Medical Tricorder Market: Current Analysis and Forecast (2021-2027)

Report Description

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.

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.

“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.

“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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Medical Tricorder Market were the three major steps undertaken to create and analyze the adoption of Medical Tricorders across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Medical Tricorder sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Medical Tricorder through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Medical Tricorder Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are product type, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of Medical Tricorder in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Medical Tricorder. Further, we conducted factor analysis using dependent and independent variables such as increasing technological advancements, growing chronic diseases, and increasing need for self-diagnostics amid Covid-19 among others. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Medical Tricorder industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Medical Tricorder Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Medical Tricorder across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Medical Tricorder Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Medical Tricorder Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and end-user of the Medical Tricorder Market.

Main Objective of the Medical Tricorder Market Study

The current & future market trends of the Medical Tricorder Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Medical Tricorder Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of Type, Application, and End-User
• Define and analysis of the regulatory framework for the Medical Tricorder Market industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Medical Tricorder Market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of World
• Company profiles of the Medical Tricorder Market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry