The worldwide Clinical Diagnostics Devices Market is projected to witness a substantial growth rate over the forecast period (2018 to 2025). Various developments, in terms of technologies and products, are expected to drive the growth of this market. Steady rise in cases of various health issues such as obesity and diabetes is another major factor accelerating the global market growth.
On the other hand, high costs associated with advanced diagnostics devices and tools may have a negative impact on the expansion of the global clinical diagnostics devices market in the forthcoming years. However, supportive reimbursement programs by various governments are anticipated to propel the market over the forecast period. Furthermore, growing popularity of Point-of-Care (POC) diagnostics tests is also said to contribute toward the development of the market over the next few years. In addition, rising patient awareness regarding various disease diagnostics devices is also expected to spur the global market.
The global clinical diagnostics devices market is categorized on the basis of product type, application or end user, and region. On the basis of product type, the market is segmented into ophthalmoscopes, stethoscopes, otoscopes, thermometer, electrocardiographs, sphygmomanometers, and others. On the basis of end user, the market is fragmented into clinics, general hospitals, family medical care, community hospital, and others. On the basis of geographies, the market is divided into Europe, North America, Southeast Asia, Japan, India, and China.
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The North America region is expected to witness considerable growth on account of the presence of advanced healthcare services and infrastructure. In addition, high healthcare expenditure is also anticipated to fuel the regional clinical diagnostics devices market in near future. The Southeast Asia region is also likely to experience significant expansion during the next few years. Increasing cases of various chronic diseases and other health issues and a steady rise in geriatric population base are projected to be the major regional growth drivers.
Increased expenditure on healthcare due to rising consumer disposable income, particularly in emerging economies such as China, India, and Japan, is also anticipated to boost the market for clinical diagnostics devices. Other factors such as high patient awareness levels and positive reimbursement policies by the regional governments are also projected to contribute toward impelling the demand for advanced diagnostics devices. This factor is expected to fuel the regional market growth over the forecast period.
Some of the prominent companies operating in the global clinical diagnostics devices market include Medtronic Public Limited Co.; Fresenius Medical Care AG & Co. KGaA; Boston Scientific Corp.; Baxter International, Inc.; and Koninklijke Philips N.V. Product innovation, M&A activities, and regional expansions have been the popular business strategies followed by most of these players in order to strengthen their foothold in the worldwide market. For instance, Medtronic Public Limited Co. and Mercy have recently developed a data sharing network in order to boost medical device innovation.
Medtronic partnered with Mercy’s IT segment Mercy Technology Services and co-developed a data sharing network that collects medical evidences required for patient access, safety , and for the development of medical devices. The network collects valuable medical data during routine care and holds the potential to enhance patient care by using highly advanced data analytics, says the former.
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Market Segment :
On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
- Stethoscopes
- Sphygmomanometers
- Ophthalmoscopes
- Otoscopes
- Electrocardiographs
- Thermometer
- Other
On the basis of the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate for each application, including
- General Hospital
- Clinics
- Community Hospital
- Family Medical Care
- Other
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