Medical Tricorder Market Size To Surpass USD 10 Bn By 2030

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.

Report Highlights:

• On the basis of the type, the wireless product is portable and easily accessible in various clinics and hospitals with increased demand in hospitals for this product. Prevailing cardiovascular and respiratory diseases, unhealthy diets, sedentary lifestyles, and the development of new technologies in this market is expected to see good growth during the forecast.
• Based on application, the diagnosis segment on the basis of application of medical tricorder is expected to grow during the forecast period due to growth in many chronic diseases which require a constant diagnosis. The demand for medical tricorders is growing. Medical tricorders could be used at home by patients as they are portable, accessible, and extremely user-friendly. The sedentary lifestyle has led to an increase in chronic illnesses, which require constant monitoring.
• On the basis of the region, the North American market dominated the revenue share in recent years due to an increase in the chronic patience and advanced healthcare infrastructure of this region.

Medical Tricorder Market Report Scope

Regional Snapshots

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.

Market Dynamics:

Drivers

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.

Restraints

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.

Opportunities

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.

Recent Developments:

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

• Basil Leaf Technologies
• Healthy.io
• Ionis Pharmaceutical
• Fujikura
• Basler
• QuantuMD
• Cloud DX
• Qualcomm Technologies
• Hamamatsu Photonics

Market Segmentation

By Type

• USB Camera
• Fiber Optic Camera
• Wireless
• Corded
• Others

By Application

• Diagnosis
• Monitoring
• Others

By End-User

• Hospitals
• Clinics
• Others

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