The ultimate goal of this competition isn't a device for Dr. Crusher or Dr. McCoy to use, but rather to develop an affordable device that can be used AT HOME by consumers. The tricorder would diagnose common illnesses and recommend if the patient needs to see a doctor.
According to the Star Trek Wiki at Memory Alpha, the first tricorders were put into service in the 2260s. Ten teams will be chosen from the qualifying round of the competition, which is set for 2014. Those ten will advance to the final round in 2015, meaning a successful tricorder would beat Gene Roddenberry's vision by more than 200 years.