Diagnostic Device Market Size, Share and Global Market Forecast to 2029 | COVID-19 Impact Analysis | DataMIntelligence
Market Overview
The global diagnostic device market size was worth US$ YY million in 2020 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 7.8% during the forecast period (2022-2029).
Market Dynamics
The diagnostic devices market growth is driven by several factors such as rising incidence of chronic diseases, technological advancements in imaging devices, growing geriatric population.
Moreover, the major factors driving the growth of the market include the advancements in maneuverability and imaging capabilities and increasing demand for imaging technologies from emerging economies.
The point of care diagnostics segment is expected to grow with a healthy CAGR during the forecasted period.
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Diagnostic Device
Diagnostic devices are devices used to identify the nature or cause of a certain phenomenon, usually related to a medical condition. Examples of diagnostic devices are magnetic resonance imaging apparatuses, X-ray imaging devices etc.
Industry Forces
There are no specific standards or regulations that specifically refer to the safety of medical devices with intended medical uses of many diagnostic devices. However, there is guidelines for the design of these devices and define minimal requirements for their safe and efficient use which can be incorporated within the standards in the future.
Majority of medical imaging technology is subject to the 510(k) pathway or is even 510(k) exempt, it might appear that bringing new imaging devices to market is a relatively straightforward process.
The COVID-19 pandemic is expected to have an moderate impact on the diagnostic devices market.
The outbreak of COVID-19 has expedited the global demand for diagnostic kits to detect the disease rapidly. However, countries across the globe are facing a severe shortage of laboratory-based molecular assays. Thus, many players are emphasizing increasing the supply of tests worldwide.
COVID- 19 Impact Analysis
The point-of-care diagnostics market will witness significant growth in 2020, owing to the increasing usage of POC tests that can rapidly diagnose COVID- 19. With the increase in the demand for speedy diagnostic results, the adoption of point-of-care testing is booming. The rapidly growing number of COVID- 19 cases and the growing pressure on governments to improve patient management has boosted the demand for rapid antigen testing kits that can be
effectively used in point-of-care settings. Such rapidly detecting tools are vital in providing the correct treatment option.
Market Segmentation
- By Product Type
- By Application
- By End-User
- By Region
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By Product Type – X-ray Imaging Systems
The growing burden of chronic diseases, such as cardiac diseases, cancer, neurological diseases, dental problems, and musculoskeletal disorders, are expected to drive the x-ray imaging market growth during the forecast period.
The World Health Organization estimated that musculoskeletal diseases are the fifth large cause of deaths due to disability. Globally, one in four people report chronic musculoskeletal damages in both developed and developing countries. Musculoskeletal conditions are accountable for a major health problem in the Australian health system, affecting around 31% of the inhabitants, more than 6 million Australians.
Geographical Analysis – Middle East and Africa
The Middle East and Africa diagnostic device market is expected to grow with a moderate growth rate in the forecast period. The rising technological advancement, such as the inclusion of MRI with PET or CT, to provide imaging possibilities with less exposure to harmful radiations is boosting the market growth in the region.
The cancer burden is increasing, owing to factors such as the aging population, poor diet, smoking, and physical inactivity. According to the Health Department of Abu Dhabi, in 2018, there were around 4,500 new cases of cancer each year in the United Arab Emirates (UAE).
Trending Topic’s
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