Medical Electronics Market has currently crossed the billion dollar mark and is predicted to advance at a CAGR of 6.6 % during 2022 2030
Medical Electronics Market
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.
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.
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.