The medical tricorder market is expected to grow at a good market rate during the ongoing forecast period of 2017-2023. Medical tricorder market is expected to reach USD 5.4 billion in 2023 from USD 2.5 billion in 2016 with a CAGR of approximately 6.7% during the forecast period 2017-2023.
The Medical Device Industry is expected to be flourishing across the globe owing to a huge degree of increasing demand for technologically advanced devices and extensions. There has been extensive use of smart medical devices, and overall improvement in the global healthcare department and sector. The medical tricorder market is home to various smart devices that are used for the determination of the heart rate of an individual, followed by the glucose levels in the body, alongside the other health parameters.
COVID 19 Analysis
Energy is considered to be an important resource for the market functioning and sustainability of mankind that has a long way to go. Since the knowledge of the novel coronavirus has surfaced, people have been focusing on changing their lifestyles and taking their health seriously to improve their immune systems. The pandemic has given rise to major functional issues like the unavailability of resources and raw material that is hampering the functional ability of the market departments like the manufacturing and production units. The rise of the pandemic and the number of positive cases has been such that the global governments had no other option than to opt for strict regulations and measures like lockdowns and seal of the cross-border transactions and logistics. Also, the inability of proper functioning is hampering the medical tricorder market to meet the needs of the audience and disrupting the market functioning.
The global governments have been taking the functional restrictions into considerations and hence, are considering lifting them and further, increasing their investment in the research and development departments. The medical tricorder market players are on the lookout for funds to increase their product portfolio and hence, launch them on the international market during the forecast period that ends in 2023. This is likely to present the medical tricorder market share with good opportunities for growth during the forecast period of 2017-2023.
The medical devices are used by the consumer to self-diagnose the medical condition that is known as a medical tricorder. It takes a basic vital measurement of the condition like heart rate and body temperature within a few seconds. The major functions of a medical tricorder are inclusive of the ability to monitor the health of a person, summarize the patient’s health, diagnose the disease and further, take health measurements. Also, there has been a rapid development in technology, along with the increasing government support for research and development. The medical tricorder market size is witnessing the changing lifestyle and many adverse effects of the present diagnostic methods are expected to fuel the medical tricorder market growth during the forecast period that will be ending in 2023.
However, these market trends are witnessing that these types of devices have to pass all the regulatory standards and rules, which increases the existing approval time. The average approval time for the medical diagnostic device may approximately vary from 5-8 years. This is a relatively long approval time that includes the high cost of the research and development and the use of devices may hamper the medical tricorder market growth during the corresponding period that will be ending in 2023.
The demand for medical tricorder is on the verge of increasing because of an increase in the demand for medical tricorder among a series of health care providers. The medical devices are further, helping them to diagnose the patient’s health conditions, alongside the increasing outpatient services in the hospitals. This is leading to an increase in the patient pool that is suffering from diabetes and cardiovascular diseases. Hence, the global medical tricorder market is gearing up for major demand for new technology for diagnoses and monitoring especially during the forecast period that will be ending in 2023.
The medical tricorder market is likely to expand during the ongoing forecast period of 2017-2023 owing to the recorded performance of the market as the following market segments:
Based on the type
The type segment of the medical tricorder market includes USB camera, fiber-optic camera, wireless, corded and other types.
Based on the application
The medical tricorder market has an application segment that includes diagnosis, monitoring, and other applications.
Based on the market end-users
The Medical Tricorder Market is segmented based on the market end-users and includes hospitals, clinics, and others.
Based on the geographical segmentation of the Medical Tricorder Market consists of four regions Americas, Europe, Asia-Pacific, and the Middle East and Africa. The North American region is the largest market whose growth is attributed to an increase in the degree of patient pool, and the rising demand for improved technology for the diagnosis of the ongoing health of a patient drive Medical Tricorder Market in various American regions. Europe is to emerge as the second-largest market. The demand is driven by extensive research in innovative product development, and the adoption of new technologies in healthcare institutes such as hospitals & clinics, research institutes, clinical laboratories, amongst others like the diagnostics centers, and home care settings.
The medical tricorder market has been witnessing a substantial global rise owing to the performance recorded by the following market segments:
The medical tricorder market report has been prepared to help the potential market buyers and investors make better and prominent investment decisions for the ongoing forecast period of 2017-2023. The market discusses the impact of the outbreak of the novel coronavirus pandemic on the market and the trends that will help the market grow at the predicted market rate during the forecast period that ends in 2023.
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Scanadu (US), QuantuMDx Group Ltd. (UK), Ibis Biosciences (U.S.) and Others|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Self-diagnosis of medical conditions by patients|
Frequently Asked Questions (FAQ) :
Self-diagnosis of medical conditions by patients is the major driver of the global medical tricorder market.
Long approval time and expenses in research and development can restrict the growth of the global medical tricorder market.
Medical tricorder market can touch a value of USD 5.4 billion by 2023.
Medical tricorder market can exhibit a CAGR of 6.7% CAGR from 2017 to 2023.
QuantuMDx Group Ltd., Ibis Biosciences, Scanadu, and others are major players of the global medical tricorder market.