Tricorders Market: Introduction

Medical tricorders are portable miniature scanning devices that allow users to diagnose themselves for medical conditions in a matter of seconds

Medical tricorders are used to diagnose vital measurements. Despite the fact that these devices are not used in the global market, several reports by inventors and scientists support the creation and improvement of medical devices.

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Tricorders Market: Key Trends

A medical tricorder, used by the consumer to self-diagnose a medical condition, takes basic vital measurements of the condition, such as heart rate and body temperature, within few seconds. Medical tricorder's main functions include the ability to monitor a person's health, summarize the patient's health, diagnose the disease, and take health measurements.

Rapid technological advancements, increased government support for R&D, changing lifestyle, and several negative effects of current diagnostic methods are expected to fuel the medical tricorder market during the forecast period.

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These type of devices, however, must meet all regulatory standards and regulations, which lengthen the approval time. The average approval time for a medical diagnostic device can range between 5 years and 8 years. This relatively long approval time and high cost of R&D and devices used are likely to impede the medical tricorder market during the forecast period.

Impact of COVID-19 on Tricorders Market

The demand for medical supplies is increasing in order to care for the infected population. Respiratory support devices, such as an atomizer, a life-support machine, an oxygen generator, and a monitor, are among the most commonly used medical devices in primary clinical care.

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COVID-19 has further resulted in a significant increase in demand for medical supplies such as personal protective equipment (masks, gloves, and protective eyeglasses). With an increase in the number of COVID-19 cases worldwide, the demand for medical supplies from both healthcare professionals and civil populations for precautionary measures continues to rise. Manufacturers of these products have an opportunity to capitalize on the increased demand for medical supplies in order to ensure an adequate and consistent supply of personal protective equipment in the market.

North America to Capture Major Share of Global Tricorders Market

North America is expected to have the largest share in the global medical tricorder market, followed by Europe and Asia-Pacific

North America accounts for the largest market share owing to an increase in patient pool and growing demand for advanced technology to diagnose patients in the region due to the COVID-19 pandemic. According to the World Meter, the region recorded nearly 6.99 million COVID-19 cases in the August 2020, while the U.S. and Canada recorded approximately 5.92 million and 0.13 million COVID-19 cases, respectively. As a result, there is a high demand for medical tricorders in the region in order to facilitate home-based self-diagnosis for patients while reducing crowding in healthcare facilities.

Europe is expected to follow North America and capture the second-largest share of the global market. The major driving factors include significant healthcare infrastructure investments, rising demand for home-based diagnosis, and rising chronic disease across the region. For example, according to the King's Fund October 2019 release, the U.K. Government intends to invest approximately USD 3.55 billion (Pound 2.7 billion) in the development of nearly six National Health Service (NHS) hospitals between 2020 and 2025. This significant investment is expected to drive the deployment of medical tricorders in healthcare facilities in order to proactively implement social-distancing in hospitals, thereby driving the market in Europe.

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sia Pacific is expected to register the highest CAGR during the forecast period owing to the rising demand for medical tricorders from developing countries such as China, India, and South Korea. The increasing prevalence of chronic diseases, such as cardiovascular disease, the growing geriatric population, and the rapid improvement of healthcare infrastructure facilities in countries throughout the region also drive the market. Emerging economies such as China and India have significant growth potential owing to increased government investments in improving healthcare infrastructure and a growing number of patients with chronic disease across the region.

Key Players Operating in Tricorders Market

Major players operating in the tricorders market are listed below:

• QuantuMDx Group Ltd.
• Ionis Pharmaceutical
• Cloud DX
• Qualcomm Technologies, Inc.
• Basil Leaf Technologies, LLC
• Welfo Fiber Optics
• Fujikura Ltd.
• Basler AG
• Hamamatsu Photonics K.K.
• Scanadu
• Other Prominent Players

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