USD 6.3 billion
Report ID:
SQMIG35A2193 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
61
|Figures:
79
Medical Electronics Market size was valued at USD 6.7 billion in 2022 and is poised to grow from USD 7.16 billion in 2023 to USD 12.21 billion by 2031, growing at a CAGR of 6.90% in the forecast period (2024-2031).
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.
Global Market Size
USD 6.3 billion
Largest Segment
Therapeutics
Fastest Growth
Diagnostics
Growth Rate
6.9% CAGR
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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.
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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.
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Medical Electronics Market Driver
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
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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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
Medical Electronics Market Recent Developments
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 2022 | USD 6.7 billion |
Market size value in 2031 | USD 12.21 billion |
Growth Rate | 6.90% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
Medical Electronics Market Recent Developments
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQMIG35A2193