February 19, 2021
According to the research report titled ‘Global Medical Tricorder Market Size study, by Type (USB Camera, Fiber Optic Camera, Wireless, Corded), by Application (Diagnosis, Monitoring), by End-Use (Hospitals, Ambulatory Surgical Center, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global medical tricorder market was valued at USD 3.4 billion in the year 2019 and is predicted to showcase a 11% CAGR through 2027.
Increased pervasiveness of chronic conditions such as cardiovascular diseases or diabetes coupled with escalating investments towards developing innovative diagnosis devices are key factors driving the growth of global medical tricorder market.
For those unaware, a medical tricorder is a portable scanning device used by a patient for self-diagnosis several medical conditions without the need of invasive tests. The product is basically a high-resolution, removable, hand-held scanner that tests vital human organs.
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Medical tricorder is extensively used for tracking vital measurements such as body temperature or heart rate as well as for diagnosing diseases, which in turn is stimulating global medical tricorder industry outlook.
The ongoing COVID-19 pandemic has impelled the demand for medical tricorders for monitoring and diagnosing an individual’s therapeutic condition in order to avoid the spread of the disease, thereby favoring the overall market scenario. However, high R&D costs could potentially hamper global medical tricorder market remuneration in the upcoming years.
Regionally, North America presently holds the highest share in worldwide medical tricorder industry in terms of revenue, owing to high concentration of top manufacturers and escalating healthcare expenditure.
On the other hand, Asia-Pacific is likely to generate lucrative revenues for the overall market in the ensuing years. Factors such as high occurrence of cardiovascular diseases and diabetes in tandem with improving healthcare infrastructure are adding traction to the regional market size.
Basler AG, Fujikura Ltd., Welfo Fiber Optics, Basil Leaf Technologies, Qualcomm Technologies Inc., Cloud DX Inc., Ionis Pharmaceuticals Inc., Ibis Biosciences Inc., QuantuMDx Group Ltd., and Scanadu are the key competitors in global medical tricorder market.