Market Research Report
Medical Tricorder Market: Current Analysis and Forecast (2021-2027)
|Medical Tricorder Market: Current Analysis and Forecast (2021-2027)|
Published: May 31, 2021
UnivDatos Market Insights Pvt Ltd
Content info: 177 Pages
Delivery time: 1-2 business days
Medical Tricorder is the distribution of medical diagnosis and monitoring facilities, in the form of handheld electronic devices. In January 2012, a Qualcomm Tricorder XPRIZE Competition begun. The goal was to develop and consumer-friendly healthcare device to diagnose and record a variety of medical conditions for an integrated monitoring of general health. This device would allow user to monitor their own health regardless of place, time or availability of medical laboratories or equipment. Therefore, bringing healthcare to the remote, the busy, the disadvantaged and anyone else. This concept comes from the television series Star Trek, where it is a device used to scan everything and anything. XPRIZE's goal was to make this technology to reality by having competitors build a portable, wireless, consumer friendly and affordable medical diagnostic device. To be eligible in the competition the tricorder presented should be able to measure 13 core conditions, at least 3 elective conditions, monitor 5 vital signs (shown on the previous slide) and upload its data on the cloud where it can be accessed by patient and doctor.
There is a high need for tricorders in the today's market because statistics say 133 million individuals in the United States are affected by some form of chronic illness like cancer, diabetes, hypertension, heart diseases, stroke, mental illness, pulmonary conditions etc. According to 'centers of disease control and prevention', 6 in 10 adults in the United States have a chronic disease and 4 in 10 adults have 2 or more chronic diseases in 2021.
In 2017, after more than 5 years of designing, building, and testing the winner was finally announced. The US$ 2.6 million prize was awarded to Final Frontier Medical Devices, a small team of engineers. The runner up was with US$ 1 million was Dynamical Biomarkers Group. The device made by Final Frontier Medical Devices was called DxtER. DxtER contains an array of sensors to gather data about vital signs, body chemistry and biological functions. It medically self-diagnoses a patient for 34 medical conditions. DxrER includes a compact spirometer that calculates lung strength, a test kit for mononucleosis, a heart rate monitor, a respiration monitor, a digital stethoscope that also serves as a thermometer and an artificial intelligence system that diagnoses medical conditions. It can be used with a tablet or a smartphone app. The device is FDA approved and thus can directly be used by healthcare professionals.
Based on type, the tricorder market is categorized into USB camera, Fiber Optics Camera, Wireless, Corded and others. USB powered tricorders can capture temperature, ECG, heart and lung sounds, BP and SPO2 levels which can then be transmitted from a remote location to a doctor via a low bandwidth audio/video/data conferencing. Fiber Optics Camera can be used in invasive or non-invasive ways. Their small size allows them to be injected into the body tissues and their non-galvanic nature allows them to be genetically and electrically protected. This can be used for in-vitro analysis of gases, body fluids etc. Non-invasively can be placed on the skin. Companies are very confident in the medical tricorders market success and more than a hundred venture-capital firms have invested a total of US$ 1.1 billion in the digital health technology market in 2012.
Based on Application, the tricorder market is categorized into Diagnosis, Monitoring and Others. Diagnosis is the initial testing, analysis and interpretation of a medical condition. Monitoring is collecting and storing of symptoms and progress of a pre-diagnosed medical condition. Others include investigation/treatment of a disease and control of conception.
One can use the tricorders themselves, but at the end they would need to reach a hospital or a clinic to get the right treatment of the diagnosis or the right analysis of the monitoring done by the tricorders.
Based on end-use, the market is segmented into Hospitals, Clinics, and others. Due to the current ongoing pandemic crisis, there is a huge load on the hospitals and clinics and thus tricorders are very popular in self-diagnosing and monitoring diseases. According to WHO there are about 2 million medical devices in the world, categorized into more than 7,000 generic groups. With the increase in their popularity the tricorder market is estimated to reach CAGR XX% in the coming years.
For a better understanding of the market adoption of Medical Tricorders Market, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and -Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the Medical Tricorder industry and generated maximum revenue in 2020 owing to the increasing number of Medical Tricorder devices in the region.
Some of the major players operating in the market include Scanadu, Quantu MDx Group Ltd., Ibis Bioscience, Ionis Pharmaceutical, Cloud DX, Qualcomm Technologies Inc., Basil Leaf Technologies LLC, Welfo Fiber Optics, Fujikura Ltd., Hamamatsu Photonics K.K. Several M&As along with partnerships have been undertaken by these players to develop Medical Tricorder Market.
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 INDUSTRY PERFORMANCE
4 EXECUTIVE SUMMARY
5 COVID-19 IMPACT
6 MARKET INSIGHTS BY PRODUCT TYPE
7 MARKET INSIGHTS BY APPLICATION
8 MARKET INSIGHTS BY END-USER
9 MARKET INSIGHTS BY REGION
10 LEGAL AND REGULATORY FRAMEWORK
11 DEMAND AND SUPPLY SIDE ANALYSIS
12 VALUE CHAIN ANALYSIS
13 MEDICAL TRICORDER MARKET TRENDS & INSIGHTS
14 MEDICAL TRICORDER MARKET DYNAMICS
15 COMPETITIVE SCENARIO
16 COMPANY PROFILED