring further segmented into fundus cameras, tonometry devices, and others. The diagnostic imaging segment dominated the market in 2021 and is projected to be the fastest growing during the forecast period, 2023-2032.
November 2022: Koninklijke Philips N.V. launched next-generation compact portable ultrasound solution at the Radiological Society of North America (RSNA) aims to bring the diagnostic quality associated with premium cart-based ultrasound systems to more patients.
Portable Diagnostic Devices Application Insights
The Portable Diagnostic Devices Market segmentation is based on application segmented into gynecology, cardiology, gastrointestinal, urology, neurology, respiratory, orthopedics, ophthalmology, and others The cardiology segment dominated the market in 2022 and projected to be the fastest-growing during the forecast period, 2023–2032.
Figure 2: PORTABLE DIAGNOSTIC DEVICES MARKET, BY APPLICATION, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Portable Diagnostic Devices End User Insights
The Portable Diagnostic Devices Market segmentation is based on end user segmented into hospitals & clinics, diagnostic centers, homecare setting and others. The hospitals and clinics segment dominated the market in 2022 and projected to be the fastest-growing during the forecast period, 2023–2032.
Portable Diagnostic Devices Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Portable Diagnostic Devices market accounted for the largest market share in 2022. This is due to the rising demand for portable devices, high treatment rates, and supportive government initiatives for early diagnosis of diseases is also expected to foster North America’s market growth.
Further, the major countries studied are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: PORTABLE DIAGNOSTIC DEVICES MARKET SHARE BY REGION 2022 & 2032
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Portable Diagnostic Devices market accounts for the second-largest market share due to the Rising adoption of advanced medical devices, high treatment rates and supportive government initiatives for early disease detection is also expected to support the growth of the market. further, the Germany Portable Diagnostic Devices market was attributed to hold the largest market share, and the UK Portable Diagnostic Devices market is expected to fastest-growing market in the European region.
The Asia-Pacific Portable Diagnostic Devices market is expected to grow at a significant share from 2023 to 2032. This is due to factors such as the rise in the geriatric population, the growing prevalence of diabetes, escalating incidences of heart diseases, and an increase in disposable income along with the adoption of smart wearables is further expected to boost the market growth. Moreover, China Portable Diagnostic Devices market is expected to hold the largest market share, and India Portable Diagnostic Devices market is expected fastest-growing market in the Asia-Pacific region.
The Rest of the World is segmented into the Middle East, Africa, and Latin America. The portable diagnostic devices market in the above-mentioned regions is likely to witness growth due to Increasing demand for innovative imaging modalities and increase in cases of chronic diseases drive the growth of the Portable Diagnostic Devices market in the Rest of the World.
Portable Diagnostic Devices Key Market Players & Competitive Insights
The Portable Diagnostic Devices Market is characterized by the presence of many global, regional, and local vendors catering to the demand created by research scientists and pharmaceutical and biotechnology companies operating in the industry. The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach across the globe with diverse product portfolios. Companies such as include GE Healthcare, F. Hoffmann-La Roche Ltd, Abbott, Medtronic, and Koninklijke Philips N.V. among others, dominate the Portable Diagnostic Devices Market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in research and development. Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.
One of the primary business strategies adopted by manufacturers in the global portable diagnostic devices industry to benefit clients and expand the portable diagnostic devices market sector is to manufacture locally to reduce operating costs.
- Hoffmann-La Roche Ltd (Roche) is one of the leading companies in the field of diagnostics and pharmaceuticals. It develops and markets products for the diagnosis & treatment of anemia, cancer, anticoagulation therapy, cardiovascular diseases, diabetes, central nervous system, chlamydia, dermatology, gonorrhea, gout, hepatitis B and C, hemostasis disorders, HIV/AIDS, HPV, infectious diseases, and autoimmune diseases. The company supplies in-vitro diagnostics and drugs for cancer and transplantation. Moreover, it specializes in the field of molecular diagnostics and medicines for oncology, virology, inflammation, metabolism, central nervous system (CNS), clinical chemistry, immunology, urinalysis, blood screening, genetics, infectious diseases, and microbiology. In addition, the company has offices and subsidiaries throughout the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
Also, GE Healthcare is part of the General Electric Company. The company's products are sold worldwide, primarily to hospitals, medical facilities, pharmaceutical and biotechnology companies, and the life science research industry. The company provides healthcare technologies in medical imaging, digital solutions, patient monitoring, diagnostics, drug discovery, biopharmaceutical manufacturing technologies, and performance enhancement solutions. General Electric Company has a strong presence in the global market in more than 160 countries.
Key Companies in the Portable Diagnostic Devices Market include.
- Hoffmann-La Roche Ltd
- GE Healthcare
- Medtronic
- Omron Healthcare Inc.
- Koninklijke Philips N.V.
- Abbott
- COM
- Stryker
- Wellue
- EMAY
Portable Diagnostic Devices Industry Developments
January 2021: Koninklijke Philips N.V. introduced Lumify portable smart device ultrasound solution in Japan to enable powerful diagnostics at the medical centers.
February 2021: Koninklijke Philips N.V. launched portable monitoring kit for remote patient management. The new Philips Medical Tablet is an end-to-end, easy-to-implement kit which has been designed to support clinicians to remotely monitor larger patient populations during emergency situations such as Covid-19 pandemic.
May 2022: GE Healthcare (US) and Alliance Medical (UK), collaborated to improve patient access to diagnostics and enhance radiology productivity using data analytics and AI.
Portable Diagnostic Devices Market Segmentation
Portable Diagnostic Devices Type Outlook
-
Diagnostic Imaging
- CT
- X-Ray
- Ultrasound
- Endoscopes
-
Monitoring Devices
-
Cardiac Monitoring
- Holter Monitors
- Resting ECG System
- Stress ECG Monitors
- Event Monitoring Systems
- ECG Management Systems
-
Cardiac Monitoring
-
Neuromonitoring
- EEG Machines
- EMG Machines
- ICP Monitors
- MEG Machines
- Cerebral Oximeters
-
Respiratory Monitoring
- Capnographs
- Spirometers
- Peak Flow Meters
-
Ophthalmic Monitoring
- Fundus Cameras
- Tonometry Devices
- Others
- Hemodynamic Monitoring Systems
- Vital Sign Monitors
- Smart Wearable Medical Device
- Others
Portable Diagnostic Devices Application Outlook
- Gynecology
- Cardiology
- Gastrointestinal
- Urology
- Neurology
- Respiratory
- Orthopedics
- Ophthalmology
- Others
Portable Diagnostic Devices End User Outlook
- Hospitals and Clinics
- Diagnostic Centers
- Homecare Settings
- Others
Portable Diagnostic Devices Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
-
Rest of the World
- Middle East
- Africa
- Latin America
Market Size & Forecast
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 60.44 billion |
| Market Size 2030 | USD 120.80 billion |
| Market Size 2032 | USD 149.27 billion |
| Compound Annual Growth Rate (CAGR) | 9.04% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Diagnosis and Treatment, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea. |
| Key Companies Profiled | F. Hoffmann-La Roche Ltd, GE Healthcare, Medtronic, Omron Healthcare Inc., Koninklijke Philips N.V., Abbott, SAMSUNGHEALTHCARE.COM, Stryker, Wellue, and EMAY |
| Key Market Opportunities | Increasing funding and investment through a public and private organizations |
| Key Market Dynamics | Growing technological advancements Increasing incidences of chronic diseases |
Leave a Comment