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Rising Chronic Illnesses Drive Global Medical Tricorder Market Growth: Powering Innovation and Expansion in the Medical Tricorder Market by 2025
Medical Tricorder
What Is the Expected CAGR for the Medical Tricorder Market Through 2025?
The size of the medical tricorder market has seen quick and considerable expansion in the recent past. The market, valued at $6.73 billion in 2024, is projected to escalate to $7.71 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.5%. The notable growth during the historic period was due to factors such as the availability of healthcare services, patient empowerment, management of chronic diseases, telemedicine and point-of-care testing.
What's the Projected Size of the Global Medical Tricorder Market by 2029?
Expectations are high for the medical tricorder market as it is projected to experience swift expansion in the coming years. Forecasts indicate it will escalate to a valuation of $15.75 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 19.6%. Several factors can be attributed to this predicted growth for the forecast period, such as personalised healthcare, international health initiatives, an aging demographic, environmental health concerns, and improvements in healthcare workforce efficiency. Noteworthy trends expected during this forecast period encompass the integration of artificial intelligence (AI) and machine learning, the Internet of Things (IoT), wearable healthcare technology, consumer health gadgets, and health data security.
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Top Growth Drivers in the Medical Tricorder Industry: What's Accelerating the Market?
The surge in chronic diseases like cardiovascular disorders and diabetes is playing a pivotal role in propelling the expansion of the medical tricorder market. Such chronic illnesses persist for a year or more, necessitating continuous medical attention, interrupting daily routines, or both. Globally, chronic illnesses such as heart disease, cancer, and diabetes are leading causes of death and disability. To diagnose and identify these and other chronic diseases, medical tricorders are utilized. The World Health Organization, a specialized body of the United Nations rooted in Switzerland, reported in September 2022 that there were 41 million deaths. These accounted for 74% of fatalities resulting from non-communicable diseases (NCDs) or chronic illnesses each year worldwide. There were 17.9 million fatalities from heart disease, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Therefore, the escalating instances of chronic diseases like heart disorders and diabetes are fueling the development of the medical tricorder market.
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What Trends Will Shape the Medical Tricorder Market Through 2029 and Beyond?
In the medical tricorder industry, top corporations are achieving new approvals like those for intelligent health-monitoring appliances. These are wearable or mobile technologies that keep track and compile health-related data such as heart rate, body activity, sleep patterns, and vital signs to offer real-time insights to users on their health and wellness management. For instance, Withings, a firm based in France known for its smart health-tracking devices, introduced a 4-in-1 health scanner named BeamO in January 2024. The BeamO multiscope incorporates multiple health-check procedures into one tool, including ECG, pulse oximetry, stethoscope, and temperature-checking functions. Withings has labeled it as the future's thermometer because, apart from temperature assessment, it also provides insights into the health of the heart and lungs. The device is designed with electrodes on its sides to monitor blood oxygen and heart rate levels and to conduct a 1-lead ECG, similar to the ECG feature of the Apple Watch. It utilizes a temperature scanner to measure body temperature via the temporal artery and uses a piezoelectric disc to record acoustic sound waves from either the chest or back, making it useful during telehealth consultations when shared with a doctor.
What Are the Main Segments in the Medical Tricorder Market?
The medical tricorder market covered in this report is segmented -
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
Subsegments:
1) By USB Camera: Standard USB Cameras, High-Definition USB Cameras
2) By Fiber Optic Camera: Rigid Fiber Optic Cameras, Flexible Fiber Optic Cameras
3) By Wireless: Bluetooth Wireless Cameras, Wi-Fi Enabled Cameras
4) By Corded: USB Corded Cameras, HDMI Corded Cameras
5) By Other Types: Endoscopic Cameras, Specialty Cameras
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Which Top Companies are Driving Growth in the Medical Tricorder Market?
Major companies operating in the medical tricorder market include QuantuMDx Group Ltd., Cloud DX Inc., Qualcomm Technologies Inc., Basil Leaf Technologies LLC., Healthy.io Ltd., Onis Pharmaceutical Inc., Fujikura Ltd., Basler AG, Hamamatsu Photonics K.K., Scanadu Inc., Ibis Bioscience Inc., Medipense Inc., Aidar Health Inc., SM Scientific Instruments Pvt. Ltd., KUGEL medical GmbH & Co. KG, Thermo Fisher Scientific Inc., LEEC Limited, Mortech Manufacturing Company Inc., SensoDX II LLC, Accurable Ltd., Care Taker Medical LLC, ChroniSense Medical Ltd., Cardiomo Inc., VitalConnect Inc., Avidhrt Inc., Creative Industry Co. Ltd., Final Frontier Medical Devices Inc., DMI Medical Supply Co. Inc., Echelon Biosciences Inc.
Which Regions Will Dominate the Medical Tricorder Market Through 2029?
North America was the largest region in the medical tricorder market in 2024. Europewas the second-largest market in the medical tricorder market. The regions covered in the medical tricorder market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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