Technological advancements in sensors is anticipated to drive the market growth in upcoming years.
The global medical electronics market size is projected to reach USD 7,564.14 million by 2028. Factors driving the growth of the global medical electronics market include robust technological improvement over traditional devices, and growing adoption of IoT based smart medical devices
Medical electronics engineering combines medicine and environmental science with engineering methods and theories. Due to the growing aging population, the high prevalence of respiratory diseases, and behavioral changes, which are expected to increase the clinical demand, the use of respiratory therapy devices is significantly increasing. Additionally, the introduction of wearable and mobile technology devices has also stimulated growth. Improving health care delivery, increasing results consistency, making it easy to update patient records, and increasing levels of patient treatment. The promise of the medical electronics industry has been accelerated by rapid IT advancement and increasing knowledge of health care. Specialized advances of medical electronics include telehealth in the intensive care unit (ICU), emergency department and hospital ward and trained nursing facility.
The global medical electronics market is segmented into product type, component, & application. Based on the product type segment, the market is bifurcated into invasive & non-invasive. Based on the application, the market is segmented into diagnostics radiology, patient monitoring, and medical implants& endoscopy. It is also anticipated that the rising need for patient tracking devices in non-hospital settings will offer a variety of growth opportunities for industry players. A crucial trend for health safety is the introduction of health tracking technology into smartphones and wireless devices, leading to expanded usage of patient remote monitoring services, handheld cardiac telemetry devices and other devices.
The global medical electronics market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The global medical electronics market finds its scope in North America, Europe, APAC, South America, and the Middle East & Africa. North America is expected to lead the global medical electronics market. North America has dominated the market due to the rapid level of technology replacement and constant expansion. Factors such as the surge in the geriatric population, the presence of specialized treatment services, and high healthcare spending has helped in the rise of the medical electronics sector in this region.
The major players of the global medical electronics market are ST Microelectronics, Renesas Electronics Corporation, ON Semiconductor, Tekscan,TE Connectivity, Medtronic Plc ,NXP Semiconductors, Maxim Integrated Products, Texas Instrument, 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.
Segment Overview of Global Medical Electronics Market
Medical Electronics Market by Product Type, 2018-2028 (USD Million)
Medical Electronics Market by Component , 2018-2028 (USD Million)
- Memory Devices
- Microcontrollers Microprocessors/ (MCUs/MPUs)
Medical Electronics by Application , 2018-2028 (USD Million)
- Diagnostics Radiology
- Patient Monitoring
- Medical Implants& Endoscopy
Regional Overview, 2018-2028 (USD Million)
- North America
o Rest of Europe
- Asia Pacific
o Rest of Asia-Pacific
- Middle East and Africa
o South Africa
o Rest of Middle East and Africa
- South America
o Rest of South America