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According to Reports and Data, the global Medical Electronics market is expected to reach USD 162.5 Billion by the year 2027, at a CAGR of 8.1 %
NEW YORK CITY, NY, UNITED STATES, September 15, 2022 /EINPresswire.com/ -- 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.
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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.
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
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
FUJIFILM Medical Systems, Toshiba Medical Systems, Philips Healthcare, Medtronic, Analog Devices and Hitachi High Technologies Corporation among others
Medical Electronics Market, by Type (Revenue, USD Million; 2016–2026)
Invasive Pacemakers Implantable Cardioverter- Defibrillators (ICDs) Implantable Loop Recorders (ILRs) Spinal Cord Stimulators Gastric Electric Stimulators Endoscopes Non-invasive Imaging Devices Monitoring Devices
Medical Electronics Market, by Product Type (Revenue, USD Million; 2016–2026)
Therapeutic Pacemakers Implantable cardioverter-defibrillators Neurostimulation devices Surgical robots Respiratory Care devices Diagnostic Patient monitoring devices PET/CT devices MRI scanners Ultrasound devices X-ray devices CT scanners Others
Medical Electronics Market, by Components (Revenue, USD Million; 2016–2026)
Sensors Batteries Memory Devices Displays Microprocessors/Microcontrollers
North America (U.S., Canada, Mexico) Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific) Latin America (Brazil, Rest of LATAM) Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
What is the revenue growth rate of the global Medical Electronics market over the forecast period? What are the major factors driving the growth of the Global Medical Electronics Market? What are the key challenges impacting the global Medical Electronics market growth? What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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