Market
Synopsis of Global Medical Tricorder Market
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. 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.
Medical Device Industry is flourishing across the
globe owing to an increasing demand for technologically advanced devices,
extensive use of smart medical devices, and overall improvement in healthcare
sector. Various smart devices are used to determine the heart rate, glucose
levels in the body, and other parameters.
Global medical
tricorder market is expected to reach USD 5.4 billion in 2023 from
USD 2.5 billion in 2016 with a CAGR of approximately 6.7% during the forecast
period 2017-2023.
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.
The demand of medical tricorder is
increasing because of an increase in the demand medical tricorder among health
care providers, helping them to diagnose patient’s health condition, increasing
outpatient services in the hospitals, increase in patient pool suffering from
diabetes, and cardiovascular diseases, and demand for new technology for
diagnoses and monitoring.
According to findings from the WHO, in
2014, approximately 422 million people suffered from diabetes across the globe.
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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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