Medical Tricorder Market Analysis
Scanadu (US), QuantuMDx Group Ltd. (UK), Ibis Biosciences (U.S.), Basil Leaf Technologies (U.S.), and others are some of the prominent players at the forefront of competition in the Medical Tricorder Industry and are profiled in MRFR Analysis.
Global Medical Tricorder Market - Overview
Medical tricorder is a flourishing sector gaining importance across the world. 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. Medical tricorder is helpful for diagnosing a patient’s health condition. Monitoring of health with the help of medical tricorder can be done within seconds. The increase in the demand for medical tricorder among health care providers, helping them to diagnose patient’s health condition, increasing outpatient services in the hospitals, and demand for new technology for diagnoses and monitoring.
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. According to findings from the WHO, in 2014, approximately 422 million people suffered from diabetes across the globe.
Rising prevalence of chronic diseases such as diabetes, heart diseases, increasing geriatric population, extensive use of medical devices in diagnosis of disease condition of a patient and monitoring to body temperature, blood flow rate, heart rate, etc. drive the growth of this market. Importance of smart medical devices for continuous health monitoring also fuels the growth of the market
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.
Global market of medical tricorder is expected to grow with a CAGR of approximately 6.7% during the forecast period 2017-2023.
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Global Medical Tricorder Market – Regional:
Geographically, the regional market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa.
America is the largest market which is attributed to extensive use of medical tricorder by number of physicians in America. Increasing in patient pool, increase in outpatient services and concentration of major market players of medical tricorder in North America drive this market in America. North America is the largest market whose growth is attributed to an increase in patient pool, and demand for improved technology for diagnosis of ongoing health of a patient drive this market in America. According to the American Diabetes Association, in 2015, approximately 30.3 million Americans which is 9.4% of the American population were suffering from diabetes
The European market is also growing continuously and slowly catching up with the American market in the near future. Emphasis for early diagnosis of disease condition and awareness regarding the use of tricorder. Extensive research in innovative product development, and adoption of new technologies in healthcare institutes such as hospitals & clinics, research institutes, clinical laboratories, diagnostics center and home care settings. QuantuMDx Group Ltd. is in Europe. It is one of the major market players for medical tricorder, thus favoring the opportunities for research and development activities in the field of medical devices and molecular diagnosis.
Asia-Pacific market is expected to show steady growth in the medical tricorder market during the forecasted period owing to the rising prevalence of chronic diseases such as obesity, diabetes, cardiovascular diseases, growing geriatric population, and development in healthcare sector. China and India are expected to be the emerging market in Asia Pacific, owing to the increasing number of patients diagnosed with chronic diseases, and high growth potentials supported by favourable macro-economic conditions.
Middle East & Africa show slow growth in this market owing to demand for primary care services for the diagnosis and treatment of chronic diseases, and rising awareness about preventive measures for various diseases, and increasing emphasis on women and child care.
Global Medical Tricorder Market: Company Analysis
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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