Medical Tricorder Market Report, Size, Development, Key Opportunity, Application and Forecast

A comprehensive overview of the Medical Tricorder Market is recently added by UnivDatos Market Insights to its humongous database. The Medical Tricorder Market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Medical Tricorder Market. The Medical Tricorder Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Medical Tricorder Market at the global and regional levels. Medical Tricorder Market is expected to grow at a CAGR of 5.4% from 2021-2027 to reach US$ 4.1 billion by 2027.

Market Overview

Medical Tricorder is the distribution of medical diagnosis and monitoring facilities, in the form of handheld electronic devices. Growth in medical conditions is a common scenario throughout the world and especially in the United States. Statistics say 133 million individuals in the United States are affected by some form of chronic illness like cancer, diabetes, hypertension, heart diseases, stroke, mental illness, pulmonary conditions, etc. Currently, the economic impact of chronic illnesses is US$ 3.8 trillion annually.

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As the number of patients suffering from chronic illnesses increases due to the changes in lifestyle choices, there is a need for quicker healthcare. To address this issue, technical healthcare tools are offering the potential to scale up the treatment and decrease the cost of treatment for patients. 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. As chronic diseases are increasing, so is the need to self-diagnose and monitor your conditions, Tricorders make self-diagnosis easier and thus the high market growth expectation. These trends are showing an upsurge in R&D in many bid companies like Qualcomm, Quantu, Scanadu, Cloud DX, etc. The total U.S. medical health R&D investment in 2017 was US$ 182.3 billion and in 2018 has gone up to US$ 194.2 billion.

COVID-19 Impact

The MedTech responsible for the innovations of Tricorders is put in the center stage during the coronavirus pandemic. They are pressured with unparalleled demands for PPE kits, ventilators, diagnostic tests, and other critical medical supplies. Extraordinary efforts are being applied to ramp up manufacturing capabilities, and MedTech leaders must go beyond their boundaries to explore solutions to minimize the supply needs. Due to this many medical procedures and experiments are being postponed as hospitals are needed for COVID-19 patients. McKinsey predicted a 60-80% decline in elective markets for Europe in Q2 of 2020 and a 40-50% decline in Q3, 2020 for the US. Another concern is when the recovery begins, it could put a strain on companies for demand for both delayed elective and essential procedures. MedTech companies need to consider additional imperatives for the next 3-9 months, to strengthen crisis resilience and recovery.

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Medical Tricorder Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Type, the market is primarily segmented into

• USB Camera
• Fiber Optics Camera
• Wireless
• Corded
• Others

In 2019, out of all these segments, the wireless tricorders had the largest share in the market. In the 2017 Qualcomm XPRIZE, two teams with wireless tricorders won the prize.

 By Application, the market is primarily segmented into

• Diagnosis
• Monitoring
• Others

In the 2020 market, the diagnosis had the largest share. The reason is probably that these devices can diagnose diseases like Covid-19, asthma, cancer, tuberculosis, diabetes, HIV-AIDS, cardiovascular diseases, arthritis, stroke, dementia, and others.

 By End-user, the market is primarily segmented into

• Hospitals
• Clinics
• Others

In 2019, the highest end-user was the hospitals. This may be due to the greater number of services available in the hospitals with its numerous helping staffs, and different medical centers.

Medical Tricorder Market Geographical Segmentation Includes:

• North America (the United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
• Rest of the World

Based on the estimation, North America constitutes a major market for the Medical Tricorder industry and generated maximum revenue in 2020 owing to the advanced healthcare infrastructure and increased number of key market players in the region.

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The major players targeting the market includes

• 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.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Medical Tricorder Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Medical Tricorder Market?

• Which factors are influencing the Medical Tricorder Market over the forecast period?

• What are the global challenges, threats, and risks in the Medical Tricorder Market?

• Which factors are propelling and restraining the Medical Tricorder Market?

• What are the demanding global regions of the Medical Tricorder Market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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