Medical Electronics Market Size, Share, Growth Analysis, By Application(Therapeutics and Diagnostics), By End User(Hospitals, Homecare, and Clinics), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2193 | Region: Global | Published Date: July, 2024
Pages: 242 |Tables: 61 |Figures: 79

Medical Electronics Market Insights

Medical Electronics Market size was valued at USD 6.3 billion in 2021 and is poised to grow from USD 6.7 billion in 2022 to USD 11.5 billion by 2030, growing at a CAGR of 6.9% in the forecast period (2023-2030).

Global medical electronics market is mainly driven by the rising incidence of various chronic diseases and the growing aging population across the world. Chronic diseases such as diabetes, cancer, cardiovascular diseases, and COPD are the major factors responsible for the increasing adoption of medical devices. The aging population is more sensitive to various chronic diseases and hence boosts the demand for various diagnostics and therapeutics medical electronic devices such as CT scanners, ultrasound, patient monitoring systems, medical implantable devices, pacemakers, and respiratory care devices. According to the Society of Critical Care Medicine, over 40 to 50% of ICU patients need a ventilator, which increases the demand for medical electronics. So, the rising number of ICU patients is increasing the growth of global medical electronics market.

The adoption of medical electronic devices such as patient monitors and other diagnostic devices is particularly high in minimally invasive surgeries. Minimally invasive surgeries are safe, comfortable for patients, and cost-effective. Hence, these techniques are being adopted in various healthcare sectors which have positively impacted the demand for medical electronic devices. Furthermore, regulations imposed on manufacturers of medical electronic devices ensure the high quality of technologically advanced medical devices that increase their acceptance in surgical procedures by increasing market expansion during the forecast period. Technological advancements in medical electronic devices will drive market expansion during the forecast period. Major players in the market constantly focus on advanced technology within the devices that enable accurate and efficient diagnosis as well as treatment. However, strict regulations and trade policies associated with medical electronic devices will hamper the growth of the market.

US Medical Electronics Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 6.3 billion

Largest Segment

Therapeutics

Fastest Growth

Diagnostics

Growth Rate

6.9% CAGR

Global medical electronics market, 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)

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Medical Electronics Market Segmental Analysis

Global medical electronics market is segmented on the basis of application, end user and region. On the basis of application, global market is segmented into, therapeutics and diagnostics. On the basis of end user, global market is segmented into, hospitals, homecare and clinics. On the basis of region, global market is divided into North America, Europe, Asia Pacific Latin America, and MEA.

Medical Electronics Market Analysis by Application

On the basis of application, global medical electronics market is segmented into, therapeutics and diagnostics. The therapeutics segment dominated the global market with the highest revenue and is expected to maintain its dominance during the forecast period. This is due to the increasing demand for therapeutic devices such as medical implantable devices, pacemakers, surgical robots, and respiratory care devices. The increasing number of cardiovascular diseases, neurological disorders, and chronic respiratory diseases is expected to drive the growth of the therapeutics segment during the forecast period.

The diagnostics segment is the fastest growing segment during the forecast period. The growing public awareness about the benefits of early disease detection is driving market expansion. Due to the increasing number of diagnostic centres and hospitals, the increasing incidence of various diseases is expected to increase the demand for diagnostic medical electronics such as ultrasound machines, X-ray machines, and MRI scanners.

Medical Electronics Market Analysis by End User

On the basis of end user, global medical electronics market is segmented into, hospitals, homecare and clinics. The hospital segment dominated the global market. The increasing number of hospital visits is due to various reasons such as increasing incidence of CVD, neurological disorders, increasing incidence of road accidents, and the growing elderly population. Increasing investments in the development of multi-specialty hospitals and equipping them with advanced medical devices are the major factors driving the expansion of hospitals in the medical electronics market.

Homecare is expected to be the fastest growing segment during the forecast period. Rising disposable income, rising healthcare costs, and increasing awareness about hospital-acquired infections have increased the adoption of homecare healthcare services. The growing demand for access to healthcare in the comfort of the home is significantly increasing the demand for homecare medical electronics across the world.

Global medical electronics market size by application, 2022 (%)

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Medical Electronics Market Regional Insights

On the basis of region, global medical electronics market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global market.  High disposable income, increased acceptance of electronic devices in the healthcare industry, high healthcare expenditure, and improved access to healthcare facilities are the primary factors driving the growth of global market in North America.

Asia Pacific is expected to grow at a significant CAGR during the forecast period. The rapidly growing aging population is expected to boost the demand for advanced medical electronics. South Korea, China, and India are attracting FDI from healthcare industry players, and increasing government investment in the development of smart and technologically advanced healthcare infrastructure is driving the growth of the medical electronics market in the Asia Pacific region.

Europe accounts for a significant revenue share in the market due to increasing investment in healthcare technology. Also, the rapid adoption of medical electronics in drug discovery, patient monitoring, clinical diagnosis, and technological advancements in advanced therapies are driving market growth. These factors are driving the growth of the market in this region.

Global medical electronics market size by geography, 2022-2030
  • Largest
  • Fastest

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Medical Electronics Market Dynamics

Medical Electronics Market Driver

  • Growing demand for medical electronics for healthcare automation and digitalization

In the world, many hospitals are automating routine activities such as admission processes, emergency room operations, and drug supply with increasing patient demand.  Various electronic devices are procured in the treatment of no communicable diseases (NCDs). Also, the increased use of imaging devices in screening, therapy, and treatment is significantly driving demand in the market. While rising clinical trials of medical devices are accelerating the development of new products. Increasing digitization will improve laboratory productivity and allow for better integration of diagnostic test data into clinical decision-making. Medical electronics systems are widely used in pharmaceutical and biotechnology companies for cell and gene analysis, drug development, and DNA structural analysis. Companies are developing algorithms to extract and analyse data. These factors are expected to drive the market.

Medical Electronics Market Restraint

  • Global shortage of healthcare chipsets and lack of expert knowledge

The global medical electronics market is currently suffering through a chip shortage. According to Word Economic Forum, the medical technology industry provides 1% of the current total chip supply. Many medical electronics manufacturers have reported production delays due to chip shortages. Also, skill shortage and training are major challenges in the market. To perform important diagnostics and clinical tests, technicians of medical electronics systems and equipment must be properly trained with new features and technologies. Many healthcare professionals lack the necessary skills to use medical electronic devices easily and accurately. These factors are expected to hamper the market expansion during the forecast period.

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Medical Electronics Market Competitive Landscape

Global medical electronics market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global medical electronics market.

For example, In May 2022, Medtronic plc, a US-based medical device company, acquired Intersect ENT for an undisclosed amount. Medtronic is expanding its comprehensive ear, nose, and throat (ENT) portfolio to include innovative sinus products used in procedures to improve post-surgical outcomes and treat nasal polyps, such as Intersect ENT's PROPEL and SINUVA (mometasone furoate) in sinus implants, technologies, and technologies, assets through this acquisition. Intersect ENT is a United States-based medical device manufacturing firm operating in the medical electronics market.

Medical Electronics Market Top Player's Company Profiles

  • Medtronic plc
  • General Electric Company
  • Siemens Healthineers AG
  • Koninklijke Philips N.V.
  • Abbott Laboratories
  • Becton, Dickinson and Company
  • Fujifilm Holdings Corporation
  • Johnson & Johnson
  • Hitachi, Ltd.
  • Canon Medical Systems Corporation
  • Stryker Corporation
  • Zimmer Biomet Holdings, Inc.
  • Smith & Nephew plc
  • Boston Scientific Corporation
  • ResMed Inc.
  • Varian Medical Systems, Inc.
  • Intuitive Surgical, Inc.
  • Hologic, Inc.
  • Thermo Fisher Scientific Inc.
  • Edwards Lifesciences Corporation

Medical Electronics Market Recent Developments

  • In January 2022, Promaxo Inc., a medical imaging, robotics, and artificial intelligence (AI) technology company, announced the sale of its in-office MRI system to Kasraeian Urology.
  • In November 2021, Philips expanded its artificial intelligence (AI) enabled CT imaging portfolio at the Radiological Society of North America (RSNA).
  • On August 21, 2022, Medtronic Plc., a leading US-based medical device company, partnered with BioIntelliSense, a remote care solution company in the medical category, to deliver multi-parameter wearable for continuous remote patient monitoring from the hospital to the home. The partnership will enable Medtronic to provide access to medical-grade devices that continuously monitor patients' vital signs while they are in the hospital and after they are discharged. It promotes automation workflows in care delivery, enables proactive clinical interventions, and helps address the effects of workforce shortages.
  • On July 13, 2022, Siemens Healthineers, a Germany-based medical device company, released Mobilet Impact, a revolutionary mobile X-ray system. The system combines all the advantages of full digital integration, affordable cost, and transportable x-ray equipment for imaging at the patient's bedside.

Medical Electronics Key Market Trends

  • Innovations in medical electronics are a key trend in the market. Major players in the market are introducing new products to increase their market position. In November 2021, the FDA Centre for Devices and Radiological Health, a branch of the United States Food and Drug Administration responsible for premarket approval of all medical devices, that is developing activities to support medical device innovators to increase patient access to innovative medical devices developed by small businesses and start-ups through its own Small Business Innovation Research (SBIR) grant program. It encourages domestic small businesses to engage in research and development with the potential for product commercialization. CDRH is collaborating with various innovation organizations and accelerates to help early-stage entrepreneurs to develop medical devices.

Medical Electronics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

According to our global medical electronics market analysis, by region, North America dominated the global market. Due to high disposable income, increased acceptance of electronic devices in the healthcare industry, high healthcare expenditure, and improved access to healthcare facilities are the primary factors driving the growth of global market in North America. Growing demand for medical electronics for healthcare automation and digitalization are driving the growth of global market. Innovations in medical electronics are a key trend in the market. Major players in the market are introducing new products to increase their market position. Global shortage of healthcare chipsets and lack of expert knowledge may hamper market growth.

Report Metric Details
Market size value in 2023 USD 6.3 billion
Market size value in 2031 USD 11.5 billion
Growth Rate 6.9%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Therapeutics and Diagnostics
  • End User
    • Hospitals, Homecare, and Clinics
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Medtronic plc
  • General Electric Company
  • Siemens Healthineers AG
  • Koninklijke Philips N.V.
  • Abbott Laboratories
  • Becton, Dickinson and Company
  • Fujifilm Holdings Corporation
  • Johnson & Johnson
  • Hitachi, Ltd.
  • Canon Medical Systems Corporation
  • Stryker Corporation
  • Zimmer Biomet Holdings, Inc.
  • Smith & Nephew plc
  • Boston Scientific Corporation
  • ResMed Inc.
  • Varian Medical Systems, Inc.
  • Intuitive Surgical, Inc.
  • Hologic, Inc.
  • Thermo Fisher Scientific Inc.
  • Edwards Lifesciences Corporation

Medical Electronics Market Recent Developments

  • In January 2022, Promaxo Inc., a medical imaging, robotics, and artificial intelligence (AI) technology company, announced the sale of its in-office MRI system to Kasraeian Urology.
  • In November 2021, Philips expanded its artificial intelligence (AI) enabled CT imaging portfolio at the Radiological Society of North America (RSNA).
  • On August 21, 2022, Medtronic Plc., a leading US-based medical device company, partnered with BioIntelliSense, a remote care solution company in the medical category, to deliver multi-parameter wearable for continuous remote patient monitoring from the hospital to the home. The partnership will enable Medtronic to provide access to medical-grade devices that continuously monitor patients' vital signs while they are in the hospital and after they are discharged. It promotes automation workflows in care delivery, enables proactive clinical interventions, and helps address the effects of workforce shortages.
  • On July 13, 2022, Siemens Healthineers, a Germany-based medical device company, released Mobilet Impact, a revolutionary mobile X-ray system. The system combines all the advantages of full digital integration, affordable cost, and transportable x-ray equipment for imaging at the patient's bedside.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Medical Electronics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Medical Electronics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Medical Electronics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Electronics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Electronics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Medical Electronics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Medical Electronics Market size was valued at USD 6.3 billion in 2021 and is poised to grow from USD 6.7 billion in 2022 to USD 11.5 billion by 2030, growing at a CAGR of 6.9% in the forecast period (2023-2030).

medical electronics market is highly competitive with the presence of local as well as companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of medical electronics market. 'Medtronic plc', 'General Electric Company', 'Siemens Healthineers AG', 'Koninklijke Philips N.V.', 'Abbott Laboratories', 'Becton, Dickinson and Company', 'Fujifilm Holdings Corporation', 'Johnson & Johnson', 'Hitachi, Ltd.', 'Canon Medical Systems Corporation', 'Stryker Corporation', 'Zimmer Biomet Holdings, Inc.', 'Smith & Nephew plc', 'Boston Scientific Corporation', 'ResMed Inc.', 'Varian Medical Systems, Inc.', 'Intuitive Surgical, Inc.', 'Hologic, Inc.', 'Thermo Fisher Scientific Inc.', 'Edwards Lifesciences Corporation', 'In January 2022, Promaxo Inc., a medical imaging, robotics, and artificial intelligence (AI) technology company, announced the sale of its in-office MRI system to Kasraeian Urology.', 'In November 2021, Philips expanded its artificial intelligence (AI) enabled CT imaging portfolio at the Radiological Society of North America (RSNA).', 'On August 21, 2022, Medtronic Plc., a leading US-based medical device company, partnered with BioIntelliSense, a remote care solution company in the medical category, to deliver multi-parameter wearable for continuous remote patient monitoring from the hospital to the home. The partnership will enable Medtronic to provide access to medical-grade devices that continuously monitor patients' vital signs while they are in the hospital and after they are discharged. It promotes automation workflows in care delivery, enables proactive clinical interventions, and helps address the effects of workforce shortages.', 'On July 13, 2022, Siemens Healthineers, a Germany-based medical device company, released Mobilet Impact, a revolutionary mobile X-ray system. The system combines all the advantages of full digital integration, affordable cost, and transportable x-ray equipment for imaging at the patient's bedside.'

Growing demand for medical electronics for healthcare automation and digitalization

Innovations in medical electronics are a key trend in the market. Major players in the market are introducing new products to increase their market position. In November 2021, the FDA Centre for Devices and Radiological Health, a branch of the United States Food and Drug Administration responsible for premarket approval of all medical devices, that is developing activities to support medical device innovators to increase patient access to innovative medical devices developed by small businesses and start-ups through its own Small Business Innovation Research (SBIR) grant program. It encourages domestic small businesses to engage in research and development with the potential for product commercialization. CDRH is collaborating with various innovation organizations and accelerates to help early-stage entrepreneurs to develop medical devices.

On the basis of region, medical electronics market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the market.  High disposable income, increased acceptance of electronic devices in the healthcare industry, high healthcare expenditure, and improved access to healthcare facilities are the primary factors driving the growth of global market in North America.

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