MEDICAL TRICORDER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Medical Tricorder Market Size and Trends

Global medical tricorder market is estimated to be valued at USD 4.41 Bn in 2024 and is expected to reach USD 7.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.

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Rising cases of chronic diseases worldwide coupled with growing need for quick diagnosis can boost demand for medical tricorders. Increasing investments by key players for development of more advanced medical tricorders can also drive the market growth. However, high costs associated with tricorder devices can hamper the market growth. Ongoing research & development for development of more compact and affordable medical tricorders offers lucrative opportunities for market players in the near future.

Increasing incidence of chronic diseases

Increasing incidence of chronic diseases globally can drive the global medical tricorder market growth. Chronic diseases like cardiovascular diseases, diabetes, cancer, and others require constant monitoring of various vital signs and parameters of patients. Medical tricorders help in remote and frequent monitoring of patients suffering from chronic conditions without requiring them to visit hospitals or clinics repeatedly. This facilitates early detection of health abnormalities and ensures timely clinical interventions. Medical tricorders offer round-the-clock monitoring that helps in early detection of deteriorations in health parameters, which can prevent disease complications and expensive emergency hospitalizations. Medical tricorder can continuously track blood glucose, blood pressure, respiration rate, and others of diabetes patients and alert caregivers if the levels go out of control range. This allows timely adjustment of medications under medical guidance and reduces risks of long-term diabetes complications. The future generation of medical tricorders is expected to integrate more sensors and features of physical examinations for comprehensive health assessment. With ongoing research and technological advancements, medical tricorders are poised to transform chronic disease management and drive the market growth in the near future. For instance, in June 2021, according to an article published by World Health Organization (WHO), cardiovascular diseases rank as the primary cause of death worldwide.

According to an article published by World Health Organization (WHO)in April 2021 on Non-Communicable Diseases, 17.9 million deaths are attributed to cardiovascular diseases annually, and 1.5 million deaths are linked to diabetes.

Advancing Technologies

Rapid advancement of technologies in the field of healthcare can drive the market growth. There has been ongoing research and development by major players to create portable medical devices that can perform variety of diagnostic tests with high accuracy. The focus is on developing multidisciplinary diagnostics options by integrating variety of sensors, imaging capabilities and integrated connectivity. This will enable tricorders to examine multiple body systems from anatomical to physiological level and provide comprehensive assessment of patient's condition. The emerging technologies like miniaturized sensors, nanotechnology, artificial intelligence and cloud connectivity are being leveraged to design innovative generation of tricorders. This will allow tricorders to go beyond basic vital sign monitoring and perform complex analysis of blood, urine, biochemical and genetic samples. The integration of advanced sensors allows non-invasive collection of wider diagnostic data related to conditions like diabetes, respiratory illnesses, cardiovascular diseases and certain types of cancer. Furthermore, AI capabilities boosts the analytical abilities of tricorders to recognize patterns, identify abnormalities and arrive at probable diagnosis. The integration of cloud and wireless connectivity enables real-time data transmission to clinicians for remote analysis and monitoring of patients.