Medical Electronics Market Anticipated to Reach USD 13.40 Billion by 2028
The Medical Electronics Market is expected to reach USD 13.40 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.8% in between 2022 to 2028. Healthcare cost has an immediate connection with a growing aging population, increasing per capita disposable earnings, and enhancing lifestyle. The medical cost per person for the age set 65 years and over is much higher than that of the individuals in the age group of 15 plus years. The world’s older population is constantly growing at an exceptional rate, which means raise in life longing but with many comorbidities. Even the healthcare infrastructure across the world is developing and improving, becoming affordable and accessible for the majority of the population.
- The minimally invasive segment is projected the substantial growth of the market over the forecast period owing to the increasing adoption of medical devices that have changed surgical procedures by decreasing the size of the incision, shortening, and enhancing recovery duration and general outcome of the patients.
- The Medical imaging segment held a substantial market share in 2021. This occurrence is due to the prevalence of cancer and cardiac, neurological, and musculoskeletal conditions. In addition, the growing awareness and enhancing diagnosis and the growing number of diagnostic methods have improved the demand for medical electronics in healthcare facilities worldwide.
- North America is the largest regional segment. This surge is attributed to the rising demand for the Medical Electronics Market in developing economies such as China and India.
Some of the key players in the Medical Electronics Market include - Texas Instruments (US), TE Connectivity (Switzerland), Analog Devices (US), ST Microelectronics (Switzerland), and Medtronic (Ireland).
The expansion of smart medical devices equipped with evolved computing and transmission technologies is anticipated to boost the Medical Electronics Market growth in the future years. Producers of medical electronics are discovering the transformative character of IoT technologies because of advancements in computing & processing capability, wireless technology, and invention in developing & creating connected medical machines. The elevation in the number of connected medical devices and advancements in medical procedures & software helps the gathering, easy communication with data, and create new possibilities for medical electronics manufacturers.
North America is expected to grow at a significant CAGR during the forecast period owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The growing use of medical electronic devices used in the diagnosis and treatment of chronic illness has decreased the mortality rates that prove advantageous for the industry development. Additionally, the government in growing countries is implementing specific initiatives that ensure the availability of the best quality medical electronic devices, therefore, impelling the regional advancement during the predicted period.
COVID Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Medical Electronics Market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
Recent Developments: -
February 2019 - STMicroelectronics a global semiconductor leader serving customers across the spectrum of electronics applications announced that it signed an agreement to acquire a majority stake in Swedish silicon carbide (SiC) wafer manufacturer Nortel AB ("Nortel").
The Medical Electronics is segmented as follows:
Browse market data Tables and Figures
Pages and in-depth TOC on "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)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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