The global diagnostic devices market is expected to grow at a CAGR of over 7.8% during the forecast period (2022-2029).
Market overview
The global diagnostic devices market size was worth Million US$ in 2020 and is projected to reach Million US$ by 2029, growing at a CAGR of 7.8% during the forecast period (2022-2029) .
Market dynamics
The growth of the diagnostic devices market is driven by several factors such as increasing incidence of chronic diseases, technological advancements in imaging devices, growing geriatric population.
Additionally, major factors driving the market growth include advancements in maneuverability and imaging capabilities and growing demand for imaging technologies from emerging economies.
The point-of-care diagnostics segment is expected to grow with a healthy CAGR during the forecast 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 devices, X-ray imaging devices, etc.
Industry Strengths
There are no specific standards or regulations that specifically refer to medical device safety with the intended medical uses of many diagnostic devices. However, there are guidelines for the design of these devices and define minimum requirements for their safe and effective use which may be incorporated into standards in the future.
The majority of medical imaging technology is 510(k) or even 510(k exempt), it may seem like bringing new imaging devices to market is a relatively straightforward process.
The COVID-19 pandemic is expected to have a moderate impact on the diagnostic devices market.
The COVID-19 outbreak has accelerated global demand for diagnostic kits to rapidly detect the disease. However, countries around the world are facing a severe shortage of molecular laboratory tests. Thus, many players are emphasizing the increase in the offer of tests in the world.
COVID-19 Impact Analysis
The point-of-care diagnostics market will witness significant growth in 2020, driven by the increasing use of POC tests that can rapidly diagnose COVID-19. With the increase in demand for rapid diagnostic results, the adoption of point-of-care testing is booming. The rising number of COVID-19 cases and growing pressure on governments to improve patient care has spurred demand for rapid antigen test kits that can be
used effectively in point-of-care settings. These rapid detection tools are essential to provide the appropriate treatment option.
Market segmentation
- By product type
- By request
- Per end user
- By region
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By Product Type – X-Ray Imaging Systems
Growing burden of chronic diseases, such as heart diseases, cancer, neurological diseases, dental problems and musculoskeletal disorders are expected to drive the growth of the x-ray imaging market over the forecast period .
The World Health Organization has estimated that musculoskeletal diseases are the fifth leading cause of death due to disability. Globally, one in four people reports chronic musculoskeletal injuries in both developed and developing countries. Musculoskeletal disorders are responsible for a major health problem in the Australian healthcare system, affecting approximately 31% of the population, or more than 6 million Australians.
Geographical analysis – Middle East and Africa
The Middle East and Africa diagnostic devices market is expected to grow with a moderate growth rate over the forecast period. Growing technological advancements such as the inclusion of MRI with PET or CT scans to provide imaging possibilities with less exposure to harmful radiation is driving the market growth in the region.
The burden of cancer is increasing due to factors such as an aging population, poor diet, smoking and physical inactivity. According to the Abu Dhabi Department of Health, in 2018 there were approximately 4,500 new cases of cancer each year in the United Arab Emirates (UAE).
Trending topics
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