USD 4.46 billion
Medical Tricorder Market Size, Share, Growth Analysis, By Type(USB Camera, wireless, fiber optic camera, and corded), By Application(Monitoring and diagnosis), By End-User(Hospital and ambulatory surgery), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2671 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
87
|Figures:
76
Medical Tricorder Market Insights
Medical Tricorder Market size was valued at USD 4.76 billion in 2022 and is poised to grow from USD 5.08 billion in 2023 to USD 8.60 billion by 2031, growing at a CAGR of 6.80% in the forecast period (2024-2031).
The primary drivers behind the market's growth are advancements in healthcare technology and the increasing burden of lifestyle diseases. The medical tricorder devices market is propelled by continuous innovation and efforts to enhance patient services, making them more convenient and comfortable. The healthcare sector, particularly the medical tricorder device industry, is undergoing a transformation with the integration of technologies like the Internet of Things (IoT), Artificial Intelligence (AI), Cloud-Based Solutions, and Sensor Technologies. The main objective is to improve patients' quality of life by minimizing pain, streamlining processes, and minimizing disruptions to their daily activities.
The surge in lifestyle diseases, such as diabetes, cardiac diseases, chronic kidney diseases, obesity, and stroke, can be directly attributed to sedentary lifestyles and a lack of physical activity. These chronic conditions necessitate regular monitoring of vital signs, driving the demand for medical tricorder devices. As per a June 2021 article by the World Health Organization (WHO), cardiovascular diseases are the leading cause of global mortality. Nevertheless, despite being the future of this industry, the stringent regulatory norms associated with medical device approval may pose constraints on market growth.
US Medical Tricorder Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospital
Fastest Growth
Hospital
Growth Rate
6.8% CAGR
Global Medical Tricorder Market ($ Bn)
Country Share for North America Region (%)
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Medical Tricorder Market Segmental Analysis
The Global Medical Tricorder Market is segmented by type, application, end-user, and regions. Based on type, the market can be segmented into USB Camera, wireless, fiber optic camera, and corded. Based on application, the market is segmented into diagnosis and monitoring. Based on end-user, the market can be segmented into hospitals and ambulatory surgery. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Tricorder Market Analysis by Type
By Type, the market can be segmented into USB Camera, wireless, fiber optic camera, and corded. The wireless segment is the dominating segment in the Medical Tricorder market. Wireless medical tricorders have gained popularity due to their portability and the ability to provide continuous monitoring without the need for physical connections. They enable patients to track their vital signs, collect health data, and transmit the information to healthcare providers remotely. Additionally, wireless tricorders often come with user-friendly interfaces and mobile apps, making them accessible and convenient for patients to use on a regular basis.
While the USB Camera segment is experiencing significant growth and is the fastest-growing segment. These tricorders feature a USB camera interface that allows for direct connection to a computer or a compatible device. They capture visual images and videos, enabling healthcare professionals to conduct detailed examinations remotely. The USB camera tricorders offer high-resolution imaging capabilities, which are particularly valuable in dermatology, ophthalmology, and other specialties that require visual inspections.
Analysis by Application
By application, the market can be segmented into diagnosis and monitoring. The monitoring segment represents the dominating segment in the Medical Tricorder market. Monitoring tricorders have gained significant popularity due to their ability to provide continuous health monitoring outside of traditional healthcare settings. They enable individuals to keep track of their health parameters on a regular basis, promoting self-care and preventive healthcare practices. Monitoring tricorders are particularly useful for individuals with chronic conditions, athletes, and fitness enthusiasts who require regular monitoring of vital signs and health trends.
The Diagnostics segment has emerged as the fastest-growing segment in the Medical Tricorder market. It is expected to have the fastest CAGR of 8.1% in the forecast period. The use of medical tricorders to diagnose conditions like cancer, the COVID-19 pandemic, HIV/AIDS, diabetes, heart disorders, etc. is a major factor in the expansion of this market. The increasing demand for accessible and efficient healthcare solutions has also led to the growth in this segment. Diagnosis tricorders hold the potential to revolutionize healthcare delivery by providing point-of-care diagnostics
Medical Tricorder Market Analysis by End-User
By end-user, the market can be segmented into hospitals and ambulatory surgery. The hospital segment represents the dominating segment in the Medical Tricorder market. Medical tricorders in hospitals are utilized in various ways. They assist healthcare professionals in quickly and accurately assessing patients' vital signs, monitoring their health parameters, and facilitating early detection of abnormalities or changes. Tricorders enable healthcare providers to gather real-time data and make informed decisions regarding patient care, treatment plans, and interventions. They can be used across different departments, including emergency departments, critical care units, general wards, and outpatient clinics.
The Ambulatory segment has emerged as the fastest-growing segment in the Medical Tricorder market. Ambulatory surgery centers (ASCs) or outpatient surgical facilities are experiencing rapid growth due to factors such as cost-effectiveness, shorter recovery times, and reduced risk of hospital-acquired infections. As a result, there is a growing need for advanced medical technologies, including medical tricorders, in these settings.
Global Medical Tricorder Market By End User
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Medical Tricorder Market Regional Insights
North America dominates the global Medical Tricorder market. The region holds a 44% share of the market revenue in 2023. The expansion of the patient population in the area and the rising demand for sophisticated technologies to identify patients are both factors contributing to the market growth in North America. Moreover, the region's industry is expected to increase because of the government's rising healthcare spending and appealing reimbursement policies.
Asia Pacific is expected to be the fastest growing region in the global Medical Tricorder market. The region's rapid growth can be attributed to several factors, including a large population base, increasing healthcare expenditure, rising awareness about healthcare technologies, and the need to address healthcare challenges in remote and underserved areas. The Asia Pacific region also benefits from a growing startup ecosystem, which fosters innovation in the medical technology sector.
Global Medical Tricorder Market By Geography
- Largest
- Fastest
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Medical Tricorder Market Dynamics
Medical Tricorder Market Drivers
The development in the healthcare sector
- The developments and upgradation in the technological devices field is a significant factor driving the medical tricorders market. The advancement of technology is also observed in the medical and healthcare sector. Thus, the rising uses of various innovative medical equipment and developments in the healthcare and medical segments are responsible for the market's growth. These smart technologies help check glucose and pulse rates and record patients' health metrics.
Medical Tricorder Market Restraints
A longer time for approval is required
- The average time required by the devices to get the approval is between 5 to 8 years, as per reports. But more time is needed to approve the medical tricorder as per the latest regulatory standards. As a result, the development and research costs of the devices are getting expensive. This is restraining the growth of the market.
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Medical Tricorder Market Competitive Landscape
The global medical tricorder market is a competitive space with several key players vying for market share. A medical tricorder is a portable device designed to diagnose and monitor health conditions in a non-invasive manner. It typically integrates various sensors, imaging capabilities, and advanced analytics to provide accurate and real-time health information. To strengthen their market position in the worldwide medical tricorder market, the leading players are now focusing on putting strategies into practise, such as embracing new industries, product innovations, mergers and acquisitions, joint ventures, alliances, and partnerships.
Medical Tricorder Market Top Player’s Company Profiles
- Scanadu (US)
- Hamamatsu Photonics K.K. (Japan)
- Qualcomm Technologies, Inc. (US)
- Basler AG (Germany)
- Fujikura Ltd. (Japan)
- Cloud DX (US)
- Welfo Fiber Optics (India)
- Ionis Pharmaceutical (US)
- Ibis Biosciences (US)
- TRIMprob (Italy)
- QuantuMDx Group Ltd. (UK)
- CardioComm Solutions Inc. (Canada)
- Dynosense’s (US)
- Final Frontier Medical Devices (US)
- Senstore (US)
- VitalFit (US)
- Healthy.io (UK)
- Medipense Inc. (Canada)
- Aidar Health Inc (Columbia)
Medical Tricorder Market Recent Developments
- In March 2021, The United States Food and Drug Administration (USFDA) granted Aidar Health Inc. 510(K) certifications for its Mouthlab- A Revolutionary Device for Rapid Health Assessment product. This medical tricorder generated a biosignature in addition to measuring several critical health markers in 60 seconds.
- In March 2021, 9.3 billion dollars were invested in one of Quanto MDX Group Limited's most recent investment rounds. The money, according to the business, would be used to finish the manufacturing and marketing processes.
Medical Tricorder Key Market Trends
- Medical tricorder devices are small, portable medical devices that can quickly analyse a number of physiological characteristics, produce a diagnosis, and notify medical professionals of the need for additional assistance. A medical tricorder for self-diagnosis is quickly becoming a necessary tool for patients with chronic illnesses to monitor their vitals at home. These can be applied to patients of any age without sacrificing their comfort. Numerous clients get medical tricorders to monitor their own health. Positive factors influencing the growth of the medical tricorder market include technological advancements in the healthcare industry, government funding of R&D projects, a loosening of regulatory requirements, and a lack of parameters analysis needed for the current population but not offered by commercially available diagnostic techniques.
Medical Tricorder Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global medical tricorder market is experiencing robust growth driven by technological advancements and the rising prevalence of lifestyle diseases. Integration of IoT, AI, cloud-based solutions, and sensor technologies is revolutionizing the healthcare sector, particularly the medical tricorder device industry. The market caters to the growing demand for convenient and comfortable patient services. Lifestyle diseases like diabetes, cardiac ailments, and obesity are increasing, necessitating regular vital sign monitoring, thus driving the demand for medical tricorder devices. Despite strict regulatory norms, the market holds significant potential for improving patient outcomes and transforming healthcare delivery. With its goal of painless, hassle-free, and comfortable patient experiences, the global medical tricorder market is poised for continued growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.76 billion |
| Market size value in 2031 | USD 8.60 billion |
| Growth Rate | 6.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Tricorder Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Tricorder Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Tricorder Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Tricorder Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Tricorder Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Tricorder Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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