Medical Tricorder Device Market Size, Share, Industry, Forecast and outlook (2024-2031)

Medical Tricorder Device Market is segmented By Type (USB Camera, Fibre Optic Camera, Wireless, Corded, Others), By Application (Diagnosis, Monitoring), By End-User (Hospitals, Clinics, Others), and By Region (North America, Europe, South America, Asia-Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

Medical Tricorder Device Market Overview

Medical Tricorder Device Market is predicted to reach at a high CAGR 6.7%  during the forecast period (2023-2030).

Medical Tricorder Device Market Scope

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Medical Tricorder Device Market Dynamics

Technological Advancement in medical tricorder devices is expected to drive the market's growth.

According to the news article, on November 17, 2020. Recent advances in this technology have allowed the development of ultra-portable handheld devices that appear more like the tricorder from Star Trek than a traditional ultrasound machine. These devices hold high promise in many areas of medicine. Still, they are especially promising for uses such as monitoring heart failure and pneumonia in geriatric populations that have difficulties with mobility or remain entirely housebound. But when any innovative technology is adopted into the medical community, appropriate training to ensure diagnostic accuracy and safety is essential. A recent trial showed that a short training course – which was made even shorter when it was concluded due to the encroachment of the COVID-19 outbreak – dramatically increased the confidence of four geriatricians in their ability to use the devices and interpret images they got from them.  Geriatric patients disproportionally face barriers to care because of their serious medical conditions and transportation challenges. Ultra-portable handheld devices, called point-of-care-ultrasound (POCUS) devices, allow them to be carried to places like nursing homes or even homes, bringing evaluation and the potential for care directly to patients. For instance, doctors or other health professionals use handheld devices for fluid volume assessment, often related to heart failure, and check for urinary retention, pneumonia, and lower extremity blood clots, all common among older adults.

Similarly, according to the article, on April 24, 2021. Basil Lead Technologies has rolled out a very real tricorder, known as DxtER. Anyone in their own home can use it, and no medical training is even needed. DxtER works because of its sophisticated diagnostics engine; it pulls patients' data from multiple sources and runs them through algorithms that recognize 34 different health conditions. Some of these include tuberculosis, pneumonia, stroke, and diabetes. That sounds like something that came from the future, and we are here for it. Live long and prosper. Thus, from the above statements, the market is expected to drive in the forecast period.

Stringent Regulatory Requirements for Medical Devices is expected to hamper the market's growth.

According to the article, on 10 May 2021. Small medical device companies struggle to guarantee that their systems and processes, including labeling, are approved and compliant with stringent regulatory standards to ensure traceability of medical devices. It is a major task and can be a costly process. Indeed, agreement with the European Union (EU)’s Medical Device Regulation (MDR) will fetch over five percent of annual sales, according to 48 percent of 101 companies polled by the German company Climedo Health in July and August 2020 about their MDR-readiness.

Moreover, many small device manufacturers leave the procedure until late in the day and struggle to complete their validation processes and achieve compliance, when it is key that they go through these accurately and efficiently. If they get the software validation process wrong, they may need to take corrective actions later to rectify it. If they put incorrect and uncompliant data on the labels themselves, the fines are likely to be more severe, health and safety may be at risk. Thus, from the above statements, the market is expected to get hampered in the forecast period.

COVID-19 Impact Analysis

The COVID-19 has positively impacted the medical tricorder industry and could contribute to the industry's growth. The pandemic has increased the need for outpatient services and patient monitoring drastically. People have become more conscious of self-diagnosing devices, and their use has been increased. Moreover, during this pandemic non-emergency hospital visits like regular checkups, unessential procedures have been postponed. Regulatory authorities have also supported the medical tricorder device industry to reduce patient flow to the hospitals and provide additional bed facilities for COVID-19 patients. In April 2020, The United States regulatory authority, the United States Food and Drug Administration (USFDA) had provided Emergency Use Authorization (EUAs) for certain patient monitoring and diagnostic devices to increase the availability of treatment and monitoring during the COVID-19 pandemic.

Medical Tricorder Device Market Segment Analysis

The diagnosis segment is expected to hold the largest market share in this market segment.

The diagnosis segment held the largest market share in 2020. The segment growth is attributed to the increasing number of pediatric or elderly patients suffering from chronic diseases, where medical tricorder for self-diagnosis has become an essential device used at home to monitor vitals in patients. Moreover, research and development and innovative approach, healthcare has facilitated with technically advanced devices. For instance, International Diabetes Federation(IDF) Diabetes Atlas 2019 reports that about 50.1% of people worldwide have undiagnosed diabetes. Therefore, to afford health facilities with the rising burden of chronic disease globally, diagnosis becomes important, and the demand for medical tricorder devices has increased. Thus, the segment is expected to hold the largest market share in the forecast period from the above statements.

Hospital segment is expected to hold the largest market share in this market segment.

The hospital segment held the largest market share in 2020. The segment growth is attributed to the easily accessible & omnipresent, large patient pool, and numerous patients prefer hospitals. Moreover, beneficial reimbursement policies are expected to boost the demand for the medical tricorder market in the segment. The ambulatory surgical centers are gaining popularity owing to the substantial demand for outpatient services. Additionally, cost-effective services and shorter stay duration are some factors that are expected to hold the largest market segment in the forecast period.

Medical Tricorder Device Market Geographical Share

North America region holds the largest market share in the global medical tricorder device market.

North America dominated the market with a revenue share in 2020. The region's growth is attributed to the increasingly sedentary lifestyle, increasing selection of technologically advanced solutions in health facilities; the growing burden of chronic diseases is expected to boost the market in the forecast period. For instance, according to the National Center for Biotechnology Information, on November 19, 2020. One-third of the global population aged 15 years and older are involved in insufficient physical activities, affecting health.  The mean daily duration of sedentary response is 7.7 hours among the American adult population. Sedentary lifestyles are spreading because of a lack of available spaces for exercise, increased occupational sedentary behaviors such as office work, and the increased penetration of television and video device.

 Sedentary behaviors have wide-ranging adverse impacts on the human body, including increased all-cause mortality, cardiovascular disease mortality, cancer risk, and risks of metabolic disorders such as diabetes mellitus, hypertension, and dyslipidemia; musculoskeletal disorders such as arthralgia and osteoporosis; depression; and cognitive impairment. Therefore, it led to the growing need for monitoring and diagnostic devices both in hospital and home facilities invite technologically advanced solutions that can serve purposely, and medical tricorder devices are the one. Thus, the North American region is expected to account for the largest market share in the forecast period from the above statements.

Medical Tricorder Device Market Companies

The medical tricorder device market is vast with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include QuantuMDx Group Ltd., Cloud Dx, Basil Leaf Technologies, LLC, Medipense Inc., Aidar Health Inc., Scanadu, Ibis Bioscience, Welfo Fiber Optics, Hamamatsu Photonics K.K. and Qualcomm Technologies, Inc. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the medical tricorder device market globally. Moreover, In March 2021, Aidar Health Inc. got 510(K) approvals from the United States Food and Drug Administration (USFDA) for its product, Mouthlab- A Device for Rapid Health Assessment, which measures multiple vital health parameters in 60 seconds.

Key Companies to Watch

QuantuMDx Group limited:

Overview:

QuantuMDx Group Ltd (QMDx) is a group of companies based in the International Centre for Life, Newcastle upon Tyne, UK. The Group owns the founding patent and the exclusive worldwide license for, among others, the use of nanowires and nanotubes in DNA detection.

­Product Portfolio:

 QuantuMDx Group Ltd (QMDx) has continuously set new standards for the manufacturing of Q-POC™ (a handheld point-of-care genetic testing device).

The global medical tricorder device market report would provide an access to an approx.55 market data tables, 51 figures and 180 pages.