Medical Electronics Market Size, Share, Trends, Growth and Forecast 2032

Medical Electronics Market Overview

The global Medical Electronics Market size was worth around USD 7.91 Billion in 2023 and is predicted to grow to around USD 21.98 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 12.03% between 2024 and 2032.

Medical electronics is a branch of electronics which includes electronic equipment’s and instruments which are used for medical applications for therapy, diagnosis, anesthesia control, research, surgery and cardiac control among others.

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The study of electronic instruments and apparatus used in medical diagnosis and therapy is known as medical electronics. One area of the commercial medical electronics market that demands complex circuitry and long-term dependability is medical electronics. Medical electronics is a vast topic that encompasses devices for pacemakers, hearing aids, patient monitoring, and life support.

Being used in surgical operations, anesthesia, therapy, research, and the regulation of heart rhythms with the assistance of diverse types of medical electric devices and equipment. The major components of medical electronics are Sensors, Batteries, Displays, MPU, MCU, and Memory chips. Personal medical devices, bio-physical monitoring, life support systems, implants, bionics for physically challenged people's rehabilitation, embedded neuroscience technologies, and Cardiac Sciences. Medical electronics is a specialized discipline that integrates engineering with biomedical sciences and clinical practice.

Medical Electronics Engineering which advances knowledge in Engineering and Medicine is one of the most extensively growing fields of this era where people prefer the best and precise health service. Advanced technological devices that people have heard and used include health-related goods such as health monitors on a person and medical imaging devices.

Thus, there is a great demand for rational, patient-oriented approaches to caring for one’s health. Of course, patients, governments, and insurance providers are never anxious to spend their money on healthcare. In current medical settings, there is a massive need for Medical Devices that Minimize health costs through remote evaluation, diagnosis, and predictions in the Medical Electronics Market.

Medical electronics market is anticipated to witness growth in the coming years. The market is anticipated to surge owing to the rising incidents in the fatal diseases along with rising adoption of monitoring devices, implantable devices and medical imaging. Additionally, escalating expenditure on healthcare across all regions coupled with increasing elderly population is expected to support market growth in the long run. Rising demand for advanced healthcare facilities, availability of electronic component, rising population of senior citizens, rising health consciousness and increasing lifestyle diseases are expected to stimulate market growth in the long run.

Moreover, the swift development in medical sector and fast pace urbanization has propelled the income level and has also increased the standard of living which has positively impacted medical electronics market.

Medical electronics also include other benefits such as ease in updating patient’s record, healthcare services, proper management of health data along with efficient billing mechanism which is anticipated to bolster market growth in the forecast time frame. However, designing compatible medical electronics and high maintenance and refurbishment costs of medical electronics is anticipated to hinder market growth in the projected time frame.

The medical electronics market is segmented into application, component and product type. The application segment is expected to support market growth for medical electronics in the anticipated period. The easy availability and surging adoption of wireless monitoring devices and increasing occurrence of fatal, chronic and lifestyle diseases are likely to drive growth in the predicted period. Moreover, the increasing demand of patient monitoring devices in hospital and non-hospital settings is also anticipated to open new avenue for medical electronics market.

Additionally, the new technologies, advanced devices and integration of monitoring technologies with wireless and smartphones devices is playing a vital role for patient care, subsequently increasing adoption of remote monitoring system for patient along with other mobile devices such as personal digital assistant system and cardiac telemetry devices among others are anticipated to foster market growth.

North America is expected to show growth during the forecast period. It will hold a substantial share owing to the presence of major market players such as Texas Instrument, Analog Devices, NXP Semiconductors, ON Semiconductor, Tekscan, Cirtec Medica, Monebo, Merit Medical Systems, and Keller America. Moreover, presence of advanced healthcare infrastructure, Rising geriatric population and enormous healthcare expenditure are likely to foster market growth in the predicted period.

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Medical Electronics Market: Segmentation

The study provides a decisive view of the Medical Electronics Market by segmenting the market based on By application, By component, By product type and By Region. 

By Application, the Medical electronics market is segmented into Patient Monitoring, Medical Implants & Endoscopy, Diagnostic Radiology.

The Component Segment includes Memory Devices, Sensors, Microcontrollers Microprocessors/ (MCUs/MPUs), Displays, Batteries.

By Type Segment includes Non-invasive and Invasive.

Medical Electronics Market: Report Scope

Noticeable players included in the report are TE Connectivity, Texas Instrument, Analog Devices, ST Microelectronics, Medtronics Plc, ON Semiconductor, First Sensor, Renesas Electronics Corporation and Microchip Technology among others.

The report segment of global medical electronics market as follows:

Global Medical Electronics Market: Application Segment Analysis

• Patient Monitoring
• Medical Implants & Endoscopy
• Diagnostic Radiology

Global Medical Electronics Market: Component Segment Analysis

• Memory Devices
• Sensors
• Microcontrollers Microprocessors/ (MCUs/MPUs)
• Displays
• Batteries

Global Medical Electronics Market: Product Type Segment Analysis

• Non-invasive
• Invasive

Global Medical Electronics Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa