Global Medical Tricorder Market Size to Reach USD 5.15 Billion in 2028 Growing at a CAGR of 6.8%, According to Emergen Research

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Mar 10, 2022, 08:00 ET

VANCOUVER, BC, March 10, 2022 /PRNewswire/ -- The global medical tricorder market size reached USD 3.07 Billion in 2020 and is expected to register a CAGR of 6.8% during the forecast period, according to latest analysis by Emergen Research.

Drivers:

Annually, an increasing number of cases of lifestyle diseases such as diabetes, heart disease, chronic renal disease, obesity, strokes, and others are reported due to lack of physical exercise and sedentary lifestyle. Cardiovascular diseases are main cause of mortality globally, as per World Health Organization (WHO). Additionally, according to the World Health Organization's (WHO) non-communicable disease article published in April 2021, 17.9 million people would die each year from cardiovascular diseases and 1.5 million from diabetes. Furthermore, incidence of diabetes in India has grown by 10.4% in 2019, as per the International Diabetes Federation (IDF) Diabetes Atlas 2019. The majority are chronic diseases that need frequent vital signs monitoring, are expected to increase demand for medical tricorder devices, thus, increasing prevalence of chronic diseases is expected to drive market revenue growth over the forecast period.

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Restraints:

Medical tricorders must meet all regulatory requirements and guidelines, which lengthens licensing process. Average time it takes for a medical diagnostic device to be approved is five-eight years. The lengthy clearance process, as well as high costs of research and development and products, may stifle market expansion over the forecast period.

Growth Projections:

The global medical tricorder market is expected to expand at a CAGR of 6.8% from USD 3.07 Billion in 2020 to USD 5.15 Billion by 2028. The market for medical tricorders is growing due to an increase in demand for medical tricorders among health care providers, which assists them in diagnosing patients' health conditions, increasing patient pool suffering from diabetes and cardiovascular diseases, and increasing demand for advanced technology for diagnoses and monitoring.

COVID-19 Impact Analysis:

Increasing number of COVID-19 cases worldwide increases the demand for medical tricorder devices that can be used at homes by anybody for self-diagnosis. Medical checkup report generated by medical tricorder can be remotely shared to health care providers at healthcare facilities through smartphones. Such facilities reduce patient's physical presence in hospitals or other healthcare facilities, reducing possibility of highly infectious COVID-19 spreading.

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Current Trends and Innovations:

Healthcare industry has been supported with technically sophisticated equipment owing to increasing R&D activities and an innovative approach. According to the International Diabetes Federation's (IDF) Diabetes Atlas 2019, around 50.1% of individuals worldwide have undiagnosed diabetes. As a result, with increasing burden of chronic disease across the globe, diagnosis becomes important and need for medical tricorder devices is expected to continue rising.

Geographical Outlook:

Asia Pacific is expected to register a significantly rapid revenue growth during the forecast period due to increasing number of hospitals in countries in the region. Increasing adoption rates of medical tricorders in hospitals are expected to drive market revenue growth in Asia Pacific over the forecast period. In addition, increasing elderly population in countries such as China, India, and Japan is expected to increase in demand for such devices in the near future, which in turn is expected to propel the market growth in this region.

Strategic Initiatives:

Some major companies operating in the market include QuantuMDx Group Ltd, Scanadu Inc., Cloud DX Inc., Basil Leaf Technologies, LLC, Fujikura Ltd., Basler AG, Qualcomm Technologies, Inc., Ibis Biosciences, Inc., Aidar Health, Inc., and Shenzhen Creative Industry Co., Ltd.

· In July 2021, Twenty Billion Neurons GmbH a firm backed by Microsoft that specializes in artificial intelligence and computer vision was acquired by Qualcomm Technologies, Inc. Qualcomm is expected to expand its artificial intelligence team with the acquisition.

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Emergen Research has segmented the global medical tricorder on the basis of type, application, end-use, and region:

Type Outlook (Revenue, USD Billion; 2018–2028)

Fiber Optic Camera
USB Camera
Corded
Wireless
Others

Application Outlook (Revenue, USD Billion; 2018–2028)

Monitoring
Diagnosis
Others

End-Use Outlook (Revenue, USD Billion; 2018–2028)

Ambulatory Surgery Centers
Hospitals
Others

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Regional Outlook (Revenue, USD Billion; 2018–2028)

North America

U.S.
Canada
Mexico

Europe

Germany
France
U.K.
Italy
Spain
BENELUX
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of APAC

Latin America

Brazil
Rest of LATAM

Middle East & Africa

Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA

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