Portable Diagnostic Devices Market Insights:
Portable diagnostic devices market was valued at USD 39.5 Billion in 2021, registering a CAGR of 10.5% during the forecast period (2022-2030), and the market is projected to be worth USD 97.02 Billion by 2030. The expansion of portable diagnostic devices is intended for reliable and fast detection of specific biomarkers of multiple chronic diseases such as kidney and spinal disorders, cardiovascular diseases, and cancer, especially in the geriatric population. For instance, according to the United Nations report in 2020, over 727 million global population accounted for people aged 65 years and above. The aged population is expected to double by 2050 and is anticipated to reach over 1.5 billion. Thus, the increased use of portable diagnostic devices in the healthcare industry for precise real-time diagnosis, monitoring, and customized treatment of diseases in the aged population is estimated to witness substantial growth during the forecast period.
Furthermore, the leading market players are initiating investments for the ease of accessibility to diagnostic devices. For instance, the key industry player in portable medical devices, HeartSine Technologies, produced the Public Access Defibrillators which play a significant role in saving the life of a person having a cardiac arrest. Thus, such investments from key market players boost the growth of the portable diagnostic devices market. Based on region, in 2021, North America contributed the largest revenue share of over 41.8% to the portable diagnostic devices market growth. The factors such as the increased government support initiatives and rising spending on healthcare infrastructure contributed to the growing demand for portable diagnostic devices. Thus, the above-mentioned factors are anticipated to contribute to the growth of the portable diagnostic devices market during the forecast period.
Portable Diagnostic Devices Market Dynamics:
Portable diagnostic devices are technologically advanced instruments that aid users in diagnostic purposes at the home, clinic, or other areas. The diagnostic devices are wireless communication interfaces that also share robust data processing such as weight scales, blood glucose meters, and blood pressure as patient data to the personal medical records.
Driver:
The growing need for diagnostic devices in the aged population and increased preference for minimally intrusive and portable medical technologies such as insulin pumps, oxygen concentrators, image-guided therapy systems, and other healthcare devices boost the growth of portable diagnostic devices market during the forecast period. Furthermore, the rising demand for preventive healthcare owing to the early diagnosis of illnesses, increased adoption of smart wearable technology such as smartwatches and trackers for monitoring real-time patient vitals and aggregate investments from government bodies fuel the growth of the portable diagnostic devices market.
Restraint:
The increased cases of malware infections and security breaches combined with concerns related to the security of portable medical electronic devices are expected to obstruct the growth of the portable diagnostic devices market. Additionally, the high cost of maintenance and renovation of devices, and compatibility-related concerns such as mechanical endurance and protection against electrical hazards also obstruct the growth of the portable diagnostic devices market.
Opportunity:
The factors such as the growing need for alternative wearable technologies, increased emphasis on the easy accessibility of diagnostic devices to people, and the expansion of medical diagnostic devices in developing or remote areas are expected to create profitable opportunities for the growth of the portable diagnostic devices market.
COVID-19 Analysis of Portable Diagnostic Devices Market:
The portable diagnostic devices market has been significantly impacted due to the COVID-19 pandemic in many different parts of the world. The factors such as poor supply chain, slow medical device manufacturing rate, reduced patient visits to hospitals, and economic slowdown are the major impacts of COVID-19 that hampered the growth of the portable diagnostic devices market. Shipments were impacted during the initial lockdown due to a labor shortage and the closure of a manufacturing facility. In the Asia Pacific region, the pandemic’s initial effects in China were tremendous. However, the nation’s circumstances have stabilized. As a result, it is determined that COVID-19’s overall impact on the portable diagnostic devices market is moderate. Post covid-19 there was a positive impact on the portable diagnostic devices market. In 2020, multiple medical devices such as computed tomography (CT) scanning systems, mobile radiographic digital equipment, X-rays, portable aspirators, and ultrasound for the diagnosis of COVID-19 patients.
Portable Diagnostic Devices Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 97.02 Billion |
| CAGR (2022-2030) | 10.5% |
| By Type | Diagnostic Imaging (CT, X-ray, Ultrasound, Endoscope), Therapeutics (Insulin Pump, Nebulizer, Oxygen Concentrator, Image-guided Therapy Systems), Monitoring Devices (Cardiac Monitoring (Holter Monitors, Resting ECG System, Stress ECG Monitors, Event Monitoring Systems, (Electrocardiography) ECG Management Systems), Neuromonitoring (Electroencephalography (EEG) Machines, Electromyography (EMG) Machines, Intracranial pressure (ICP) Monitors, Magnetoencephalography (MEG) Machines, Cerebral Oximeters) Respiratory Monitoring (Capnographs, Spirometers, Peak Flow Meters) Fetal Monitoring, Neonatal Monitoring, Hemodynamic Monitoring Systems, Vital Sign Monitors), Smart Wearable Medical Devices |
| By Application | Gynecology, Cardiology, Gastrointestinal, Urology, Neurology, Respiratory, Orthopedics, and Others |
| By End-Use | Hospitals, Clinics, Diagnostic Centers, Homecare Settings, Others |
| By Geography | North America– (U.S., Canada, Mexico)
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe) Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific) Latin America- (Brazil, Argentina, Chile, Rest of Latin America) Middle East and Africa- (GCC, Turkey, Israel, and the Rest of MEA) |
| Key Players | HeartSine, Hologic, Roche Diagnostics, Cooper Surgical, GE Healthcare, Sorin Group, Schiller AG, Zoll Medical, Philips, Cardiac Science, Abbott Laboratories |
Portable Diagnostic Devices Market Segment Analysis:
By Type
The type segment is divided into diagnostic imaging, monitoring devices, therapeutics, and smart wearable medical devices. The diagnostic imaging segment is anticipated to contribute the largest share to the growth of portable diagnostic devices market due to the increased technological advancements in diagnostic imaging for bedside monitoring purposes and the growing preference among medical professionals for surgical imaging guidance. Additionally, the factors such as fast and precise diagnostic information, non-invasive diagnostic imaging procedures, and low-cost devices are expected to contribute to the growth of the diagnostic imaging segment during the projected period. Furthermore, the monitoring devices segment is projected to contribute the largest revenue share of over USD 23.5 billion owing to technological advancements and the rise in the approvals of new devices for remote patient monitoring. The factors such as real-time access to physical patient vitals such as pulse rate, body temperature, and blood pressure levels through smartwatches and trackers, reduced errors in diagnostic information, and early detection of severe symptoms in patients are anticipated to support the growth of monitoring devices segment in the forecast period.
By Application
The application segment is separated into gynecology, cardiology, gastrointestinal, urology, neurology, respiratory, orthopedics, and others. The other segment which consists of musculoskeletal, oncology, vascular, thoracic, and metabolic applications is anticipated to contribute the largest share of over 35.8% to the portable diagnostic devices market. The factors such as the reduced need for exploratory surgeries, the rising adoption of diagnostic imaging procedures for the detection of multiple types of cancers, and the surge in the prevalence of chronic diseases such as arthritis, cancer, and asthma are expected to fuel the growth of other segments. Further, the cardiology segment is also projected to grow with the fastest CAGR during the forecast period owing to the increased adoption of smart wearable technologies for cardiac function maintenance among patients and growing cardiological surgical interventions such as angioplasty, heart valve surgeries, and bypass surgeries.
By End-Use
The end-user segment is categorized into hospitals, clinics, diagnostic centers, homecare settings, and others. The hospitals segment contributed the largest market share in 2021 owing to the rising inflow of patients and the growing availability of diagnostic imaging equipment for patients. The factors such as the rising preference for diagnostic imaging tests recommendation for fast and accurate diagnosis of medical illnesses in patients and the growing adoption of minimally invasive procedures in hospitals are expected to support the growth of the hospital segment in the portable diagnostic devices market. Additionally, diagnostic centers are also estimated to witness substantial growth due to the usage of the latest medical equipment, availability of inclusive services, and affordable healthcare costs. Thus, the above-mentioned segments are expected to boost the growth of the portable diagnostic devices market in the forecast period.
By Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. North America contributed the largest share of over 40.9% in 2021 owing to the high demand for portable diagnostic devices, increased spending on medical devices for improvements in non-invasive surgery treatments, and the rising incidences of chronic diseases like asthma and chronic obstructive pulmonary disorder (COPD) which require an early diagnosis. Further, Asia Pacific is also anticipated to witness the fastest CAGR growth of over 11.5% during the forecast period. The factors such as the surge in expenditures in diagnostic imaging, rising adoption of smart wearables, and improved development of healthcare infrastructure are projected to support the growth of the portable diagnostic devices market in the Asia Pacific region.
Portable Diagnostic Devices Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Sample Preparation market. Key players in the market include-
- HeartSine, Hologic
- Roche Diagnostics
- Cooper Surgical
- GE Healthcare
- Sorin Group
- Schiller AG
- Zoll Medical
- Philips
- Cardiac Science
- Abbott Laboratories
Table of Content
- Introduction
- Market Introduction
- Market Research Methodology
- Research Process
- Primary Research
- Secondary Research
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Limitations of the Study
- Product Picture of Portable Diagnostic Devices
- Global Portable Diagnostic Devices Market: Classification
- Geographic Scope
- Years Considered for the Study
- Research Methodology in brief
- Parent Market Overview
- Overall Portable Diagnostic Devices Market Regional Demand
- Research Programs/Design
- Market Breakdown and Data Triangulation Approach
- Data Source
- Secondary Sources
- Primary Sources
- Primary Interviews
- Average primary breakdown ratio
- Market Dynamics
- Drivers
- Drivers
- Restraints
- Restraints
- Opportunity
- Impact forces on market dynamics
- Impact forces during the forecast years
- Industry Value Chain
- Upstream analysis
- Downstream analysis
- Distribution Channel
- Direct Channel
- Indirect Channel
- Potential Customers
- Manufacturing/Operational Cost Analysis
- Pricing Analysis by Region
- Key Technology Landscape
- Regulatory Analysis
- Porter’s Analysis
- Supplier Power
- Buyer Power
- Substitution Threat
- Threat from New Entry
- Competitive Rivalry
- PESTEL Analysis
- Political Factors
- Economic Factor
- Social Factors
- Technological Factor
- Environmental Factors
- Legal Factor
- Covid-19 impact on Global Economy
- Covid-19 impact on Portable Diagnostic Devices demand
- Post-Covid Impact on Portable Diagnostic Devices Market Demand
- Impact Analysis of the Russia-Ukraine Conflict
- Drivers
- Global Portable Diagnostic Devices Market Segmentation, by Revenue (USD Billion), (2022-2030)
- By Type
- Diagnostic Imaging
- CT
- X-ray
- Ultrasound
- Endoscope
- Therapeutics
- Insulin Pump
- Nebulizer
- Oxygen Concentrator
- Image-guided Therapy Systems
- Monitoring Devices
- Cardiac Monitoring
- Holter Monitors
- Resting ECG System
- Stress ECG Monitors
- Event Monitoring Systems
- (Electrocardiography) ECG Management Systems
- Neuromonitoring
- Electroencephalography (EEG) Machines
- Electromyography (EMG) Machines
- Intracranial pressure (ICP) Monitor
- Magnetoencephalography (MEG) Machines
- Cerebral Oximeters
- Respiratory Monitoring
- Capnographs
- Spirometers
- Peak Flow Meters
- Fetal Monitoring
- Neonatal Monitoring
- Hemodynamic Monitoring Systems
- Vital Sign Monitors
- Cardiac Monitoring
- Smart Wearable Medical Devices
- Diagnostic Imaging
- By Application
- Gynecology
- Cardiology
- Gastrointestinal
- Urology
- Neurology
- Respiratory
- Orthopedics
- Others
- By End Use
- Hospitals
- Clinics
- Diagnostic Centers
- Homecare Settings
- Others
- By Type
- Global Portable Diagnostic Devices Market Overview, By Region
- North America Portable Diagnostic Devices Market Revenue (USD Billion), by Countries, (2022-2030)
- US
- By Type
- By Application
- By End Use
- Canada
- Mexico
- US
- Europe Portable Diagnostic Devices Market Revenue (USD Billion), by Countries, (2022-2030)
- France
- UK
- Spain
- Russia
- Italy
- BENELUX
- Asia Pacific Portable Diagnostic Devices Market Revenue (USD Billion), by Countries, (2022-2030)
- China
- Japan
- Australia
- South Korea
- India
- ASEAN
- North America Portable Diagnostic Devices Market Revenue (USD Billion), by Countries, (2022-2030)
- Latin America Portable Diagnostic Devices Market Revenue (USD Billion), by Countries, (2022-2030)
- Brazil
- Argentina
- Chile
- Middle East and Africa Portable Diagnostic Devices Market Revenue (USD Billion), by Countries, (2022-2030)
- GCC
- Turkey
- South Africa
- Global Portable Diagnostic Devices Market Revenue: Competitive Analysis, 2021
- Key strategies by players
- Revenue (USD Billion and %), By manufacturers, 2021
- Player Positioning by Market Players, 2021
- Competitive Analysis
- HeartSine, Hologic
- Business Overview
- Business Financials (USD Billion)
- Product Category, Type, and Specification
- Main Business/Business Overview
- Geographical Analysis
- Recent Development
- Swot Analysis
- Roche Diagnostics
- Cooper Surgical
- GE Healthcare
- Sorin Group
- Schiller AG
- Zoll Medical
- Philips
- Cardiac Science
- Abbott Laboratories
- HeartSine, Hologic
- Market Research Findings & Conclusion
Disclaimer
Research Methodology
The Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.