Global Portable Diagnostic Device Market Is Anticipated To Witness Significant Growth Due To Increasing Geriatric Population And Rising Prevalence Of Chronic Diseases

Portable Diagnostic Device Market

Overview:

A portable diagnostic device is a technology-based device used to perform medical tests on patients. These devices can measure various health parameters and help to diagnose patients by using smart algorithms from a chosen assay. The development of new cutting-edge technologies has permeated the healthcare industry and helped doctors to save countless lives. From 3-D printing to medical mobility, these technological advancements have changed the way physicians carry out their work. These devices will help to make the medical process faster, more efficient, and more cost-effective for both physicians and patients alike. These portable diagnostic readers can be integrated with existing healthcare workflows and deliver fast and accurate results, saving time and effort for the patient and the doctor. There has been an increase in demand owing to growing awareness among patients and healthcare professionals as well as improving infrastructure and enabling minimally invasive procedures.

Market Dynamics:

Growing agreements are estimated to augment the growth of the global portable diagnostic device market over the forecast period. For instance, Biocorp, signing of a partnership agreement with Novo Nordisk, in October 2022. This partnership will be commercializing Mallya in Japan. Moreover, the increasing cost of devices and lack of skilled professionals are anticipated to restrain the growth of the global portable diagnostic device market over the forecast period.

Impact of COVID-19:

The pandemic was first recognized in 2019. It was transmitted in China and later on traveled to other countries. This outbreak had a significant impact on the global economy as many businesses were shut down and trade activities were halted. Several restrictions were imposed in many nations, so as to prevent the transmission of the virus. The pandemic also had a negative impact on the healthcare sector. There was a high demand for medical devices for diagnosing and treating COVID-19 patients. Several doctors were using portable devices for monitoring the patients. This resulted in increasing demand for portable diagnostic devices. Thus, the global portable diagnostic device market witnessed significant growth during the pandemic.

Key Takeaways:

The global portable diagnostic device market is expected to witness high growth, exhibiting a CAGR of 7.4 % over the forecast period, due to increasing product launches. For instance, Venue Fit, a portable and intelligent point-of-care ultrasound solution launched GE Healthcare in March 2021. This new product launch will help in expanding the company’s portfolio.

North America is anticipated to witness significant growth in the global portable diagnostic device market over the forecast period, owing to the growing increasing geriatric population and increasing adoption of portable medical devices.

Major players operating in the global portable diagnostic device market are Nox Medical, General Electric Company, F. Hoffmann-La Roche Ltd, OMRON Corporation, Medtronic, VYAIRE, Koninklijke Philips N.V., and Samsung.