Medical Tricorder Market To Hit USD 6.3 Billion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Medical tricorder industry is projected to witness a CAGR of 6.1% during the period 2024-2032. This growth can be attributed to increasing prevalence of chronic diseases.

Selbyville, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) --

Medical Tricorder market size was valued at USD 3.7 billion in 2023 and is projected to grow at a CAGR of 6.1% from 2024-2032, fueled by the rising prevalence of chronic diseases, advancements in sensor technologies, and an increasing focus on preventive care.

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The surge in chronic diseases like diabetes, cardiovascular issues, and respiratory disorders is propelling the medical tricorder market. Contributing factors include an aging population, sedentary lifestyles, unhealthy diets, and escalating obesity rates. Medical tricorders, with their non-invasive monitoring capabilities, lessen the frequency of hospital visits.

The overall medical tricorder industry is classified based on technology, application, distribution channel, end-use, and region.

Segmented by technology, the market is divided into sensors biosensors, and imaging technology. The sensors and biosensors segment, valued at USD 2.4 billion in 2023, commanded a significant market share. Sensors and biosensors are adept at gauging a plethora of physiological metrics, including heart rate, blood pressure, body temperature, and glucose levels. This broad applicability means medical tricorders, when outfitted with these sensors, can cater to diverse health monitoring needs, spanning from routine check-ups to chronic disease oversight.

Application-wise, the medical tricorder market is divided into monitoring and diagnosis. The monitoring segment is set to lead, projecting revenues of approximately USD 4.6 billion by 2032. As chronic diseases like diabetes, hypertension, and cardiovascular issues become more prevalent, the demand for consistent and prolonged health monitoring intensifies. Medical tricorders, with their monitoring features, furnish real-time insights on vital signs and health metrics, aiding in the effective management of these conditions. Furthermore, the monitoring capabilities of medical tricorders bolster preventive healthcare. By facilitating early detection of potential health concerns and recognizing subtle shifts in health metrics, timely interventions become possible. This not only enhances patient outcomes but also curtails healthcare expenses, driving the segment's growth.

In 2023, North America's medical tricorder market was valued at USD 1.7 billion, with projections of a 5% CAGR over the analysis period. North America's stringent regulations, like the Drug Supply Chain Security Act (DSCSA), are pivotal in promoting advanced diagnostic tools, including medical tricorders. Such regulations emphasize the need for meticulous tracking and monitoring of pharmaceuticals, thereby fostering the adoption of sophisticated devices for regulatory compliance.

Moreover, North America's robust and technologically advanced healthcare infrastructure, coupled with its commitment to innovation, paves the way for the seamless integration of state-of-the-art solutions like medical tricorders.

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Major players in medical tricorder market include AliveCor, Inc., Avidhrt Inc, Basil Leaf Technologies, LLC., Biosense Technologies Private Limited, Butterfly Network, Inc., Cardiomo Inc. ChroniSense Medical, Ltd., Medtronic plc, MEDWAND SOLUTIONS, INC., TytoCare Ltd, and VitalConnect among others.

Partial Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Market scope & definitions

1.2 Research design

1.2.1 Research approach

1.2.2 Data collection methods

1.3 Base estimates & calculations

1.3.1 Base year calculation

1.3.2 Key trends for market estimation

1.4 Forecast model

1.5 Primary research and validation

1.5.1 Primary sources

1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis

3.2 Industry impact forces

3.2.1 Growth drivers

3.2.1.1 Increasing prevalence of chronic diseases

3.2.1.2 Technological advancements in sensor technologies

3.2.1.3 Rising emphasis on preventive care

3.2.2 Industry pitfalls & challenges

3.2.2.1 High device cost coupled with data privacy concerns

3.3 Growth potential analysis

3.4 Regulatory landscape

3.5 Technology landscape

3.6 Porter's analysis

3.7 PESTEL analysis

3.8 Future market trends

3.9 GAP analysis

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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