The global medical tricorder market size was valued at USD 3.5 billion in 2021 and is expected to hit around USD 10 billion by 2030, growing at a registered CAGR of 12.37% during the forecast period 2022 to 2030.
A medical tricorder is a handheld and a portable scanning device which is used by various consumers to diagnose medical conditions and take the basic body vital measurements within seconds. The market for the medical tricorder is expected to grow during the forecast period due to various cardiovascular diseases and an increase in the awareness of these diseases among the patients. Nations are investing in technological advancements and research and development activities. In order to see the growth of this market medical tricorder comes with a detachable handheld scanner with high resolution that transmits the vital data to the tricorder. The companies that function in medical tricorders are focusing on developing technological solutions, in order to strengthen the position of medical tricorders.
Demand for medical tricorder devices had raised during the pandemic as people wanted to self-diagnose at home in order to generate the temperature and other body vitals. In order to avoid any possibility of spread of COVID-19 the patients were refraining for visiting doctors and hence the tricorder was used largely during the pandemic. Extensive use of the medical tricorder in diagnosing various body vitals during the pandemic has been a boon as helped in avoiding excessive human interactions.
As this device is used by the consumers to self diagnose any medical condition. It is known as a medical tricorder and it helps in taking the basic vital measurements. Like the body temperature or even the heart rate within a few seconds. Rapid technological advancements and increasing support from the government in the research and development activities in this field had led to a growth in the market. Healthy lifestyle and Increase in chronic ailments among the consumers, the market is expected to see a good growth during the forecast. Due to lack of any exercise and an increased sedentary lifestyle, diabetes, chronic renal disease, obesity and strokes are reported. Constant monitoring of various signs in case of all these chronic diseases poses a demand for the medical tricorder.
Due to the prevailing chronic diseases the market is expected to have a good revenue growth. There's an increased demand from the health care providers, which will help them in diagnosing the patients with various conditions. Around 50.1% of the individuals across the world have undiagnosed diabetes. This was a research according to the International Diabetes Federation's diabetes atlas. Diagnosis of such chronic diseases is an important factor and it will help in the growth of the medical tricorder devices in the forecast period.
Report Scope of the Medical Tricorder Market
|Market Size by 2030||USD 10 Billion|
|Market Size in 2022||
USD 3.93 Billion
|Growth Rate from 2022 to 2030||CAGR of 12.37%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||Type, Application, End-User, Geography|
|Companies Mentioned||Basil Leaf Technologies, Healthy.io, Ionis Pharmaceutical, Fujikura, Basler, QuantuMD, Cloud DX, Qualcomm Technologies, Hamamatsu Photonics|
On the basis of the type, the global market for medical tricorder is categorized into fiber optic camera, wireless, corded, USB camera and others. The wireless segment had the largest market share during the recent years and it is expected to have a good growth during the forecast due to an extensive deployment of wireless medical tricorders. The end users across the nations had led to an increase in the market share without the performance of any invasive diagnostic tests, many health parameters of the patients can be noted.
End Use Insights
The global medical tricorder has use at many places like hospitals and ambulatory surgical centers or others. Hospital segment should have upward growth during the forecast period during the presence of a large amount of patients that visit the hospitals daily. As the hospitals are increasing and extremely accessible to patients there is a growth in this market. The demand for the medical tricorder is expected to grow during the forecast period as there are many reimbursement policies that boost the market.
Due to an increase in the demand for outpatients, the ambulatory surgical centers are also making use of the medical tricorders. The market for medical tricorders has grown in the health care systems due to the use for diagnosis of patients by various doctors, surgeons, clinicians and nurses. This segment has show great growth during the pandemic as it was able to diagnose the patient by keeping safe distance.
The basis of application the global market shall be categorized into monitoring, diagnosis and other applications. The diagnosis segment is expected to have the largest share during the forecast period and it has grown well in the recent years. In the recent years, due to pandemic there is a wide use of medical tricorders attempts in diagnosing many chronic diseases like cancer, asthma, Diabetes, cardiovascular diseases, tuberculosis, stroke, arthritis and dementia. Advancement in the healthcare technologies and adoption of increasing diagnostic devices has led to the growth in the market. The sedentary lifestyle has led to many diseases, and as the consumers are aware of these lifestyle related diseases, the use of medical recorders is expected to grow.
On the basis of region, the medical tricorder market is used in North America, Europe, Latin America, Asia Pacific regions. The North American region dominates the use of tricorders, followed by Europe. In Asia Pacific regions due to the favorable reimbursement policy and increase in the healthcare the North American market is dominating the market share. Technological advancements in the infrastructure and an increased disposable income has also led to a growth in all of these regions.
The Asia Pacific region provides many opportunities for the growth of this market. There is an increased awareness among the patients and favorable government initiatives that are creating opportunities for the growth of this market.
Key Market Developments
Key Market Players
Segments covered in the medical tricorder market
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