The size of the global market for Medical Electronics is expected to reach US$ 248.43 billion by 2030, expanding at a compound annual growth rate (CAGR) of 11.8%.
The medical electronics market is progressively growing due to government’s increased expenditure on healthcare spending. Medical electronics is a division of electronics that uses medical devices and software for medical purposes such as testing, diagnosis, rehabilitation, management of anesthesia, surgery, and heart management.
Medical electronics engineering integrates medicine and environmental science with engineering practices and theories. Due to the rising ageing population, the high incidence of respiratory disorders, and lifestyle improvements, which are projected to improve the therapeutic market, the use of respiratory treatment products is substantially increasing. Moreover, development has also been accelerated by the advent of wearable and mobile devices. Improving the quality of health care, increasing the accuracy of performance, making it easier to update patient records, and increasing patient service standards. Rapid innovation in IT and growing health care awareness has accelerated the potential for medical electronics industry. Telehealth in the intensive care unit (ICU), emergency room (ED) and hospital ward and skilled nursing facility (SNF) are specialized developments in medical electronics. Nevertheless, high maintenance costs & design complications in various instruments may hinder the market growth.
Medical Electronics Market Scope
|Revenue forecast in 2030
|US$ 248.43 billion
|CAGR of 11.8 % during 2020-2030
|By Product, Deployment, By Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Renesas Electronics Corporation, Siemens AG, ON Semiconductor Corporation, GE Healthcare, Freescale Semiconductor Inc., Texas Instruments Incorporated, STMicroelectronics N.V., Philips Healthcare Pvt. Ltd., Tekscan, Inc., NXP Semiconductors N.V.
Key Segments of the Global Medical Electronics Market
Product Type Overview,(USD Billion)
Component Overview, (USD Billion)
- Memory Devices
- Microcontrollers Microprocessors/ (MCUs/MPUs)
Application Overview, (USD Billion)
- Diagnostics Radiology
- Patient Monitoring
- Medical Implants& Endoscopy
Regional Overview,(USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of the Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global medical electronics market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global medical electronics market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the medical electronics industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on product type, component, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global medical electronics market. The report will benefit:
- Every stakeholder is involved in the Medical Electronics market.
- Managers within the tech companies looking to publish recent and forecasted statistics about the global Medical Electronics market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global medical electronics market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The demand for medical electronics is being fueled by a growing geriatric population and the increasing use of respiratory treatment equipment. Additionally, the market for medical electronics is projected to be influenced by factors such as demand for easy-to-use, customized & specialized healthcare products, evolving habits, and the acceptance of wearable electronics. The need for medical electronics is expected to fuel demand for more and more patient services and advances in emerging medical applications for portable medical devices and their applications. Moreover, factors such as increased consumer penetration of portable medical equipment, growing developments in remote patient care, and the high availability of electronic components such as memory devices, display and microcontrollers are expected to generate growth opportunities. Cybersecurity concerns, though, are likely to impede the industry as health care facilities and consumers are exposed to security vulnerabilities and malware infections.
By promoting emerging innovations, key players are expanding into the target market. For the medical electronics market, the key players operating in the market offer a full range of solutions and systems which includes non-invasive surgeries, new sensors& other technologies. For instance, In October 2020, Medtronic has announced the U.S. launch of Adaptix Interbody System, a navigated titanium implant with Titan nanoLOCK surface technology, a blend of surface textures on the macro, micro, and nano levels.
Product type Segment
The global medical electronics market is segmented into invasive, non-invasive. Factors such as the government subsidies for medical equipment, increasing usage of IoT-based medical devices, the demand for optical radiography systems, and the usage of flat-panel detectors (FPDs) lead to increased demand in the medical electronics industry for non-invasive products
Based on the component segment, the market is bifurcated into batteries, sensors, displays, memory devices, microcontrollers microprocessors/ (MCUs/MPUs) The batteries component is anticipated to attain the largest revenue share in the global medical electronics market by 2028. The main factor fueling the growth of batteries in the medical electronics industry is the growing demand for high-power portable medical devices, such as cardiac monitors, respiratory sensors, hemodynamic sensors, and implantable devices. The number of battery-powered medical devices is proliferating, as most medical devices are being computerized for improved diagnosis and tracking.
Based on application, the market is segmented into diagnostics radiology, patient monitoring, medical implants& endoscopy. Patient monitoring is likely to attain the largest market growth further. The growing demand for patient monitoring devices in non-hospital environments is also expected to provide a range of growth opportunities for players in the market. The assimilation of patient monitoring technologies in smartphones, a crucial pattern for health care is wireless devices, leading to expanded use of remote patient tracking services, handheld cardiac telemetry devices, and other devices.
The global medical electronics market has a wide presence in North America and Europe. North America is anticipated to dominate the market growth. Owing to the faster speed of technological substitution and constant growth, North America led the market. The development of the industry in the Americas is supported by factors such as the increase of the geriatric population, the presence of advanced health facilities, and high healthcare spending. The field is home to some of the world's leading companies in medical equipment, medical electronics and medical devices, such as Johnson & Johnson, General Electric, Medtronic, Additionally, Asia-Pacific is also anticipated to have significant share in the medical electronics market growth. The growing use of medical electronic instruments used in the diagnosis and treatment of chronic disorders has lowered the mortality rate, which is advantageous for the development of the industry. In addition, government policies in emerging countries such as China are being introduced to ensure the availability of superior quality medical electronic devices to encourage regional development.
The major players of the global medical electronics market are TE Connectivity, Medtronic Plc, NXP Semiconductors, Maxim Integrated Products, Texas Instrument, ST Microelectronics, Renesas Electronics Corporation, ON Semiconductor, Tekscan, Microchip Product Type, Monebo, Cirtec Medical, and more. The medical electronics market is fragmented with the existence of well-known global and domestic players across the globe.