Medical tricorder market to near $5B by 2027

December 09, 2020 // By Rich Pell
Medical tricorder market to be worth ~$5B by 2027
A new market research report from market research and consulting company Polaris Market Research predicts that the global medical tricorder market is anticipated to reach $4,902.6 million by 2027 with a CAGR of approximately 6.6% from 2020 to 2027.

A medical tricorder is a handheld device that has multiple uses, such as sensor scanning, data analysis, and recording information that can be used for medical purposes. The increasing use of smart medical devices, rising preference for outpatient service, and improvement in healthcare infrastructures, says the firm, are flourishing the global medical tricorder market.

Growing demand for advanced technology driven devices, innovations in technology, a huge patient pool suffering from diabetes, and several adverse effects of existing diagnostic methods are expected to boost the demand for the global market. In addition, says the firm, the demand is driven by its increased application among health care providers to enable effective diagnosis of a patient's health condition.

Increasing prevalence of cardiovascular diseases in developing and developed countries coupled with major investments from public/private organizations for innovations in monitoring & diagnosis is further fueling the growth of the global market. Additionally, the ongoing COVID-19 pandemic worldwide also drives the demand for advanced medical technology such as the medical tricorder.

The report covers medical tricorder by type (USB Camera, Fiber Optic Camera, Wireless, Corded, and Others), by application (Diagnosis and Monitoring), and by end use (Hospital, Clinics, and Pharmaceutical Companies). Key takeaways from the report include the following:

  • The diagnosis application segment is projected to have a significant market share during the forecast period owing to the rising prevalence of diseases, increasing adoption of diagnostic devices, and rapid advancement in healthcare technologies.
  • The hospital segment is expected to grow at a lucrative rate over the forecast period on account of the presence of a large patient pool, patient's preference for hospitals, and beneficial reimbursement policies.
  • The recent outbreak of the COVID-19 pandemic across the globe has led to an increase in demand for medical tricorder for monitoring and diagnosis of patient's medical condition to prevent the spread of infectious coronavirus and provide optimum care to the patient.
  • Researchers from the University of Glasgow developed a multicorder to enable rapid medical diagnostics easily accessible to people around the globe. The multicorder development is primarily inspired by Star Trek's popular tricorder device and comes with a pair of handheld sensors to be used with a Smartphone app.

Some of the major players operating in the global medical tricorder market include Basler AG, Cloud DX, QuantuMDx Group Ltd., Hamamatsu Photonics K.K., Ibis Biosciences, Ionis Pharmaceutical, Scanadu, Basil Leaf Technologies, Qualcomm Technologies, Fujikura Ltd., and Welfo Fiber Optics. For more, see "Medical Tricorder Market Share, Size & Trends Analysis Report, By Type, By Application, By End-Use, By Regions, and Segment Forecast, 2020 – 2027."

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