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The global medical tricorder market size reached USD 3.07 Billion in 2020 and is expected to register a revenue CAGR of 6.8%, during the forecast period, according to latest analysis by Emergen Research. In recent years, the market for medical tricorders has expanded incredibly quickly. A medical tricorder is a portable tool used to identify illnesses and other ailments. It has the capacity to scan an individual's body and offer a thorough analysis of their health. Due to a number of variables, the medical tricorder industry is anticipated to expand significantly over the next few years.
The rising demand for portable and effective medical equipment is one of the key factors driving the medical tricorder market. Medical personnel can easily transport medical tricorders because they are very portable. They can also deliver outcomes instantly, which is very useful in crisis situations. The market for medical tricorders is anticipated to expand along with the demand for portable medical equipment.
The rising incidence of chronic diseases is another factor boosting the demand for medical tricorders. The biggest cause of death and disability in the United States, according to the Centres for Disease Control and Prevention (CDC), is chronic diseases. In order to improve patient outcomes, medical tricorders can aid in the early detection and diagnosis of chronic disorders. Healthcare practitioners now have a higher need for medical tricorders as a result of this.
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The market for medical tricorders has a number of obstacles despite the growth drivers. The absence of industry standards is one of the biggest problems. Medical tricorder development and production are currently not governed by any standards, which has resulted in variances in the reliability and precision of various devices. This has raised questions regarding the security and effectiveness of medical tricorders, which has prevented their widespread use.
In addition, one of the biggest market barriers is the high price of medical tricorders. Many healthcare facilities, especially those in underdeveloped nations, cannot purchase medical tricorders because of their high cost. As a result, the market for medical tricorders has grown more slowly in some places.
The medical tricorder business is anticipated to expand over the next few years despite obstacles. This is brought on by a number of growth drivers, including the rising use of digital healthcare technologies and the increased emphasis on patient-centered treatment.
Medical Tricorder Market Segmentation:
The global market for medical tricorders is expected to see significant growth between 2018 and 2028, according to revenue projections in USD billions. Emergen Research has segmented the market on the basis of type, application, end-use, and region.
The market for medical tricorders can be segmented by type, with fiber optic and USB cameras among the most prominent options. Corded and wireless cameras are also projected to see strong revenue growth, along with other types of cameras.
The healthcare industry's use of medical tricorders can also be segmented by application, with monitoring and diagnosis being among the most common. Other applications may also see revenue growth during the forecast period.
The market for medical tricorders can be segmented by end-use, with ambulatory surgery centers and hospitals being the two primary categories. Other end-use categories may also see growth in revenue during the forecast period.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
- Monitoring segment revenue is expected to expand at a significantly rapid CAGR during the forecast period due to the increasing prevalence of chronic diseases, which has led to a growing demand for continuous monitoring of patient health parameters. Additionally, the rise of remote patient monitoring technologies has made it easier for healthcare providers to track patient health in real-time, and this is expected to further drive demand for monitoring devices. The advancements in sensor technologies and the increasing adoption of Internet of Things (IoT) in the healthcare industry have led to the development of more advanced monitoring devices that offer accurate and reliable readings.
- Ambulatory surgical centers segment is expected to register a significantly robust revenue growth rate over the forecast period due to the increasing preference for outpatient surgeries, which has led to the rise of ambulatory surgical centers as a cost-effective and convenient option for patients. Ambulatory surgical centers offer same-day surgical procedures that do not require hospitalization, and this has made them a popular choice for patients who require minor surgeries. Additionally, the increasing number of ambulatory surgical centers and the growing investments in these centers by healthcare providers have further boosted the growth of this segment.
- North America is expected to account for a larger revenue share than other regional markets over the forecast period due to the high adoption of medical tricorders and other medical technologies in the region. The presence of advanced healthcare infrastructure, favorable reimbursement policies, and high healthcare expenditure are some of the key factors driving the growth of the medical tricorders market in North America. Additionally, the increasing prevalence of chronic diseases in North America has led to a growing demand for medical tricorders and other monitoring devices.
- Some major companies in the market include QuantuMDx Group Ltd, Scanadu Inc., Cloud DX Inc., Basil Leaf Technologies, LLC, Fujikura Ltd., Basler AG, Qualcomm Technologies, Inc., Ibis Biosciences, Inc., Aidar Health, Inc., and Shenzhen Creative Industry Co., Ltd.
- Nuvia, Inc. was purchased by Qualcomm Technologies, Inc. in May 2021. The elite NUVIA team improves the CPU roadmap, strengthening Qualcomm's position in the industry.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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