What Has Driven the Growth of the Medical Tricorder Market in Recent Years?
The medical tricorder market has seen considerable growth due to a variety of factors.
• The rapid expansion of the medical tricorder market size has been notable in recent history. The market, which was valued at $6.73 billion in 2024, is projected to catapult to $7.78 billion by 2025, demonstrating a compound annual growth rate (CAGR) of 15.6%.
This robust growth during the historic period owes much to factors such as healthcare accessibility, patient empowerment, chronic disease management, telemedicine, and point-of-care testing.
What is the Market Size Forecast for the Medical Tricorder Market?
The medical tricorder market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for the medical tricorder market to expand significantly over the coming years. By 2029, the market could become worth $15.89 billion, growing at a compound annual growth rate (CAGR) of 19.6%.
Several factors are driving its growth within the projected period, such as personalized healthcare, global health campaigns, an aging populace, focus on environmental health, and an efficient healthcare workforce. In addition, evolving trends like artificial intelligence and machine learning, integration of internet of things (iot), wearable health gadgets, consumer health devices, and the security of health data can also be an influencing factor.
What Factors Are Driving Growth In The Medical Tricorder Market?
The escalation of chronic ailments like cardiovascular disorders and diabetes is propelling the expansion of the medical tricorder market. Chronic illnesses are persistent ailments that last a year or more, necessitating constant medical attention, disrupting daily routines, or both. Worldwide, chronic illnesses such as cardiovascular illness, cancer, and diabetes are leading causes of death and disability. Medical tricorders serve to diagnose and identify diabetes, cardiovascular disorders, and other chronic diseases. For instance, the World Health Organization, a specialized agency of the United Nations based in Switzerland, stated in September 2022 that there were 41 million yearly deaths worldwide, which accounts for 74% of those triggered by non-communicable diseases (NCDs) or chronic illnesses. The breakdown included 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory disorders, and 2.0 million deaths due to diabetes. Consequently, the surge in the prevalence of chronic ailments like cardiovascular disorders and diabetes is fuelling the development of the medical tricorder market.
What Are The Main Segments Of The Global Medical Tricorder Market?
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 Emerging Trends Are Influencing The Growth Of The Medical Tricorder Market?
Leading businesses in the medical tricorder industry are obtaining new permissions for devices like smart health-tracking devices. These devices are wearable or portable technologies that capture and analyse health-related data such as heart rate, physical activity, sleep patterns and crucial signs, providing users with immediate data to effectively manage their well-being. For example, in January 2024, Withings, a company based in France that creates smart health-tracking devices, introduced BeamO, a 4-in-1 health scanning tool. The BeamO multiscope combines various health monitoring functions into one gadget, consisting of capabilities like ECG, pulse oximetry, stethoscope and thermometer. This device, tagged as the thermometer of the future by Withings, not only gauges temperature but also provides details on heart and lung health. It has electrodes along its sides to track blood oxygen levels and heart rate, and it can perform a 1-lead ECG, similar to the ECG feature of the Apple Watch. It takes body temperature through a scanner, from the temporal artery, and uses a piezoelectric disc to record acoustic soundwaves from the chest or the back, that can be shared with doctors during telehealth meetings.
Who Are the Key Players in 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 Is The Most Dominant Region 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.
