According to the current analysis of Reports and Data, the global Medical Electronics market was valued at USD 92.4 Billion in 2019 and is expected to reach USD 162.5 Billion by the year 2027, at a CAGR of 8.1 %. Factors such as the growing standard of living, increasing aging population, rising health awareness, and increasing adoption of wearable electronics are driving the growth of the medical electronics market. The growing importance of medical electronics for patient tracking and other monitoring activities is further expected to propel the growth of the medical electronics market.
Technological innovation and technological portability with other medical equipment are some of the other factors boosting the growth of the medical electronics market. Factors such as the growing standard of living, increasing aging population, rising health awareness, and increasing adoption of wearable electronics are also expected to positively impact the medical electronics market during the forecast period. Likewise, the growing importance of medical electronics for patient tracking and other monitoring activities is expected to spur the growth of the medical electronics market.
The advancements in medical electronics include dynamic power path management, remote patient tracking, integrated analog front ends, and tissue analysis of cancer cells. Some of the innovative products are still in the developmental stage, which need to be introduced in the near future, include needle-free diabetic care, robotic checkups, and touchscreen systems for treatment rooms among other products. The opportunity for handheld wireless monitoring devices is high. Increase in technological advancements will drive medical electronics market growth over the forecast period. Furthermore, growing disposable income levels in developing economies along with the introduction of innovative products are anticipated to increase the industry expansion. Favorable regulatory policies for expansion of the medical electronics industry and healthy reimbursement environment are also expected to propel market growth.
Further key findings from the report suggest
- Based on application, patient monitoring segment is expected to witness lucrative growth at a CAGR of 5.2%. Adoption of telemetry and remote monitoring devices facilitate the monitoring of patients from long distances in the medical electronics market
- Europe is also contributing a good share in the global medical electronics market owing to the factor that there is good support from the government to improve the health sector within the region
- The component batteries for healthcare application is expected to grow at a high rate during the current forecast period owing to the increasing demand for wireless medical device, which has long battery life. High-density batteries in wearable medical devices are further driving the growth for the medical electronics market.
- As of 2018, North America held the largest market share in the global medical electronics market. The market is driven by various factors such as improved healthcare infrastructure and increasing demand for medical electronics in the region.
- Stringent regulatory process for product approval and high maintenance cost is likely to hinder the global medical electronics market growth during the forecast period
- Key participants include FUJIFILM Medical Systems, Toshiba Medical Systems, Philips Healthcare, Medtronic, Analog Devices and Hitachi High Technologies Corporation among others