(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 25, 2021, 09:07 /Comserve / -- Medical Tricorder Device Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Medical Tricorder Device Market studied is expected to project growth by a CAGR of 6.34 % over the forecast period.
With the onset of COVID-19, the need for outpatient services and monitoring has increased drastically. People have become more aware of self-diagnosing devices and their use has been increased. The non-emergency hospital visits like regular checkups, unessential procedures have been postponed. To reduce the patient flow to the hospitals and provide additional bed facilities for COVID-19 patients, regulatory authorities have also supported the medical tricorder device industry. In April 2020, The United States regulatory authority, the United States Food and Drug Administration (USFDA) have provided Emergency Use Authorization (EUAs) for certain patient monitoring and diagnostic devices to increase the availability of treatment and monitoring during the COVID-19 pandemic. Thus, COVID-19 has positively impacted the medical tricorder industry and could be a contributor to the industry's growth.
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The studied market growth is primarily attributed to the factors such as technological advancement in the healthcare industry and the growing burden of lifestyle diseases. With the continuous innovation and efforts to make patient services effortless and comfortable, technological advancement drives the medical tricorder devices market. The healthcare sector particularly the medical tricorder device industry is revolutionizing with the Internet of Things (IoT), Artificial Intelligence, Cloud-Based Solutions, Sensor Technologies, and So on. The focus is to make the patient's life painless, hassle-free, and more comfortable without affecting their daily activities. With the lack of physical activity and sedentary lifestyle, a growing number of cases have been reported every year of lifestyle diseases like diabetes, cardiac diseases, chronic kidney diseases, obesity, stroke, etc. The majority are chronic diseases in which regular monitoring of vitals is required and such requirements drive the demand for medical tricorder devices. According to the World Health Organization(WHO) June 2021 Article, the global leading cause of death is cardiovascular diseases. Further, World Health Organization(WHO) non-communicable disease Article April 2021, reports 17.9 million people to die due to cardiovascular diseases and 1.5 million people die due to diabetes annually. Moreover, According to International Diabetes Federation(IDF) Diabetes Atlas 2019, the prevalence of diabetes in India has increased from 7.8% in 2010 to 10.4% in 2019. Thus, concerning with above-mentioned facts, and medical tricorder market is expected to witness over the forecast period.
However, the medical tricorder devices are the future of the monitoring and diagnostic device industry, the stringent regulatory norms associated with medical device approval may act as a constraining factor in the market growth.
Key Market Trends
Medical Tricorder Devices for Diagnosis Segment is Expected to Dominate the Market Over the Forecast Period
Medical Tricorder Devices are those portable medical devices that can analyze multiple physiological parameters within a very short period and can yield diagnosis while alerting healthcare practitioners for support needed. Medical Tricorder for self-diagnosis is becoming an essential device that can be used at home for monitoring vitals in patients suffering from chronic diseases. These can be used for pediatric or elderly patients without compromising on their comfort.
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The diagnostic medical tricorder devices market has been fueled up with the pandemic hitten and is widely used among both healthcare practitioners and the general public. Additionally, the feature that medical tricorder devices can be accessed at home easily, benefits the clinicians in providing outpatient services. With vigorous Research and Development and innovative approach, healthcare has been facilitated with technically advanced devices. Further, International Diabetes Federation(IDF) Diabetes Atlas 2019 reports, that there are about 50.1% of people in the world with undiagnosed diabetes. Therefore, to provide health facilities with the rising burden of chronic disease in the world, diagnosis becomes crucial and the demand for medical tricorder devices is expected to increase in the future.
North America is Expected to Dominate the Market Over the Forecast Period
North America, with the United States and Canada, is the major market for technologically advanced healthcare products in the world. The sedentary lifestyle, increasing adoption of technologically advanced solutions in health facilities, rising burden of chronic diseases, and regulatory support making North America a preferable region by industry players.
Moreover, a research article published in the Korean Journal of Family Medicine (KJFM) in November 2020, reported that Americans spent 55% of their waking time in sedentary behavior. A sedentary lifestyle doubles the risk of chronic diseases like hypertension, diabetes, stroke, etc. Further, According to National Centre for Chronic Diseases Prevention and Health Promotion(NCCDPHP) January 2021 Article, In the United States, 6 out 10 adults are suffering from 1 and 4 out of 10 have two or more chronic diseases. To reduce the risk of morbidity due to chronic diseases and the high prevalence of chronic diseases, the growing need for monitoring and diagnostic devices both in hospital and home facilities invites for technologically advanced solutions that can serve purposely and medical tricorder devices are the one. Thus, a large pool of customers and consumers encourages the players to enter in North American Medical Tricorder Market.
Competitive Landscape
The Medical Tricorder Device Market is a consolidated market with a smaller number of players across the globe. In terms of market share, few of the major players currently dominate the market. With the increasing technological adoption in healthcare, rapid lifestyle changes, and support from government agencies, many players are expected to be part of the medical tricorder device market over the forecast period. Some of the major players of the market are QuantuMDx Group Ltd., Cloud Dx, Basil Leaf Technologies, LLC, Medipense Inc., and Aidar Health Inc.
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