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HEALTHCARE & PHARMACEUTICAL

Clinical Diagnostic Devices Market Segmentation By Type (Stethoscopes, Sphygmomanometers, Ophthalmoscopes, Electrocardiographs, Thermometers and Other); By End User(General Hospital, Clinics and Others); By Application (Oncology, Cardiology, Gastrology, Neurology, Orthopedics, Infectious Diseases and Others); By Device (Diagnostic imaging, In- Vitro Diagnostics, Patient Monitoring and Others) – Global Demand Analysis & Opportunity Outlook 2027

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Global Clinical Diagnostic Devices Market Overview

Clinical diagnosis is known as the estimated identification of the disease underlying a patient’s complaints based merely on signs, symptoms and medical history of the patient rather than a laboratory examination or medical imaging. Clinical diagnostic devices are the devices which help the doctors to treat the patients accurately and diagnose the disease or the extent of need for medical help. The demand for clinical diagnostic devices is increasing as they help to ease the tasks of the doctors. The clinical diagnostic devices help to reduce the time spent and efforts made to measure basic vital signs.

Market Size and Forecast

The global clinical diagnostic devices market is anticipated to grow significantly during the forecast period i.e. 2019-2027. The market is segmented by type, end user, application and device. By end user, the general hospitals segment is anticipated to have leading shares on account of availability of different medical facilities in the hospitals. General hospitals offer diagnostics, monitoring, treatment and prevention of various types of healthcare problems through different specific departments for different kind of medical treatments provided by them to the patients at a single place which is expected drive the growth of the global clinical diagnostic devices market.

With continuous technological advancements and need for adoption of advanced medical facilities, the requirement for utilization of clinical diagnostic devices is expanding which is expected to boost the growth of the global clinical diagnostic devices market. The clinical diagnostic devices are portable and smart which makes them easy to carry and use.

The clinical diagnostic devices market is segmented by type, end user, applications, devices and region. Based on type, the market is sub- segmented into stethoscopes, sphygmomanometers, ophthalmoscopes, electrocardiographs, thermometers and others. Based on end users, the market is sub- segmented into general hospitals, clinics and others. On the basis of application, the market is sub- segmented into oncology, cardiology, gastrology, neurology, orthopedics, infectious diseases and others. Further, on the basis of devices, the market is segmented into diagnostic imaging, in-vitro diagnostics, patient monitoring and others. Diagnostic imaging devices are further sub- segmented into radiography, magnetic resonance imaging, nuclear medicine, ultrasound, elastography, photoacoustic imaging, tomography, echocardiography, point-of-care devices and others. The in- vitro diagnostics segment is further segmented into hepatitis tests, clinical chemistry, coagulation test systems, urine test strips, pregnancy tests, blood sugar monitoring systems, point-of-care devices and others. 

Clinical Diagnostics devices market Graph

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Growth Drivers

Technological Advancements

With continuous technological advancements, the need for adoption of advanced medical facilities has impelled the usage of clinical diagnostic devices which is expected to boost the growth of the global clinical diagnostic devices market growth. Due to increasing adoption of sedentary lifestyle people are becoming more prone to diseases which would strengthen the demand for such products in near future.

Portable and smart

The clinical diagnostic devices are portable and smart which makes them easy to carry and use. A person does not need to have any particular training to use these devices, he/she just needs to have proper medical knowledge to be able to read and interpret the results that are being shown by these devices. Being portable and smart, the clinical diagnostic devices are expected to boost the growth of the market.

Restraints

High initial investment

The clinical diagnostic devices are smart and portable which means the technology used to manufacture these devices are advanced and up to date which requires continuous research and development to keep up with the increasing requirements which make the initial investments in these devices high. High initial investment is expected to hinder the growth of the clinical diagnostics devices market.

Market Segmentation

Our in- depth analysis of the global clinical diagnostic devices market includes the following segments:

By Type

  • Stethoscopes
  • Sphygmomanometers
  • Ophthalmoscopes
  • Electrocardiographs
  • Thermometers
  • Others

By End user

  • General Hospitals
  • Clinics
  • Other

By Application

  • Oncology
  • Cardiology
  • Gastrology
  • Neurology
  • Orthopedics
  • Infectious diseases
  • Others

By Device

  • Diagnostic imaging 

    • Radiography
    • Magnetic Resonance Imaging
    • Nuclear Medicine
    • Ultrasound
    • Elastography
    • Photoacoustic imaging
    • Tomography
    • Echocardiography
    • Point-of-care devices
    • Others 
  • In-vitro diagnostics 

    • Hepatitis tests
    • Clinical chemistry
    • Coagulation test systems
    • Urine test strips
    • Pregnancy tests
    • Blood sugar monitoring systems
    • Point-of-care devices
    • Others 
  • Patient Monitoring

  • Others

By Region

On the basis of regional analysis, the global diagnostic devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America is expected to grow at a high rate on the back of the availability of advanced healthcare technology and rise in the pediatric population in the region. Europe is expected to grow significantly attributing to continuous technological advancements in the healthcare sector. Asia Pacific is expected to grow at a high rate owing to availability of healthcare facilities at a lesser cost in respect with rest of the world. Patients from around the world visit the region to access the quality and less expensive healthcare facilities. This region earns a major part of its income through medical tourism. Latin America is expected to grow significantly on the back of presence of higher geriatric population.

The global clinical diagnostic devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC,  Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

  • Fresenius Medical Care AG & Co. KGAA
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Johnson & Johnson
  • General Electric
  • Philips
  • Boston Scientific
  • Siemens AG
  • Baxter International
  • Medtronic

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