The medical tricorder is a portable medical device that scans and self-diagnoses medical conditions. The global medical tricorder market is expected to witness growth from 2020 to 2027 owing to, preordained disorders such as cardiovascular diseases, diabetes, etc. coupled with rising awareness among patients. Furthermore, rising preference for outpatient service, rapidly evolving technological advancements and R&D activities for improving healthcare is fostering market growth.
On the basis of the application, the market is segmented into diagnosis, monitoring, others. The diagnosis application market segment is expected to have a greater share owing to the applicability and rising disease prevalence. Furthermore, factors like increasing diagnostic devices’ adoption rate and the advancement of healthcare technologies are fueling segment growth. The monitoring tricorder segment is the fastest-growing segment due to the increasing awareness among patients coupled with lifestyle associated risks.
On the basis of end-use, the medical tricorder market is segmented into hospitals & ambulatory surgical centers and others. The hospital segment is anticipated to grow at a lucrative rate in the forecast period owing to the presence of a large patient pool. Hospitals are easily accessible & omnipresent therefore numerous patients prefer hospitals. Furthermore, beneficial reimbursement policies are expected to bolster the demand for the medical tricorder market in the segment. The ambulatory surgical centers are gaining popularity owing to the substantial demand for outpatient services. Furthermore, cost-effective services and shorter stay duration are some factors propelling market growth in the segment.
On the basis of region, the medical tricorder market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. The market is dominant in North America followed by the European countries due to the high favorable reimbursement policies and rising healthcare expenditure. Additionally, high disposable income coupled with technologically advanced infrastructure is driving the market growth in these regions.
Asia-Pacific is anticipated to experience noteworthy growth in the market over the forecast period because of factors such as the number of untapped opportunities, increasing awareness amongst patients, and favorable government initiatives.
Some of the major market players include Scanadu, QuantuMDx Group, Ibis Biosciences.
These companies are involved in regional expansion, strategic collaborations, and new product offerings. For instance, in December 2019, QuantuMDx Group collaborated with Ontera, Inc to produce a novel sepsis diagnostic solution for the detection of drug resistivity and blood infection.
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