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The medical tricorder market comprises multi-parameter
diagnostic medical devices that combine technologies like imaging, sensors, and
computing to remotely conduct examination of patients and transfer health data.
Medical tricorders leverage technologies such as AI, computer vision, sensors and
wireless connectivity to perform a wide range of diagnostic tests like heart
rate, blood pressure, skin temperature, oxygen saturation, ECG, blood glucose
level and more with the help of smartphones, tablets or dedicated devices. Such
multi-diagnostic tools assist healthcare providers in remote primary diagnosis
and monitoring of chronic conditions.
The Global
Medical Tricorder Market is estimated to be valued at US$ 7.45 Bn in 2024 and
is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Key Takeaways
The Medical
Tricorder Companies are QuantuMDx Group Ltd., Cloud Dx, Basil Leaf
Technologies, LLC, Medipense Inc, Aidar Health Inc, SensoDX II LLC, Accurable
Ltd., Care Taker Medical, LLC, ChroniSense Medical, Ltd, Cardiomo Inc,
VitalConnect, Avidhrt Inc, Philips Healthcare, GE Healthcare, Medtronic plc,
AliveCor, Inc., BioTelemetry, Inc., iHealth Labs Inc.
The growing demand for remote patient monitoring and increasing incidence of
chronic diseases are major drivers for the medical tricorder market. Advanced
technologies are enabling continuous monitoring of vital health parameters
without frequent hospital visits thereby improving access and quality of
healthcare.
International organizations like NASA are funding research on developing
reliable medical tricorders to conduct physical examinations on astronauts.
Companies are also actively focusing on global expansion to address rising
healthcare needs across developing regions.
Market Key Trends
Improving sensor technologies, fall in prices of diagnostic tools and
integration of multi-modal diagnostics on a single platform are some key
drivers in the Medical
Tricorder Market Demand. Wide coverage of health parameters with
precision and minimum errors through AI analysis of combined vital signs is
attracting significant R&D investments. Standardization of data formats and
connectivity specifications will further augment efficiency of remote
healthcare delivery using medical tricorders.
Porter’s
Analysis
Threat of
new entrants: Entry of new startups and companies in the medical tricorder
market is moderate as it requires significant capital investment and technology
expertise. Regulatory requirements also pose a barrier.
Bargaining power of buyers: Individual buyers have low bargaining power due to
the diversified benefits provided by medical tricorders. However, large
hospitals and diagnostic chains have a higher bargaining power due to bulk
purchasing ability.
Bargaining power of suppliers: Major suppliers of medical sensors,
nanotechnology and digital health technologies have moderate bargaining power
due to availability of alternative suppliers.
Threat of new substitutes: Though virtual diagnostic tools pose a threat, they
cannot fully substitute physical examinations. Potential alternative monitoring
devices have limited capabilities.
Competitive rivalry: Stiff competition exists between major diagnostic device
companies to capture market share through technological advancements and
product differentiation.
Geographical Regions
North America dominates the global medical tricorder market in terms of
value due to presence of major players, accessibility to advanced diagnostic
technologies, and rising geriatric population susceptible to various health
issues in the US and Canada.
The Asia Pacific region is the fastest growing market for medical tricorders
driven by increasing healthcare spending, large patient pool, and growing
penetration of telehealth and remote patient monitoring solutions in major
economies such as China and India. Growing medical tourism is also supporting
regional market growth.
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Tricorder Market
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About
Author:
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Pandya, Content
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