The Business Research Company’s report on the Medical Tricorder Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the medical tricorder market’s growth in recent years?
The increase in the number of chronic illnesses such as cardiovascular diseases and diabetes is contributing to the growth of the medical tricorder market. Chronic diseases are illnesses that endure for a year or longer and require ongoing medical care, interfere with daily activities, or both. Chronic diseases such as cardiovascular disease, cancer, and diabetes are among the world’s top causes of mortality and disability. Medical tricorders are used to diagnose and detect diabetes, cardiovascular diseases, and other chronic illnesses. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Thus, an increase in the number of chronic illnesses such as cardiovascular diseases and diabetes is driving the growth of the medical tricorder market.
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How does the future projection of the medical tricorder market size compare to its historical growth?
The medical tricorder market size has grown rapidly in recent years. It will grow from $6.73 billion in 2024 to $7.78 billion in 2025 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to healthcare accessibility, patient empowerment, chronic disease management, telemedicine, point-of-care testing.
The medical tricorder market size is expected to see rapid growth in the next few years. It will grow to $15.89 billion in 2029 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to personalized healthcare, global health initiatives, aging population, environmental health, healthcare workforce efficiency. Major trends in the forecast period include artificial intelligence (ai) and machine learning, internet of things (iot) integration, wearable health tech, consumer health devices, health data security.
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Which key players are shaping the future of the medical tricorder market?
Major companies operating in the medical tricorder market include QuantuMDx Group Ltd., Cloud DX Inc., Qualcomm Technologies Inc., Basil Leaf Technologies LLC., Healthy.io Ltd., Onis Pharmaceutical Inc., Fujikura Ltd., Basler AG, Hamamatsu Photonics K.K., Scanadu Inc., Ibis Bioscience Inc., Medipense Inc., Aidar Health Inc., SM Scientific Instruments Pvt. Ltd., KUGEL medical GmbH & Co. KG, Thermo Fisher Scientific Inc., LEEC Limited, Mortech Manufacturing Company Inc., SensoDX II LLC, Accurable Ltd., Care Taker Medical LLC, ChroniSense Medical Ltd., Cardiomo Inc., VitalConnect Inc., Avidhrt Inc., Creative Industry Co. Ltd., Final Frontier Medical Devices Inc., DMI Medical Supply Co. Inc., Echelon Biosciences Inc.
What trends will propel the growth and evolution of the medical tricorder market?
Major companies operating in the medical tricorder market are gaining new approval such as smart health-tracking devices. Smart health-tracking devices are wearable or portable technologies that monitor and collect health-related data, such as heart rate, physical activity, sleep patterns, and vital signs, providing users with real-time insights to manage their health and wellness effectively. For instance, in January 2024, Withings, a France-based company that makes smart health-tracking devices, launched the BeamO, a 4-in-1 health scanner. The BeamO multiscope integrates multiple health monitoring functions into a single device, including ECG, pulse oximeter, stethoscope, and thermometer capabilities. Dubbed the thermometer of the future by Withings, it not only measures temperature but also offers insights into heart and lung health. The device features electrodes along its sides to monitor blood oxygen levels and heart rate, as well as perform a 1-lead ECG, akin to the ECG function of the Apple Watch. It uses a temperature scanner to read body temperature from the temporal artery and employs a piezoelectric disc to capture acoustic soundwaves from the chest or back, which can be shared with a physician during telehealth consultations.
Which regions are expected to become dominant players in the medical tricorder market?
North America was the largest region in the medical tricorder market in 2024. Europewas the second-largest market in the medical tricorder market. The regions covered in the medical tricorder market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What are the emerging key segments in the medical tricorder market, and how are they evolving?
The medical tricorder market covered in this report is segmented –
1) By Type: USB Camera, Fiber Optic Camera, Wireless, Corded, Other Types
2) By Application: Diagnosis, Monitoring, Other Applications
3) By End User: Hospitals, Clinics, Other End-users
Subsegments:
1) By USB Camera: Standard USB Cameras, High-Definition USB Cameras
2) By Fiber Optic Camera: Rigid Fiber Optic Cameras, Flexible Fiber Optic Cameras
3) By Wireless: Bluetooth Wireless Cameras, Wi-Fi Enabled Cameras
4) By Corded: USB Corded Cameras, HDMI Corded Cameras
5) By Other Types: Endoscopic Cameras, Specialty Cameras
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What defines the structure and scope of the medical tricorder market?
A medical tricorder is a handheld scanning gadget that enables users to diagnose medical problems and collect basic vital signs in seconds.
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