The landscape of portable diagnostic devices is experiencing a significant boost in growth, thanks to the escalating funding and investments pouring in from both public and private organizations. These financial injections serve as catalysts for innovation, creating lucrative opportunities for the market throughout the forecast period. Notable instances of substantial funding underscore the industry's commitment to advancing portable diagnostic technologies and addressing pressing healthcare needs.
In September 2022, Temasek, a renowned investment company based in Singapore, made a noteworthy investment of USD 85 million in Molbio Diagnostics Pvt. Ltd., based in India. This substantial funding injection is earmarked for the development of the "Truenat" technology—an innovative, portable, battery-operated real-time PCR platform designed for infectious diseases. The scope of this technology encompasses critical health concerns such as tuberculosis (TB), COVID-19, hepatitis-C virus, human papillomavirus, influenza, and vector-borne diseases like dengue, chikungunya, and malaria. The strategic allocation of funds to advance technology in addressing a spectrum of infectious diseases reflects the industry's commitment to creating versatile and impactful portable diagnostic solutions.
In a parallel development in June 2022, researchers at Imperial College London collaborated with institutions across Burkina Faso, the Gambia, Ghana, Kenya, the Netherlands, Sudan, Uganda, the UK, and Zambia. This collaborative effort secured a substantial grant of USD 3.21 million from the National Institute for Health and Care Research. The purpose of this funding is to support the development of digital handheld diagnostic devices. The collaborative and global nature of this initiative signifies the importance placed on creating solutions that transcend geographical boundaries, aiming to make advanced diagnostic capabilities accessible across diverse healthcare settings.
The infusion of funding for the development and research of portable diagnostic devices, particularly those incorporating high-end technology, presents a remarkable opportunity for market growth. These financial investments not only accelerate the pace of innovation but also pave the way for the integration of cutting-edge technologies into portable diagnostic solutions. The emphasis on infectious diseases in the funding initiatives aligns with global healthcare priorities, addressing the ongoing challenges posed by infectious outbreaks and contributing to the development of rapid, accurate, and accessible diagnostic tools.
The impact of these funding initiatives extends beyond immediate technological advancements. They lay the groundwork for collaborative research and development efforts, fostering a culture of innovation and knowledge exchange. As a result, the market for portable diagnostic devices stands to benefit from a wave of sophisticated and tailored solutions that cater to a diverse range of healthcare needs.
The escalating funding and investments from organizations such as Temasek and the National Institute for Health and Care Research are pivotal in shaping the future of the portable diagnostic devices market. The strategic allocation of funds for the development of innovative technologies not only propels the market forward but also positions it as a key player in addressing global health challenges. As the industry continues to witness significant financial support, the outlook for portable diagnostic devices becomes increasingly promising, with the potential to revolutionize healthcare delivery and diagnostics on a global scale.
Covered Aspects:
Report Attribute/Metric |
Details |
Growth Rate |
11.7% |
Digital Radiology Devices Market Highlights:
Global Digital Radiology Devices Market Overview
The Digital Radiology Devices Market Size was valued at USD 5.03 Billion in 2023. The Global Digital Radiology Devices industry is projected to grow from USD 5.41 Billion in 2024 to USD 9.73 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.09% during the forecast period (2024 - 2032).The digital radiology device is a segment of the imaging devices market. Digital radiology devices the fastest growing segment for the global imaging devices. Digital radiology device is one of the major segment of the imaging device and is expected to grow at the fastest growth rate. The major factors influencing the growth of the market include; rising economic growth, increasing growth in technological advancement in the field of medical devices, increasing demand for portable imaging devices, increasing applications of digital radiology.
Digital Radiology Devices Market Trends
Dentistry is one of the applications of digital radiology devices. Newly emerging models for patient care are evolving clinical environments for dentists. It is expected that digital radiology is to replace traditional manufacturing in the near future due to various reasons which include better predictability, increased accuracy, increased efficiency, and cost-effectiveness. These emerging models have hiked the growth of Dental Service Organizations. DSOs stand to gain a more dominant presence in the dental industry. According to study, Dental Service Organizations (DSOs) currently comprise about 7% of the dental market, but they are expected to grow to about 20% of the market as DSOs enable dentists to invest in new technology. In addition, many of the dentists joining DSOs are more likely to incorporate these technologies into their practices. Hence, DSOs will help in driving the market for digital radiology device globally.
However, factors such as the risk of ionizing radiations for children and teens and high-cost surgery device are hampering the growth of the market.
Digital Radiology Devices Market Segment Insights
The digital radiology devices market has been segmented into type, method, application, and end user.
Based on type, market segmented into stationary digital radiology systems, (Ceiling-mounted systems, Floor-to-ceiling mounted systems) and portable digital radiology systems (Handheld radiology systems, Mobile radiology systems)
On the basis of method, the market is segmented into computed radiography (CR) and direct radiography (DR)
Based on application, the market of digital radiology devices is segmented into cardiovascular imaging, chest imaging, dental imaging, mammography imaging, orthopedic imaging, and others.
Based on end user, the market of digital radiology devices is segmented into hospitals and clinics, diagnostic centers, and others.
The market for digital radiology devices, by region, has been segmented, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The market of Digital Radiology Devices in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European market of Digital Radiology Devices has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The market for Digital Radiology Devices in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market for Digital Radiology Devices in the Middle East & Africa has been segmented into the Middle East and Africa.
Source: Annual Reports and Sec filings
Geographically, the Americas is anticipated to dominate the digital radiology devices industry owing to the presence of a huge patient population, increasing adoption of advanced technology in the field of diagnostics device, high healthcare expenditure, and the presence of major players in the region.
Europe is expected to hold the second largest position in the market of digital radiology devices.
Asia-Pacific is the fastest market growing digital radiology devices owing to the increasing demand for better imaging devices, the presence of a huge patient pool and rapidly improving the technology. Moreover, many manufacturers are trying to expand their presence in the region due to rapidly growing economies and the increasing availability of funds, and growing demand for the advanced imaging devices.
The Middle East and Africa market for digital radiology devices is expected to grow at a steady pace.
Key Players
Some of the prominent players in the market are
- Agfa-Gevaert Group,Canon Inc
- Carestream Health Inc
- Fujifilm Holdings Corporation
- General Electric Company
- Hitachi, Ltd.
- Konica Minolta, Inc
- Koninklijke Philips N.V.
- Siemens
- Varian Medical Systems, Inc
- Shimadzu Corporation
- Hologic
- Nucleotech Medical Systems International Limited
- Protec GmbH & Co. KG
Digital Radiology Devices Market Segmentation
Digital Radiology Devices Type Outlook
- Stationary digital radiology systems
- Ceiling-mounted systems
- Floor-to-ceiling mounted systems
- Portable digital radiology systems
- Handheld radiology systems
- Mobile radiology system
Digital Radiology Devices Method Outlook
- Computed radiography (CR)
- Direct radiography (DR)
Digital Radiology Devices Application Outlook
- Cardiovascular imaging
- Chest imaging
- Dental imaging
- Mammography imaging
- Orthopedic imaging
- Others
Digital Radiology Devices End User Outlook
- Hospitals & Clinics
- Diagnostic centers
- Others
Digital Radiology Devices Region Outlook
- Americas
- North America
- South America
- Europe
- Western Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Western Europe
- Eastern Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Intended Audience
- Digital radiology devices manufacturers
- Digital radiology devices distributors
- Hospitals, clinics, and associations
- Diagnostics centers
- Private insurance companies
- Government agencies
- Various research and consulting firms