Market Definition 

The medical tricorder is a handheld portable scanning device to be used to self-diagnose medical conditions within seconds and take basic vital measurements. Medical tricorders are equipped with sensors and analysis software tailored for medical diagnostic purposes. Medical tricorders are used to monitor chronic conditions such as diabetes, cardiovascular diseases (CVD) and respiratory diseases. 

Global medical tricorder market is estimated to reach $XX billion by 2027, growing at a CAGR of 6.8% till 2027. 

Market Dynamics 

The rising prevalence and incidence of cardiovascular, diabetes and others is a key driving factor of the market. Medical tricorders are used to predict or monitor chronic conditions such as diabetes, cardiovascular diseases (CVD) and respiratory diseases. For instance, according to World Health Organization (WHO), Cardiovascular diseases (CVDs) are the leading cause of death globally. Each year, around 17.9 million people die due to cardiovascular diseases. Approximately 75% of cardiovascular disease deaths occur in middle and lower-income countries. Heart attack and stroke are the cause of 85% of Cardiovascular diseases (CVDs) deaths globally. According to the IDF Diabetes Atlas, in 2019, approximately 463 million people around the world live with diabetes. The global population with diabetes was 424.9 million in 2017, with an estimate of a 48% increase to 628.6 million people for the year 2045. The prevalence of diabetes is expected to increase by 9.9% in 2045. According to Diabetes UK, more than five million people will have diabetes in the UK by 2025. According to the World Health Organization (WHO), respiratory diseases are one of the leading causes of death in the world. More than 65 million people have the chronic obstructive pulmonary disease (COPD), and 3 million die from it each year. Worldwide 334 million people have asthma, affecting 14% of all children. However, the high cost of research & development might hamper the market growth. Medical tricorder devices have to pass all the regulatory standards and rules, which increases the product approval time. The approval time for the medical diagnostic device may vary from 5-8 years, and the long approval time causes a high cost of the research & development of the medical tricorder devices, which may hinder the market growth. Moreover, technological advancements and R&D activities for improving medical tricorder would provide lucrative opportunities for the market in coming years. 

Market Segmentation 

The global medical tricorder market is mainly classified based on the type and end-user. Type is further segmented into Wearable Medical Tricorder and Portable Medical Tricorder. By end-user, the market is divided into hospitals, Diagnostic Centres, and Others.  

Based on type, Portable Medical Tricorder showed significant growth in 2020 owing to the increasing collaboration between companies to develop medical tricorder, increasing commercialization of regulatory approved medical tricorder, and rising investment for the development of portable point of care molecular diagnostic device. For instance, QuantuMDx has raised $12m for the commercialization of the Q-POC portable MDx platform. The funds will be used for the further development of Q-POC, the company’s low-cost, portable point of care molecular diagnostic platform. 

Regional Analysis 

Based on geography, the global medical tricorder market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided into the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa. 

North America is anticipated to dominate the medical tricorder market in 2021 due to the rising prevalence of cardiovascular diseases and diabetes in North American regions. For instance, in 2019, 48% of adults in the United States have some form of cardiovascular disease, and it is expected to be more than 130 million cases by 2035 in the U.S. According to the Centers for Disease Control (CDC), in the U.S, diabetes had risen to an estimated 30.3 million in 2017. About 90% of people have Type 2 diabetes, and 8% of people with Type 1 diabetes, and 2% of people have rarer types of diabetes. Moreover, the collaboration between companies to develop medical tricorder for advanced sepsis diagnosis is boosting the market growth. For instance, QuantuMDx Group Limited and Ontera, Inc have collaborated to develop a next-generation solution for bloodstream infection and drug resistance detection. The technology is based on QuantuMDx’s rapid cell/sample preparation technology, Capture-XT and Ontera’s powerful nanopore biosensor, utilized in their SAM and DUO Nano platforms. 

Competitive landscape 

Key players operating in the medical tricorder industry include Cloud DX Inc., Basil Leaf Technologies, LLC, QuantuMDx Group, DMI, AmZetta Technologies Pvt. Ltd, and others. 

Rising investment for the development of medical tricorder device, increasing collaboration between companies to develop medical tricorder, technological advancement of the medical tricorder, strategic merger and acquisition to expand their market presence for medical tricorder, and increasing commercialization of regulatory approved medical tricorder are some of the strategies adopted by the major players. For instance, on February 16, 2021, Aidar Health, Inc., a healthcare technology and digital medicine company, has received CE Mark approval for its remote monitoring device, MouthLab. MouthLab is a single, non-invasive, hand-held, remote monitoring device that measures 10+ vital health parameters, including non-invasive blood pressure (NIBP), oral temperature, respiratory flow cycle morphology (RFM), respiratory rate, pulse rate, ECG, oxygen saturation (SpO2), heart rate variability, heart rate, and basic lung functions in 60 seconds. 

Medical Tricorder Market Key Segments: 

By Type 

• Wearable Medical Tricorder 
• Portable Medical Tricorder 

By End-User 

• Hospital 
• Diagnostic Centres 
• Others 

Key Global Medical Tricorder Industry Players 

• Cloud DX Inc. 
• Basil Leaf Technologies, LLC 
• QuantuMDx Group 
• DMI 
• AmZetta Technologies Pvt. Ltd 

What Report Provides 

• Full in-depth analysis of the parent Industry 
• Important changes in market and its dynamics 
• Segmentation details of the market 
• Former, on-going, and projected market analysis in terms of volume and value 
• Assessment of niche industry developments 
• Market share analysis 
• Key strategies of major players 
• Emerging segments and regional growth potential