Medical Tricorder Market Assessment Covering Growth Factors and Upcoming Trends

Author : univdatos
Publish Date : 2021-06-01 18:30:41
Medical Tricorder Market Assessment Covering Growth Factors and Upcoming Trends

Research report presented by UnivDatos, Emphasis on Product Type (USB camera, Fiber Optics Camera, Wireless, Corded, Others); Applications (Diagnosis, Monitoring, Others); End-Users (Hospitals, Clinics, Others) and Geographical analysis (key regions and countries).

As per the research report, Medical Tricorder Market is expected to grow at a CAGR of 5.4% from 2021-2027 to reach US$ 4.1 billion by 2027. A medical tricorder is a handheld medical device that scans and diagnoses medical problems. The global medical tricorder market is projected to expand significantly over the analyzed period as a result of pre-existing disorders such as cardiovascular disease, diabetes, and others, as well as increased patient awareness. Chronic Illness is a common condition throughout the world and especially in the United States. According to the centers for diseases control and prevention, 4 in 10 adults have 2 or more chronic diseases in 2021. Due to this, the need for self-diagnosis and monitoring equipment with the latest technology is high in demand. Since the onset of the pandemic, American citizens are preferring to self-diagnose and monitor their diseases at home. This is likely to boost the medical devices market in America. Additionally, the recent 2-year US excise tax moratorium on medical devices in 2020 is likely to decrease the prices of medical tricorders as well.

In addition, the increasing prevalence of cardiovascular and respiratory diseases, sedentary lifestyles, unhealthy diets, and the development of new technologies, further expected to drive the market growth over the forecast period in the developed region.

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Scanadu, Quantu MDx Group Ltd., Ibis Bioscience, Ionis Pharmaceutical, Cloud DX, Qualcomm Technologies Inc., Basil Leaf Technologies LLC, Welfo Fiber Optics, Fujikura Ltd., Hamamatsu Photonics K.K. are some of the prominent players operating in the Medical Tricorder Market. For instance: the device made by Final Frontier Medical Devices was called DxtER. DxtER contains an array of sensors to gather data about vital signs, body chemistry, and biological functions. It medically self-diagnoses a patient for 34 medical conditions. DxrER includes a compact spirometer that calculates lung strength, a test kit for mononucleosis, a heart rate monitor, a respiration monitor, a digital stethoscope that also serves as a thermometer, and an artificial intelligence system that diagnoses medical conditions. It can be used with a tablet or a smartphone app. The device is FDA approved and thus can directly be used by healthcare professionals. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Type, Wireless holds the major share.”

Amongst Product types. The medical tricorder market is segmented into USB camera, Fiber Optics Camera, Wireless, Corded, and Others. In 2020, out of all these segments, the wireless tricorders had the largest share with revenue of US$ XX billion. In the 2017 Qualcomm XPRIZE, two teams with wireless tricorders won the prize. This wireless device can diagnose diseases using vital parameters of patients measured by non-invasive means like the ones shown in the Star Trek series.

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“Amongst Application, Diagnosis is anticipated to grow at the highest CAGR during the analyzed period.”

Based on the application, the market is fragmented into Diagnosis, Monitoring, and Others. In 2020, the diagnosis segment held the largest share with XX% and is expected to grow at a CAGR of XX% from 2021-2027F. Especially with the rise of Covid-19 people are more willing to use tricorders to self-diagnose to keep track of their diseases. Other chronic illnesses like diabetes, tuberculosis, asthma, etc. can also be diagnosed using these devices and monitored periodically. 30% of Indian citizens lack access to proper healthcare, the same numbers are seen in other developing countries, these can be changed by the introduction of Tricorders.

“Amongst End-Users, Hospitals are the biggest players in the Market.”

Based on End-Users, the medical tricorder market is bifurcated into Hospitals, Clinics, and Others. In 2020, the hospital segment accounted for the majority of the market share. This is probably due to the greater number of services available in the hospitals with its numerous helping staffs, and different departments as compared to clinics and others.

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“North America signifies one of the largest markets in Medical Tricorder Market”

For a better understanding of the market dynamics of the Medical Tricorder Market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. North America dominated the market and generated maximum revenue in 2020 owing to the increasing chronic patient pool and advanced healthcare infrastructure in the region.

Customization Options:

Medical Tricorder Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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