18th December 2019 – Global Medical
Electronics Market is expected to reach USD 219.0 billion by 2024.
Medical Electronics is termed as an instrumentation used in physiological
measurement in an area of engineering, medicine discipline, and biology. There
are several opportunities for industry and new scientific findings. The future
of medical electronics novel biometric appliances, devices, instruments, and
systems will be established to treat neurological disorders or chronic diseases
and extend life. The Medical Electronics Market is estimated to grow at a
significant CAGR of 7.9% over the forecast period as the scope and its
applications are rising enormously across the globe.
Rising demand for patient tracking and
other monitoring activities, changing lifestyle, growing acceptance of wearable
electronics, growth in aging populace and increasing health awareness among
populace are documented as major factors of Medical Electronics Market that are
estimated to enhance the growth in the years to come.
However, high refurbishment &
maintenance cost and strict regulatory policy for product approval are the
factors that may restrain overall market growth in the years to come. Medical
electronics industry is segmented based on product type, component,
application, and region.
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Non-invasive and invasive are the
product types that could be explored in Medical Electronics in the forecast
period. Non-invasive sector comprises monitoring devices and imaging devices.
On the other hand, invasive sector comprises endoscopes, pacemakers, gastric
electric stimulators, implantable cardioverter- defibrillators (ICDs), spinal
cord stimulators, and implantable loop recorders (ILRs). Non-invasive sector
accounted for the substantial market share of Medical Electronics and is
estimated to lead the overall market in the coming years.
Microprocessors/Microcontrollers,
Sensors, Displays, Batteries, and Memory Devices are the components that could
be explored in Medical Electronics in the forecast period. Batteries sector
accounted for the substantial market share of Medical Electronics and is
estimated to continue its dominance in the coming years. This may be because of
rising adoption of wireless medical devices and growing innovation.
The market may be categorized based on
applications like Treatment, Diagnosis, Monitoring and others that could be explored
in the forecast period. Monitoring sector accounted for the significant market
share of Medical Electronics and is estimated to lead the overall market in the
coming years as rising use of home care settings and ambulatory care centers.
This may be because of increasing acceptance of telemetry and remote
monitoring. The device monitors patients from protracted distance, recommend
treatments to patients, and perform intraoperative procedures.
Globally, North America accounted for
the substantial market share of Medical Electronics and is estimated to lead
the overall market in the coming years. The reason behind the overall market
growth could be developed healthcare infrastructure, highly equipped
laboratories, rising use of technologically advanced medical device, and high
demand for medical electronics in the region.
Instead, Europe and the Asia Pacific are
also estimated to have a positive influence on the future growth. Europe is the
second largest region with significant market share. However, Asia Pacific is
estimated to grow at fastest pace with the highest CAGR in the foremost period.
The aspects that may be ascribed to the growth comprise growing population with
respiratory diseases, developing healthcare infrastructure, technological enhancement,
and rising awareness among populace regarding modern technology and their
benefits. The developing countries like India and China are the major consumers
of Medical Electronics in the region.
The key players of Medical Electronics
Market are Texas Instruments, Philips Healthcare, GE Healthcare, Inc., Siemens
Healthcare, STMicroelectronics N.V., Medtronic Plc., NXP Semiconductors N.V.,
and Analog Devices, Inc. These players are concentrating on inorganic growth to
sustain themselves amongst fierce competition. As companies all over the world
have to believe that alliance with a market would permit them proportional
market existence and authority to declare the leadership position.
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