Medical Electronics Market

Medical Electronics Market:

Market Synopsis:

Global Medical Electronics market is valued at USD 6.39 Billion in 2022 and is projected to attain a value of USD 10.58 Billion by 2030 at a CAGR of 6.50% during the forecast period, 2022–2028. The global Medical Electronics manufacturing industry is growing rapidly and exhibiting a wealth of opportunities for investors worldwide. This market is undergoing a shift of monumental proportions. Until recently, the industry was highly fragmented and consisted of manufacturers mainly catering to regional - and localized needs.

Shift Towards Electronic Medical Devices (EMDs) and Their Adoption has Created New Opportunities for Investment in Medical Electronics Market

Pharmaceuticals: Smaller, more affordable EMDs require lower doses of medication, which means that they can be purchased from pharmacies or other outlets rather than from hospitals or specialist practitioners. This drives down costs while increasing convenience for consumers purchasing these products. In turn, this creates opportunities for pharmaceutical companies looking to expand into new markets without setting up expensive brick-and-mortar stores.

Medical equipment providers: Growth in the number of people being diagnosed with chronic diseases such as diabetes and heart disease coupled with the increasing availability of (and demand for) affordable EMDs means that medical equipment companies can expand their services to treat not only those patients who currently require care but also the wider population. This provides a lucrative opportunity for research and development, as well as new partnerships and investments between device manufacturers and pharmaceutical companies.

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Medical insurance providers: Already struggling from rising costs from treating more people that have been diagnosed with chronic illnesses, insurers have turned to offering medical devices that diagnose chronic conditions before they become too severe. Recently, health insurer Cigna partnered with Philips Healthcare to offer customers a blood glucose monitor at a reduced rate in exchange for signing up to home monitoring plans where they received automatic alerts when their glucose levels are too high or low.

Market Segmentation:

Global Medical Electronics market is by component (sensors, MCUs/MPUs, displays), device classification (Class I, Class II, Class III), application (diagnostic, cardiology, flow measurement), and region.

Increasing Demand for Quick Diagnosis to Drive Growth of Imaging Medical Electronics Market

The shift from traditional lab tests and diagnostic imaging to wearable EMDs that can monitor a patient's vitals, such as heart rate, sleep quality, and breathing irregularities is accelerating. This trend is fueled by the fact that most chronic diseases typically do not present with an initial symptom set and can only be diagnosed using complex procedures such as MRIs or CT scans which are both time consuming and expensive. The growth is further supported by growing usage of apps for mobile devices: In addition to the growing demand for EMDs themselves, there has been a rapid expansion of mobile applications (apps) for smartphones and tablets. Now available on all major operating systems, these apps allow patients to easily access their medical records, monitor the health of family members and even share this data with healthcare providers. Apps for EMDs alone make up a software market that is expected to reach $12 billion by 2022.

Increasing Adoption of Telemedicine and Self-Monitoring Devices to Fuel Growth of Medical Electronics Market

Increasing adoption of telemedicine: Telemedicine offers a cost-effective way for patients to get constant care from physicians who can monitor vitals remotely using wearable EMDs. In turn, this saves both money and time which can be used more effectively elsewhere in the healthcare system. Software apps allow doctors to monitor vital signs such as blood glucose levels or blood pressure without requiring physical contact with the patient. Instead, they use video conferencing tools through smartphones, tablets or laptops.

Growing preference for self-monitoring EMDs: One of the key drivers behind the growing demand for Medical Electronics is the ease with which people can now monitor their own health. Typically, these wearable devices are equipped with sensors that record physical activities such as heart rate and sleep patterns, which doctors then use to identify changes that may indicate certain conditions or diseases. This information can then be used to refer patients to hospitals or take other measures in order to avoid more serious problems down the line.

High Demand for Ventilators to Drive growth of Medical Electronics market

Global market is expected to see high demand for ventilators, driven by rapid economic development, advancing healthcare infrastructure, increasing number of multispecialty hospitals, growing prevalence of chronic diseases, and increasing disposable income. India and China together account for 20% of the global medical equipment & devices market and are projected to grow rapidly in the next five years. These two countries have also been instrumental in driving growth in healthcare sector due to their aging population coupled with an increase in lifestyle diseases such as diabetes, cancer and heart diseases. India alone spends approximately $50 billion annually on hospital equipment and it is estimated that over 70% of this spending is directed towards EMDs. China is also expected to emerge as a leading market for advanced healthcare technology supported by favorable governmental and growing infrastructure base which would allow for economies of scale and greater capital availability.

North America is the Largest Consumer of Medical Electronics Market

The U.S is holding the major share of the North America Medical Electronics market share due to strong presence of healthcare institute, medical devices manufacturers, pharmaceutical companies, high penetration of insurance. Medical equipment providers in the region are adapting to meet growing demand by improving their EMDs with greater accuracy and more features. In addition, they are also focusing on improving their support for mobile applications through which patients can track their health metrics in real-time and have them seamlessly integrated into a digital medical record that doctors can access from anywhere in the world.

Moreover, the regional growth is supported by the high number of tech patents and rising awareness about EMDs and their benefits. In particular, wearable devices as well as products such as glucose meters, blood pressure monitors and ECG machines are expected to experience robust growth with expanding application base across various end user industries such as hospitals, health care centers, diagnostic centers and doctor's offices.

Key Players:

Some of the key players in the Medical Electronics are Texas Instruments (US), TE Connectivity (Switzerland), Analog Devices (US), ST Microelectronics (Switzerland), and Medtronic (Ireland).

The Medical Electronics is Segmented as Follows: