Global Diagnostic Device Market - 2023-2030

Global Diagnostic Device Market - 2023-2030

The Global Diagnostic Device Market reached US$ 47 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 79.9 billion by 2030. The market is expected to exhibit a CAGR of 6.9% during the forecast period 2023-2030.

Diagnostic devices play a pivotal role in healthcare by enabling early detection, accurate diagnosis, monitoring of diseases, personalized treatment, public health surveillance, and research. Diagnostic devices provide objective and precise information, assisting healthcare professionals in making accurate diagnoses. Diagnostic devices enable the monitoring of diseases and conditions over time, helping healthcare providers assess the effectiveness of treatments and make necessary adjustments.

MarketDynamics

The Rise in chronic disease prevalence is driving the growth of the Diagnostic Device Market.

Chronic diseases are long-term health issues that necessitate continuing management and medical care. They are a major worldwide health concern with far-reaching consequences for individuals, healthcare systems, and society. Chronic diseases are the biggest cause of death and disability around the world.

Noncommunicable diseases (NCDs), which include chronic diseases such as cardiovascular disease, cancer, chronic respiratory diseases, and diabetes, account for nearly 75% of all deaths worldwide, according to the World Health Organisation (WHO). Diabetes, on the other hand, is a chronic metabolic condition characterised by elevated blood sugar levels.

According to the International Diabetes Federation, roughly 463 million adults (20-79 years) had diabetes in 2019, and this figure is expected to climb to 700 million by 2045 if current trends continue. And these factors contribute to market expansion.

Expensive procedures and equipment will hamper the market growth.

The cost of diagnostic devices can vary significantly depending on various factors, including the type of device, its complexity, features, brand, and the region in which it is being purchased. For instance, Ultrasound machines use sound waves to produce images of the body's internal structures. The cost of ultrasound machines can vary significantly depending on their intended use and features. Portable or handheld ultrasound devices may range from $3,000 to $15,000, while high-end, cart-based systems used in medical facilities can cost tens of thousands or more. And thus the cost of procedures will hamper the market growth.

COVID-19 Impact Analysis

The pandemic of COVID-19 has had an extensive effect on diagnostic devices and their use. For example, the pandemic prompted a hitherto unheard-of demand for COVID-19 diagnostic testing. COVID-19 infections have been detected and diagnosed using diagnostic tools such as PCR equipment and rapid antigen assays. The increased demand for testing has increased the manufacturing and use of these devices worldwide.

The COVID-19 pandemic has substantially impacted the diagnostic device landscape, resulting in increased demand, technological advances, supply chain issues, shifts in focus, and regulatory procedure modifications. These changes have short-term ramifications for pandemic management and long-term implications for diagnostic technologies and healthcare delivery.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine is estimated to have a minimal impact on the global diagnostic device market owing to the low prevalence and absence of key market players in this region. However, the effect of the import and export of raw materials, test products, and devices is anticipated to have little influence over the global diagnostic device market in the forecast period.

Artificial Intelligence Impact Analysis

Artificial intelligence is anticipated to impact the global preeclampsia market positively. AI-enabled diagnostic gadgets can diagnose diseases earlier when treatment outcomes are usually better. These devices can continually monitor and analyze patient data, allowing for real-time detection of irregularities or changes in health indices. Early discovery allows quick action, which may reduce illness development and improve prognosis.

Segment Analysis

The Global Diagnostic Device Market is segmented based on product type, application, end-user and region.

The ultrasound systems segment is estimated to hold most of the diagnostic device market share during the forecast period.

The ultrasound systems ' product type holds about 38.6% of the total diagnostic device market in the forecast period. Ultrasound systems are versatile diagnostic equipment that generates real-time images of the body's internal components using high-frequency sound waves.

They are commonly employed in a variety of medical professions and clinical situations. In radiology, ultrasound is commonly used to evaluate various organs and tissues. It's perfect for imaging soft tissues, including the liver, kidneys, gallbladder, spleen, and thyroid.

And manufacturers are launching new products and highly investing by collaborating with other players to expand their portfolio globally.For instance, on August 26, 2021, Probo Medical, a global leader in medical imaging equipment, parts, repair, and service, has agreed to become an authorised distributor of Mindray North America's ultrasound solutions.

Probo will provide clinicians with immediate and direct access to a wide range of Mindray's unique, category-leading ultrasound imaging instruments and accompanying accessories as a result of this collaboration. And as a result, the market is driven by the leading players' product launches.

Geographical Analysis

During the forecast period, Europe is estimated to hold the second-largest Global Diagnostic Device Market share.

Europe holds the second-largest Global Diagnostic Device Market share, accounting for approximately 28.9% in the forecast period. The greying of Europe is a demographic phenomenon typified by a decline in fertility, a decrease in mortality rate, and a higher life expectancy among European populations. Furthermore, Europe's population is quickly aging, with a growing number of older people.

People's chance of developing chronic diseases such as cardiovascular disease, cancer, diabetes, and respiratory ailments rises as they age. The aging population places a substantial strain on healthcare systems in terms of managing and treating chronic illnesses. For instance, according to World Economic Forum 2022, the European Union and other countries will likely face rapidly aging populations. By 2100, more than 30% of the EU population will be 65 or older. This demographic shift can potentially alter the region's economic prospects significantly.

Competitive Landscape

The major global players in the market include GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V, Canon Medical Systems Corporation, Carestream Health, Inc, Hologic, Inc, Allengers Medical Systems, SternMed, Neusoft Medical Systems, Medtronic Plc, among others.

Why Purchase the Report?
• To visualize the Global Diagnostic Device Market segmentation based on product type, application, end user and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous diagnostic device market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Diagnostic Device Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies