The Global 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.
Medical device industry is flourishing across the globe owing to an increasing demand for technologically advanced devices, extensive use of smart medical devices, and overall improvement in healthcare sector. Various smart devices are used to determine the heart rate, glucose levels in the body, and other parameters.
Medical device used by the consumer to self-diagnose medical condition is known as a medical tricorder. It takes basic vital measurement like heart rate and body temperature within seconds. Major functions of a medical tricorder are to monitor health of a person, summarize patient’s health, diagnose disease and take health measurements. Furthermore, rapid development in technology, increasing government support for research & development, changing lifestyle, and many adverse effects of the present diagnostic methods expected to fuel the market growth during the forecast period.
However, these types of devices has to pass all the regulatory standards and rules, which increases the approval time. The average approval time for the medical diagnostic device may vary from 5-8 years. This long approval time, high cost of the research & development and devices may hamper the market growth during the corresponding period.
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The demand of medical tricorder is increasing because of an increase in the demand medical tricorder among health care providers, helping them to diagnose patient’s health condition, increasing outpatient services in the hospitals, increase in patient pool suffering from diabetes, and cardiovascular diseases, and demand for new technology for diagnoses and monitoring.
According to findings from the WHO, in 2014, approximately 422 million people suffered from diabetes across the globe.
Global Medical tricorder Market Players:
Key players in medical tricorder market are: Scanadu (US), QuantuMDx Group Ltd. (UK) and Ibis Biosciences (U.S.)
Scanadu is a medical technology company developing next generation test, medical devices and services. The company developed first ever medical tricorder for monitoring body temperature, heart rate and other vital measurement.
QuantuMDx Group Ltd. is a medical device and system company providing innovative solutions for healthcare management. Its technology called DNA XT helps to perform DNA extraction within seconds. Q POC system designed by the company helps to determine drug sensitivity and displays the results within 20 minutes.
Ibis Biosciences, Inc. provides molecular diagnostics, offers instruments and reagents to analyze DNA and RNA for clinical specialists and laboratory. In February 2016, the company won a USD 2,124,718 federal contract from the Defense Advanced Research Projects Agency, Arlington, Virginia for R&D.
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Key Questions Answered In This Report
- What will the market size and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
The Global Medical Tricorder Market is segmented on the basis of type which includes USB camera, fiber optic camera, wireless, corded and other types.
On the basis of application which includes diagnosis, monitoring and other applications. On the basis of end users the market is segmented into are hospitals, clinics and others.
- Healthcare IT companies
- Medical device companies
- Contract Research Organizations (CROs)
- Research and Development (R&D) Companies
- Academic Medical Institutes and Universities
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