According to FutureWise analysis the market for Portable Diagnostic Device in 2023 is US$ 66.01 billion, and is expected to reach US$ 133.67 billion by 2031 at a CAGR of 9.20%.
Medical data is transferred between patients and healthcare professionals using portable medical diagnostic devices. A portable medical diagnostic device allows the user to obtain a diagnosis at home, in a clinic or anywhere else, as well as provide a prescription for medication and recommendations for a doctor, thereby reducing potential health risks. By reducing the cost of high-level healthcare and making it more accessible, these devices are far cheaper than conventional diagnostic equipment used by physicians. A portable medical diagnostic device is primarily used to transfer medical data from patients to healthcare professionals in real time, thus reducing the spread of pandemic diseases. In future, such developments will significantly reduce office visits. Medical diagnostic devices have become increasingly popular in remote or developing areas, where professional and expensive equipment may be difficult to access. In addition, the ease of access with commercial tablets and smartphones, along with the availability of immediate results for laboratory tests, is driving the global portable diagnostic devices market.
Private venture funding towards the development of new products and government support for the adoption of point-of-care devices are also contributing to the growth in revenue generation within the global market for portable diagnostic devices. Health care professionals use portable diagnostic devices primarily to administer tests to patients for epidemic diseases such as Hepatitis C. Their higher efficiency, immediate results, and ability to make timely decisions are some of the factors contributing to their adoption. The global market for portable diagnostic devices faced several challenges, such as reducing the discharge time for mobile equipment and data security. Several challenges are limiting the growth of the market, as most devices are not optimized with proper data security and safekeeping which can lead to HIPAA violations. Ensuring patient safety is also imperative to fostering growth of the market.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Portable Diagnostic Device Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Portable Diagnostic Device Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.