Growing geriatric population, wide area of application of imaging devices and growing awareness regarding routine checkup and rising demand for easy to use advanced healthcare devices are key factors contributing to high CAGR of Medical Electronics during the forecast period.
Market Size – USD 92.4 Billion in 2019, Market Growth – CAGR of 8.1%, Market Trends – Product launches and research for advanced medical electronics
According to the current analysis of Reports and Data, the global Medical Electronics market was valued at USD 92.4 Billion in 2019 and is expected to reach USD 162.5 Billion by the year 2027, at a CAGR of 8.1 %. Factors such as the growing standard of living, increasing aging population, rising health awareness, and increasing adoption of wearable electronics are driving the growth of the medical electronics market. The growing importance of medical electronics for patient tracking and other monitoring activities is further expected to propel the growth of the medical electronics market.
Technological innovation and technological portability with other medical equipment are some of the other factors boosting the growth of the medical electronics market. Factors such as the growing standard of living, increasing aging population, rising health awareness, and increasing adoption of wearable electronics are also expected to positively impact the medical electronics market during the forecast period. Likewise, the growing importance of medical electronics for patient tracking and other monitoring activities is expected to spur the growth of the medical electronics market.
The advancements in medical electronics include dynamic power path management, remote patient tracking, integrated analog front ends, and tissue analysis of cancer cells. Some of the innovative products are still in the developmental stage, which need to be introduced in the near future, include needle-free diabetic care, robotic checkups, and touchscreen systems for treatment rooms among other products. The opportunity for handheld wireless monitoring devices is high. Increase in technological advancements will drive medical electronics market growth over the forecast period. Furthermore, growing disposable income levels in developing economies along with the introduction of innovative products are anticipated to increase the industry expansion. Favorable regulatory policies for expansion of the medical electronics industry and healthy reimbursement environment are also expected to propel market growth.
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The report provides an in-depth analysis of the key developments and innovations of the market such as research and development advancements, product launches, mergers & acquisitions, joint ventures, partnerships, government deals, and collaborations. The report offers a comprehensive assessment of key players in the market along with their global position, financial standing, business expansion plans, production and manufacturing capacity, and strategic alliances.
Key players in the market include
FUJIFILM Medical Systems, Toshiba Medical Systems, Philips Healthcare, Medtronic, Analog Devices and Hitachi High Technologies Corporation among others
Further key findings from the report suggest
- Based on application, patient monitoring segment is expected to witness lucrative growth at a CAGR of 5.2%. Adoption of telemetry and remote monitoring devices facilitate the monitoring of patients from long distances in the medical electronics market
- Europe is also contributing a good share in the global medical electronics market owing to the factor that there is good support from the government to improve the health sector within the region
- The component batteries for healthcare application is expected to grow at a high rate during the current forecast period owing to the increasing demand for wireless medical device, which has long battery life. High-density batteries in wearable medical devices are further driving the growth for the medical electronics market.
- As of 2018, North America held the largest market share in the global medical electronics market. The market is driven by various factors such as improved healthcare infrastructure and increasing demand for medical electronics in the region.
- Stringent regulatory process for product approval and high maintenance cost is likely to hinder the global medical electronics market growth during the forecast period
Furthermore, the report segments Medical Electronics market on the basis of key product types and applications and provides details about the revenue growth, revenue CAGR, and revenue share each segment is expected to register over the forecast period.
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Medical Electronics Market, by Type (Revenue, USD Million; 2017–2027)
- Implantable Cardioverter- Defibrillators (ICDs)
- Implantable Loop Recorders (ILRs)
- Spinal Cord Stimulators
- Gastric Electric Stimulators
- Imaging Devices
- Monitoring Devices
Medical Electronics Market, by Product Type (Revenue, USD Million; 2017–2027)
- Implantable cardioverter-defibrillators
- Neurostimulation devices
- Surgical robots
- Respiratory Care devices
- Patient monitoring devices
- PET/CT devices
- MRI scanners
- Ultrasound devices
- X-ray devices
- CT scanners
Medical Electronics Market, by Components (Revenue, USD Million; 2017–2027)
- Memory Devices
Medical Electronics Market, by Application (Revenue, USD Million; 2017–2027)
- Patient Monitoring
- Homecare/Handheld Products
Medical Electronics Market, by End Use (Revenue, USD Million; 2017–2027)
- Ambulatory surgical centers
For a better understanding of the global Medical Electronics market dynamics, a regional analysis of the market across key geographical areas is offered in the report. The market is spread across key geographical regions such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region is analysed on the basis of the market scenario in the major countries of the regions to provide a deeper understanding of the market. It provides insights into production and consumption patterns, supply and demand ratio, export/import, current and emerging trends and demands, market share, market size, revenue contribution, and presence of key players in each region.
In-depth regional analysis includes:
- North America (U.S., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of EU)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Benefits of the Global Medical Electronics Report:
- Comprehensive analysis of the opportunities and risks of the Medical Electronics market
- Detailed study of the latest product and technological developments and innovations of the Medical Electronics market
- Business strategies and plans are analysed for understanding the Medical Electronics market scenario
- Revenue forecast of Medical Electronics market for the forecast period 2020-2027
- Comprehensive analysis of the drivers, constraints, limitations, challenges, and opportunities
- Latest and emerging market trends analysis and their impact on product and application demand
- Study of recent M&A, joint ventures, collaborations, partnerships, product launches and brand promotions among others
- Extensive SWOT analysis and Porter’s Five Forces analysis along with investment return analysis and feasibility
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