Global Medical Tricorder Device Market Size

Medical Tricorder Device Market Analysis

The Medical Tricorder Device Market studied is expected to project growth by a CAGR of 6.34 % over the forecast period.

With the onset of COVID-19, the need for outpatient services and monitoring has increased drastically. People have become more aware of self-diagnosing devices and their use has been increased. The non-emergency hospital visits like regular checkups, unessential procedures have been postponed. To reduce the patient flow to the hospitals and provide additional bed facilities for COVID-19 patients, regulatory authorities have also supported the medical tricorder device industry. In April 2020, The United States regulatory authority, the United States Food and Drug Administration (USFDA) have provided Emergency Use Authorization (EUAs) for certain patient monitoring and diagnostic devices to increase the availability of treatment and monitoring during the COVID-19 pandemic. Thus, COVID-19 has positively impacted the medical tricorder industry and could be a contributor to the industry's growth.

The studied market growth is primarily attributed to the factors such as technological advancement in the healthcare industry and the growing burden of lifestyle diseases. With the continuous innovation and efforts to make patient services effortless and comfortable, technological advancement drives the medical tricorder devices market. The healthcare sector particularly the medical tricorder device industry is revolutionizing with the Internet of Things (IoT), Artificial Intelligence, Cloud-Based Solutions, Sensor Technologies, and So on. The focus is to make the patient's life painless, hassle-free, and more comfortable without affecting their daily activities. With the lack of physical activity and sedentary lifestyle, a growing number of cases have been reported every year of lifestyle diseases like diabetes, cardiac diseases, chronic kidney diseases, obesity, stroke, etc. The majority are chronic diseases in which regular monitoring of vitals is required and such requirements drive the demand for medical tricorder devices. According to the World Health Organization(WHO) June 2021 Article, the global leading cause of death is cardiovascular diseases. Further, World Health Organization(WHO) non-communicable disease Article April 2021, reports 17.9 million people to die due to cardiovascular diseases and 1.5 million people die due to diabetes annually. Moreover, According to International Diabetes Federation(IDF) Diabetes Atlas 2019, the prevalence of diabetes in India has increased from 7.8% in 2010 to 10.4% in 2019. Thus, concerning with above-mentioned facts, and medical tricorder market is expected to witness over the forecast period.

However, the medical tricorder devices are the future of the monitoring and diagnostic device industry, the stringent regulatory norms associated with medical device approval may act as a constraining factor in the market growth.