How Will The Medical Tricorder Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s medical tricorder market report forecasts the medical tricorder market size to grow to $9.01 Billion by 2027, with a CAGR (compound annual growth rate) of more than 12%.
Learn More On The Medical Tricorder Market Report 2023 – https://www.thebusinessresearchcompany.com/report/medical-tricorder-global-market-report
Medical Tricorder Market Size Forecast
The global medical tricorder market is expected to grow from $4.99 billion in 2022 to $5.61 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical tricorder market size is expected to grow to $9.01 billion in 2027 at a CAGR of 12.6%.
North America held the largest medical tricorder market share.
Key Medical Tricorder Market Driver – Increase In The Number Of Chronic Illnesses Such As Cardiovascular Diseases And Diabetes
According to the Center for Disease Control and Prevention, an American national public health agency, approximately 697,000 people in the US died from heart disease in 2020, which converted to almost 1 in 5 deaths. According to a study report released by American Action Forum in September 2020, chronic illness frequency and costs are rising in the US. As the frequency of sickness among children and young people rises, chronic illness is expected to keep rising. Thus, increase in the number of chronic illnesses such as cardiovascular diseases and diabetes is driving the medical tricorder market.
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Key Medical Tricorder Market Trend – Increasing Product Approvals
Key players in the market are focusing on product approvals to maintain a comparative advantage over competitors in the industry. For example, in February 2021, EndoClot Plus Inc., a US-based company developing medical devices to meet the needs of the GI professional announced U.S. Food and Drug Administration (FDA) approval for EndoClot Polysaccharide Hemostatic System (EndoClot PHS), which is an advanced product that will assist Gastroenterologists to stop bleeding quickly and effectively. EndoClot PHS is a one-time-use device that consists of a starch-based powder hemostat that is applied directly to the bleeding location using a flexible endoscope.
Medical Tricorder Market Segment
1) By Type: USB Camera, Fiber Optic Camera, Wireless, Corded, Other Types
2) By Application: Diagnosis, Monitoring, Other Applications
3) By End User: Hospitals, Clinics, Other End-users
Medical Tricorder Market Major Players and Strategies
Major players in the medical tricorder market are QuantuMDx, Cloud DX, Qualcomm Technologies, Basil Leaf Technologies, Healthy.io Ltd., Ionis Pharmaceutical, Fujikura, Basler, and Hamamatsu Photonics.
In June 2020, Healthy.io, an Israel-based developer of smartphone urinalysis tech, has acquired Inui Health for $9 million. The acquisition of Inui Health supports Healthy.io to enter into the US market. The company also aims to move into pregnancy monitoring to detect possible complications. Inui Health, formerly known as Scanadu is a US-based medical diagnostics company that offers medical tricorders.
The Medical Tricorder Global Market Report 2023 covers regional data on medical tricorder market size, medical tricorder market trends and drivers, opportunities, strategies, and medical tricorder market competitor analysis. The countries covered in the medical tricorder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
A medical tricorder is a handheld scanning gadget that enables users to diagnose medical problems and collect basic vital signs in seconds.
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