Medical Electronics Market to Steadily Accelerate Throughout the Forecast Period
The Global Medical Electronics Market is set to reach and proliferate from USD 6.5 Billion in 2021 to USD 6.5 Billion in 2028 growing at a Compound Annual Growth Rate (CAGR) of 6.8%. Medical electronics are tools used to assist in a variety of medical procedures. The size of the electronic medical market is immeasurable, but the facility and assistance that provides growing episodes of diseases contribute to the rising cost of healthcare worldwide.
Increased spread/incidence of cancer and cardiovascular, neurological, and arthritis, increased awareness and improved diagnosis; and a growing number of diagnostic procedures have increased the need for imaging in health facilities around the world. In addition, improved healthcare infrastructure in emerging markets and the availability of affordable, highly technologically advanced thinking systems with multi-sectoral applications also boost the growth of the Medical Electronics Market globally. A slow-moving medical procedure is expected to show a high level of growth during forecasts in the Medical Electronics Market. Slowly invasive medical devices have changed the surgical procedures by reducing the size of the cut, shortening or ending the hospital stay, and improving the recovery time and overall outcome of patients.
The cost of healthcare has a direct bearing on the growing population, rising per capita income, and a better quality of life. The cost of treatment per person in the age group of 60 years and older is much higher than for people between the ages of 15-30. The number of adults in the world is growing steadily at an unprecedented rate, which means an increase in life expectancy but with more illness. While healthcare infrastructure around the world is growing and developing, accessibility barriers pose a barrier to access to medical equipment among the majority of the population.
The need for smaller, simpler, more portable medical electronic devices with improved quality and cost-effectiveness is growing in this modern medical age. Additionally, manufacturers need to ensure the electromagnetic compatibility of medical electronics. This includes not only emission techniques and vaccines against radiated magnetic fields but also design-related electromagnetic coherence processes. Electrical appliances should be designed in such a way that they do not interfere with the operation of medical equipment. The medical electronics ecosystem requires the cooperation of various service providers and needs to work in a coordinated manner to assist the elderly. However, these service providers and various stakeholders often face problems while caring for end users. It is one of the barriers that can affect overall performance, leading to complete system disruption.
The Medical Electronics Market heavily depends upon the basic components of said electronics. They can be sensors, batteries, displays, memory chips, MPUs or MCUs. The market ventures end user products such as diagnostic and imaging devices, patient monitoring devices, medical implantable devices, ventilators and RGM equipment. Based on application, the market can be divided into medical imaging, patient monitoring, flow measurement, cardiology, clinical, diagnostic, and therapeutics. Medical electronics like RGM ventilators and equipment can attest to the high growth rate in the Medical Electronics Market. Factors that accelerate the need for ventilators and RGM equipment include an increase in cases of respiratory infections and the recent outbreak of COVID-19. These applications on a parallel hand, help the market to me segmented as invasive, non-invasive, and minimally invasive. The global market for medical electronics is spread throughout the Americas, Europe, Asia Pacific, and the rest of the world.
Key players operating in the Medical Electronics Market include - Texas Instruments (US), TE Connectivity (Switzerland), Analog Devices (US), ST Microelectronics (Switzerland), and Medtronic (Ireland).
Browse the full Report - Medical Electronics Market by Component (Sensors, Displays, MPUs/MCUs, Memory Chips), by Application (Diagnostic, Cardiology, Others), by Medical Device Classification (Class I, Class II, Class III), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)