Published Date : 06 Dec 2022
The global medical tricorder market size was estimated at USD 3.93 billion in 2022 and is expected to surpass around USD 10 billion by 2030, growing at a registered CAGR of 12.37% during the forecast period 2022 to 2030.
Medical Tricorder Market Report Scope
|Market Size In 2022||USD 3.93 Billion|
|Market Size By 2030||USD 10 Billion|
|Growth Rate from 2022 to 2030||CAGR of 12.37%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Type, By Application, By End-User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
The North American market has led the medical tricorder market in recent years, and it is expected to grow during the forecast period to the investment of the global medical tricorder market and the presence of a good amount of reimbursement policies in Canada and the US led to a growth in the market. High disposable income and an increase in expenditure on healthcare services have led to the growth of the market. The technologically strong healthcare infrastructure in these nations and increasing awareness of the regard in the population is expected to give a boost to the growth of the market. The Asia Pacific Market is also expected to show significant growth during the forecast. There are many untapped opportunities in this region and governments are taking initiatives in order to make developments in the medical tricorders market. Rising awareness among the regional population regarding the trend has also led to growth in the market in the Asia Pacific region.
An increase in the preordained disorders regarding lifestyle and an increase in the prevailing disorders like cardiovascular diseases, diabetes, and increased awareness in the patients regarding the availability of the medical tricorder has led to a growth in the market. A good amount of research and developmental activities in healthcare services are funded by governments and there are policies made by governments in order to help the growth of the market. There's a constant evolution in medical and healthcare technologies in many nations. There's the rapid adoption of advanced technology in developing as well as developed nations which is helping the expansion of the global medical tricorder market. Due to a lack of physical exercise and an increased sedentary lifestyle, cardiovascular diseases are also increasing. These diseases require constant monitoring and hence the market is expected to grow.
The extensive research and developmental activities are helping in the growth of the tricorders market. These activities involve high costs and expenses and also long approval times which may hinder the growth of the global tricorder market in the coming years. Medical tricorders have to meet all the regulatory requirements and guidelines. It takes about. 5 to 8 years for the entire procedure to be completed.
The health care providers pose a great demand for medical tricorders it helps in assisting them to diagnose the health conditions of the patients. Medical Diagnosis becomes a very important part due to an increasing burden of chronic diseases and therefore, the medical tricorder devices demand is expected to grow during the forecast. About 50% of individuals worldwide have undiagnosed diabetes and this was stated in the International Diabetes Federation’s diabetes atlas. There is an increasing number of chronic diseases across the globe. Diagnosis of these diseases becomes a very important part and the need for medical tricorder in order to diagnose such diseases is expected to give a boost to the growth of the market.
One of the most recent investment rounds for Quanto MDX Group Limited received U.S. dollar 9.3 billion in March 2021. The company announced that the funds will be used in order to complete the manufacturing and commercialization.
Formerly known as Scanadu, Inui health is a US-based medical diagnostics company that offers medical tricorders. In June 2020, Healthy.io which is an Israel-based developer of Smartphone urinanalysis tech acquired this company for $ 9 million. This acquisition is aiming to monitor pregnancy in order to detect possible complications.
Key Players in the Report
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