Medical Tricorder Market – Overview
The use of medical tricorders as a medical healthcare device has stemmed from science fiction originally. Focused market reports linked with the healthcare industry among others lately have been made available by Market Research Future which issues reports on this industry. The market is projected to touch USD 5.4 billion in revenues by 2023 from USD 2.5 billion in 2016 while growing with a CAGR of 6.7 percent approximately during the forecast period.
The growing demand for having portable medical devices is increasing due to the development of medical facilities in non-urban areas and setups. With the growing trend noticed for wearable technology, the scope of development for the market has increased considerably. The factors that are likely to motivate the market in the forecast period are the swift pace of technological progress, ease of diagnosis and amplified government support in terms of R & D.
The medical tricorder market is segmented on the basis of type, regions, application and end users. On the basis of type, the market segmentation includes fiber optic camera, USB camera, wireless, corded and other types. The regions included in the market consist of Europe, North America, Middle East, Africa, APAC and rest of the world. The segmentation on the basis of application comprises of monitoring, diagnosis, and other applications. The end users based segmentation of the market consists of clinics hospitals and others.
Detailed Regional Analysis
The medical tricorder market consists of regions such as Europe, Americas, Asia-Pacific and the Middle East and Africa. The North American region is the major market whose development is credited to the demand for improved technology for diagnosis of the ongoing health of a patient drive and an upsurge in the patient pool in this market in America. The European region is the second chief market driven by widespread research in ground-breaking product development, and implementation of new technologies in healthcare institutes such as research institutes, hospitals & clinics, diagnostics center, clinical laboratories, and home care settings. The Asia Pacific currently displays solid development in this market, due to the intensifying occurrence of chronic diseases such as diabetes, obesity, growing geriatric population, cardiovascular diseases, and growth in the healthcare sector. Nations such as China and India are anticipated to be the developing market in the Asia Pacific region, due to the growing number of patients diagnosed with chronic diseases, and increased progress potentials supported by favorable macro-economic conditions. The market displays steady but positive development in the Middle East & Africa region due to the demand for primary care services for the treatment and diagnosis of chronic diseases, intensifying awareness about preventive measures for various diseases, and growing emphasis on women and childcare.
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Global Competitive Analysis
The noticeable trends and players have led to a positive tone for development. The forecast for growth and innovation has improved at a prompt pace changing the market. The important trends and players have created a positive tone for development. The contenders in the market have been stimulated to ideate strategic road-maps that exploit on the constructive market cues. The inducement for the market’s growth has improved the competitive backdrop of the market. By ensuring supply and demand are in balance, the competitors can capture new opportunities for growth. The ideal opportunities are being engaged and converted to modifying the growth pace of the market substantially. Scanadu (US), Ibis Biosciences (U.S.) and QuantuMDx Group Ltd. (UK) are among the few key players in the market who are influential to the market’s growth in the forecast period.
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June 2018 Birmingham’s Aston University researchers have created a working desktop prototype of a machine which can take readings from blood and human tissue using laser beams. It has been successfully run a trial at Ninewells Hospital in Dundee while a portable prototype which has applications beyond medicine that is under work. The creators at the Aston Institute of Photonic Technologies (AIPT) have said that it permits a range of tests to be carried out swiftly and painlessly. The use of tricorders to effortlessly diagnose a variety of ailments may soon become a reality. The machine includes three separate lasers to monitor how efficiently blood is carried to tissue, and measures blood-oxygen levels and also overlooks cell metabolism.
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