Medical Tricoders Market to Register a Stout Growth by End 2025

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Medical tricoder is a hand-held portable scanning device used by consumers to self-diagnose their medical condition within a fraction of seconds. The medical tricoder diagnoses an individual’s state of health either through a standalone device or connection to medical databases via Internet. The medical tricoder device has a detachable, high-resolution, hand-held scanner that sends information about life signs to the tricoder. The system helps to communicate the need, progress, and outcome of the patient data which can provide progress in the digital health technology. Moreover, the devices incorporates visual indicators of performance that encourage the therapist in providing coaching to the patient with an optimal performance. However, recent developments in the computer technology and medical devices have facilitated taking image at cellular and molecular levels, paving the way for early diagnosis and treatment of the disease.

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The global medical tricoders market is driven by rapid development of technology, funding from digital healthcare IT companies, changing lifestyle, increasing government support for research and development, and several adverse effects of the present diagnostic methods. According to the analysis by Accenture, the funding is rapidly increasing at a rate of 22% over the last few years. Accenture invested US$ 7.0 Bn in 2015 in developing the programing of digital health devices. Rising prevalence of accidents leading to pelvic surgery, ankle surgery, or other surgeries is expected to drive the medical tricoders market during the forecast period. Long approval time, high cost of research & development of devices, and lack of awareness are factors likely to restrain the medical tricoders market during the forecast period.

The medical tricoders market has been segmented by product, end-user, application, and geography. In terms of product, the medical tricoders market has been classified into fiber optic, USB type, wireless type, corded type, and others. In terms of application, the medical tricoders market has been classified into diagnosis, monitoring, and others. According to the Association of American Medical Colleges, the U.S. is likely to witness a shortfall of 90,000 doctors by 2020. This is due to retirement of serving doctors, aging of the population, and chronic illnesses becoming more prevalent. In terms of end-user, the market has been divided into diagnostic laboratories, life sciences and research & development institutes, clinics, hospitals, and others.

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Geographically, the global medical tricoders market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global medical tricoders market, due to advanced technologies used in medical devices, sophisticated lifestyle, patient awareness, and high per capita health care expenditure in the region. Early-stage diagnosis and treatment of diseases is driving the medical biotechnology & pharmaceutical sector in North America. This, in turn, is expected to drive the medical tricoders market in the region during the forecast period. Europe is the second-largest market for medical tricoder devices, as there are favorable government policies regarding health care, high incidence of chronic diseases led by unfavorable environmental conditions, and rising number of awareness programs regarding air pollution in the region. The medical tricoders market in Asia Pacific is expected to expand at a high growth rate during the forecast period, due to rising population, growing number of accidents and surgeries, changing lifestyle, increasing awareness among patients, rising per capita expenditure, growing air pollution, and changing environmental conditions in the region. In addition, economic growth of developing countries such as India, Brazil, South Africa, and China is supporting improvement in the health care infrastructure in these countries. This is estimated to promote the growth of the medical tricoders market in Asia Pacific, Middle East & Africa, and Latin America between 2017 and 2025.

Major players operating in the global medical tricoders market include Scanadu, QuantuMDx Group, Ibis Biosciences, Qualcomm, and QuantuMDx Group Ltd.