Point of Care Diagnostics is expected to Drive the Medical Tricorder Market Globally
Medical Tricorder Market is expected to grow at a CAGR of 5.4% from 2021-2027 to reach US$ 4.1 billion by 2027. The medical tricorder is a handheld, portable device that can be used for self-diagnosing medical conditions in minimal time. Drivers of the market include advancements in technology that make medical tricorders efficient and accurate and the increasing need for self-diagnosing devices in the market. Medical Tricorder can especially be used with diagnosing and monitoring chronic diseases. According to a 2020 report of the lancet, the top contributors to health loss worldwide are ischaemic heart rate (rose 50% from 1990 to 2019), diabetes (up 148%), stroke (up 32%), lung cancer (69%), chronic kidney disease (93%) and age-related hearing loss (83%).
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Medical tricorders' major functions are to monitor health, diagnose diseases, and summarize patients’ health. The market growth is expected to be fueled by the increasing government support for R&D, rapid technological developments, and the acceptance of patients and physicians to use these devices. In 2019, The American Diabetes Association reported that 463 million Americans were suffering from diabetes, this is an increase from 425 million individuals in 2017.
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As chronic diseases are increasing so is the need to self-diagnose to monitor one’s conditions, Tricorders make self-diagnosis easier and thus the higher growth expectation. These trends are showing an upsurge in R&D in many big companies like Qualcomm, Quantu, Scanadu, Cloud DX, etc. Companies are very confident in the medical tricorders market success owing to its real-time monitoring feature.
For a detailed analysis of the COVID-19 Impact on Medical Tricorder Market browse through - https://univdatos.com/report/medical-tricorder-market-current-analysis-and-forecast-2021-2027
With the sudden rise of Covid-19, the need for self-diagnosing devices increased drastically. As the unessential medical procedures started getting postponed. Due to this many medical procedures and experiments are being postponed as hospitals are needed for COVID-19 patients. The MedTech companies, however, had their hands full with supplying basic needs like PPE kits, Masks, etc. In fact, in the United States, there was a 17-fold increase in demand for N95 respirators, 5-fold in demand for isolation gowns, and a 6-fold increase in nasal swabs demand. Due to this, the tricorder manufacturing got hit, however, the demand is on the rise, due to awareness and the need for self-diagnosis by the patients.
For a detailed analysis of the Applications of Medical Tricorder Market browse through - https://univdatos.com/report/medical-tricorder-market-current-analysis-and-forecast-2021-2027
Based on product type, the tricorder market is categorized into USB camera, Fiber Optics Camera, Wireless, Corded, and others. USB-powered tricorders can capture temperature, ECG, heart and lung sounds, BP, and SPO2 levels which can then be transmitted from a remote location to a doctor via a low bandwidth audio/video/data conferencing. In 2020, out of all these segments, the wireless tricorders held the largest share. This wireless device can diagnose diseases using vital parameters of patients measured by non-invasive means pretty like the ones shown in the Star Trek series.
Based on Application, the tricorder market is categorized into diagnosis, monitoring, and others. Diagnosis is the initial testing, analysis, and interpretation of a medical condition. Monitoring is collecting and storing symptoms and the progress of a pre-diagnosed medical condition. Others include investigation/treatment of disease and control of conception. Qualcomm winner DxtER is like a “complete office visit in a 5-pound box” according to its creator and will be available in the market at US$ 200 as per the 2017 data.
Additionally, the report provides detailed initiatives that are being taken in the field of the Medical Tricorder Market. The market is classified into distinct regions 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 advanced healthcare infrastructure and increasing chronic illnesses patients pool in the region.
Some of the major players operating in the market include 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. Several M&As along with partnerships have been undertaken by these players to develop Medical Tricorder Market.
Medical Tricorder Market Segmentation
Market Insight, by Type
- USB Camera
- Fiber Optic Camera
Market Insight, by Application
Market Insight, by End-Users
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- 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.