Medical Tricorder Market Size Worth $8.6 billion by 2030: The Brainy Insights
NEWARK, N.J., July 19, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global medical tricorder market is expected to grow from USD 4.8 billion in 2021 to USD 8.6 billion by 2030, at a CAGR of 6.8% during the forecast period 2022-2030.
The significant technological advancements in the field of development of the medical tricorder market are key factors attributed to the market growth. The rising prevalence of cardiovascular disorders and diabetes among patients and the demand for outpatient devices are increasing the medical tricorder market.
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More people are getting aware of this advancement with the passing days. The outbreak of the Covid-19 pandemic provided an immense growth opportunity for the medical tricorder market to flourish. This advanced medical technology was instrumental in checking the body temperature of the patients and is also deployed in checking the number of health parameters. It helps determine the patient's blood pressure, appetite, pulse rate, oxygen level, breathing pace, etc. This device helped a large population of people to check whether they were infected with the highly infectious coronavirus and suggested the necessary precaution to be taken to prevent the spread of the virus. According to reports in nextBIG Future April 2017 publication., Final Frontier Medical Devices has received research and development funding of about USD 2.5 million for the AI-based DxtER medical device comprising various sensors.
Competitive Strategy
To enhance their market position in the global medical tricorder market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In December 2019, Ontera Inc collaborated with QuantuMDx Group to produce a diagnostics solution for detecting blood infection and drug resistivity.
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Market growth and trends:
The increasing number of Covid cases globally led to the growth of the medical tricorder market. It was one of the most significant devices used by most people for self-diagnosis at home since restrictions were imposed to prevent people from leaving their houses. Even the Covid positive patients with some mild symptoms were asked to remain in home quarantine to reduce crowding at the hospitals and other medical help centers. These factors boosted the growth of the medical tricorder market. Prominent market players are receiving substantial funding for developing advanced medical technologies, which adds impetus to the growth of the medical tricorder market. However, the stringent policies make manufacturing and releasing this equipment into the market difficult, challenging the market's growth.
Key Findings
● In 2021, the wireless segment dominated the market with the largest market share of 32% and market revenue of 1.5 billion.
The product type segment is divided into USB Cameras, wireless, fiber optic cameras, corded, and others. In 2021, the wireless segment dominated the market with the largest market share of 32% and market revenue of 1.5 billion. Rising innovation of the latest technologies, such as IoT, artificial intelligence, sensor technologies, cloud-based solutions, etc., drives the segment's growth.
● In 2021, the diagnosis segment accounted for the largest share of the market, with 42% and market revenue of 2.0 billion.
The application segment is divided into diagnosis, monitoring, and others. In 2021, the diagnosis segment accounted for the largest share of the market, with 42% and a market revenue of 2.0 billion. The medical tricorder is widely used to diagnose diseases such as cancer, the covid-19 pandemic, HIV aids, diabetes, heart diseases, etc., driving the segment's growth.
● In 2021, the hospitals' segment accounted for the largest share of the market, with 48% and a market revenue of 2.3 billion.
The end-user segment is divided into hospitals, ambulatory surgery centers, and others. In 2021, the medical devices segment accounted for the largest share of the market, with 48% and market revenue of 2.3 billion. The medical tricorder is widely used in hospitals by caregivers, healthcare professionals, doctors, nurses, etc., for diagnosing diseases, driving the segment's growth.
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Regional Segment Analysis of the Medical Tricorder Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global medical tricorder market, with a market share of around 44% and 2.1 billion of the market revenue in 2021. The North American region's medical tricorder market has been rapidly growing owing to the increasing prevalence of chronic diseases. In addition, the region's advanced healthcare infrastructure and attractive reimbursement policies by the government also propel the market's growth.
Key players operating in the global medical tricorder market are:
● QuantuMDx Group Ltd.
● Scanadu
● Ibis Bioscience
● QuantuMDx
● Cloud DX
● Ionis Pharmaceutical
● Basil Leaf Technologies, LCC
● Qualcomm Technologies, Inc.
● Fujikura Ltd
● Welfo Fiber Optics
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global medical tricorder market based on the below-mentioned segments:
Global Medical Tricorder Market by Product Type:
● USB Camera
● Wireless
● Fiber Optic Camera
● Corded
● Others
Global Medical Tricorder Market by Application:
● Diagnosis
● Monitoring
● Others
Global Medical Tricorder Market by End-User:
● Hospitals
● Ambulatory Surgery Centers
● Others
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About the report:
The global medical tricorder market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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