Medical Tricorder Global Market Report 2024

A medical tricorder is a handheld scanning device designed to enable users to quickly diagnose medical issues and collect basic vital signs.

The main types of medical tricorders include USB cameras, fiber optics cameras, wireless versions, corded models, and others. USB cameras in the context of medical tricorders allow users to record high-quality video using a fiberscope camera. These devices find applications in various sectors, including hospitals, clinics, and others, for purposes such as diagnosis, monitoring, and more.

The medical tricorder market research report is one of a series of new reports that provides medical tricorder market statistics, including medical tricorder industry global market size, regional shares, competitors with a medical tricorder market share, detailed medical tricorder market segments, market trends and opportunities, and any further data you may need to thrive in the medical tricorder industry. This medical tricorder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical tricorder market size has grown rapidly in recent years. It will grow from $5.93 billion in 2023 to $6.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth observed in the historical period can be attributed to various factors, including improved healthcare accessibility, the empowerment of patients, advancements in chronic disease management, the increased adoption of telemedicine, and the implementation of point-of-care testing.

The medical tricorder market size is expected to see rapid growth in the next few years. It will grow to $13.32 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The anticipated growth in the forecast period can be attributed to factors such as the focus on personalized healthcare, global health initiatives, the impact of an aging population, increasing attention to environmental health, and efforts to enhance healthcare workforce efficiency. Key trends during this period include the integration of artificial intelligence (AI) and machine learning, the incorporation of Internet of Things (IoT) technology, the rise of wearable health tech, the proliferation of consumer health devices, and an increased emphasis on health data security.

The upsurge in chronic illnesses such as cardiovascular diseases and diabetes is playing a pivotal role in propelling the expansion of the medical tricorder market. Chronic diseases, characterized by lasting for a year or more and necessitating ongoing medical care, significantly impact daily activities and contribute to the global burden of mortality and disability. Conditions like cardiovascular disease, cancer, and diabetes are prominent contributors to non-communicable diseases (NCDs), with 74% of the 41 million annual deaths attributed to NCDs. Medical tricorders, crucial for diagnosing and detecting these chronic illnesses, contribute to the market's growth by addressing the increasing prevalence of such conditions.

The growth trajectory of the medical tricorder market is further steered by the aging population. As demographics shift towards an older age structure due to increased life expectancy and declining birth rates, the demand for medical tricorders rises. These devices are employed in comprehensive health diagnostics and monitoring for the aging population, enhancing elderly care. By 2030, the World Health Organization projects that one out of every six individuals globally will be aged 60 or older, reaching 1.4 billion individuals. With the population aged 60 and above expected to double to 2.1 billion by 2050, the aging population becomes a significant driver for the medical tricorder market.

Leading companies in the medical tricorder market are securing new approvals for innovative solutions like MouthLab, facilitating remote monitoring. MouthLab, a handheld device developed in collaboration with the Johns Hopkins Medical Institute, received FDA Class II 510(k) clearance. This device rapidly measures 10 vital health parameters in just 60 seconds, providing a comprehensive health assessment. The FDA clearance underscores its potential for at-home screenings, reducing the burden on healthcare systems and enabling effective telemedicine. The integration of MouthLab into health data systems aims to expand its capabilities and contribute to the transition from standardized to personalized healthcare.

Companies in the medical tricorder market are also expanding their reach through product launches, exemplified by campaigns for products like Tricorder.Zero. This innovative health and fitness tracker, equipped with seven unique sensors, transforms health monitoring and telehealth services. Tricorder.Zero monitors critical indicators such as heart rate, oxygen saturation, temperature, body sounds, electrical patterns, and body composition. Launched by O/D Vision, Inc., this device addresses the demand for accessible healthcare, integrating seamlessly with telehealth services and avoiding the need for subscriptions.

In February 2023, the University Hospital Bonn (UKB) and the Medical Faculty Bonn equipped medical students with Butterfly iQ+ devices, an advanced ultrasound system from Butterfly Network, Inc. This European-first deployment of the semiconductor chip-based ultrasound system aims to enhance medical education, research, and patient care. The portable ultrasound system supports hands-on ultrasound training for medical and midwifery students, fostering early exposure to modern healthcare technology and advancing ultrasound diagnostics in teaching and patient care.

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., Welfo Fiber Optics, Medipense Inc., Aidar Health Inc., Roftek Ltd., SM Scientific Instruments Pvt. Ltd., KUGEL medical GmbH & Co. KG, Thermo Fisher Scientific Inc., LEEC Limited, Mortech Manufacturing Company Inc., HYGECO LEAR LIMITED, Mopec Mortuary Lift Company, 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.

North America was the largest region in the medical tricorder market in 2023. Europewas the second-largest market in the medical tricorder market. The regions covered in the medical tricorder growth report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the medical tricorder market report are Australia, Brazil, China, France, Germany, India, Indonesia.

The medical tricorder market consists of sales of dynamical biomarkers tricorder, tricorder phone and wearable sensors and diagnostic scanners. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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