The medical electronics market is
estimated to be worth USD 5.1 billion in 2019 and is projected to reach USD 6.6
billion by 2025, at a CAGR of 4.6% from 2019 to 2025. The medical electronics
industry is expected to witness strong growth in the next six years mainly due
to the rising incidents of chronic diseases; increasing adoption of medical
imaging, monitoring, and implantable devices; rising expenditure on healthcare
across the world; and a growing elderly population.
Medical electronics market for
batteries is expected to hold the largest share during the forecast period
Increasing demand for high power portable medical devices, such
as cardiac monitors, respiratory monitors, hemodynamic monitors, and
implantable devices, is the major factor accelerating the growth of batteries
in the medical electronics market. As most of the medical devices are being
computerized for better diagnosis and monitoring, the number of battery-powered
medical devices is proliferating. Unexpected failure or depletion of the
battery can stop the device from functioning properly and preventing it from
delivering a lifesaving therapy. Therefore, there is a huge demand for safe and
reliable batteries for medical devices.
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Non-invasive medical devices are
expected to hold the largest market share from 2019 to 2025
Factors such as the rising government subsidies on medical
devices, increasing adoption of IoT-based medical devices, surging demand for
digital radiography systems, and growing use of flat-panel detectors (FPDs)
contribute to the augmented demand for non-invasive products in the medical
electronics market.
Patient monitoring application
is expected to hold the largest market share from 2019 to 2025
Factors such as the easy availability of wireless monitoring
devices and the rising incidence of lifestyle and chronic diseases are expected
to drive market growth during the forecast period. The growing demand for
patient monitoring devices in non-hospital settings is also expected to provide
a range of growth opportunities for players in the market. The integration of
patient monitoring technologies in smartphones and wireless devices is a
critical trend for patient care, resulting in increasing adoption of patient remote
monitoring systems, mobile cardiac telemetry devices, mobile personal digital
assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory
event monitors.
Americas to account
for the largest market share from 2019 to 2025
The
Americas accounted for the largest share of the global medical electronics
market in 2018. Factors such as the rise in the geriatric population, presence
of advanced healthcare infrastructure, and high healthcare expenditure are
supporting the growth of the market in the Americas. The medical electronic
market has seen tremendous growth in terms of technological advancements,
increased healthcare expenditure as a percentage of total GDP, and integration
of health information technology (IT) into primary care. The region is home to
a few of the leading medical devices and medical electronics and medical
devices companies in the world, such as Johnson & Johnson (US), General
Electric (US), Medtronic (US), and Cardinal Health Inc. (US), offering medical
electronics. The region provides an ideal environment for innovation, which has
facilitated massive advancements in medical technology.
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Key Market Players
The
major players in medical electronics market are Analog Devices (US), Texas
Instrument (US), TE Connectivity (Switzerland), Medtronics Plc (Ireland), ST
Microelectronics (Switzerland), NXP Semiconductors (Netherlands), (US), Maxim
Integrated Products (US), ON Semiconductor (US), Renesas Electronics
Corporation (Japan), Microchip Technology (US), Tekscan, (US), Monebo (US),
Cirtec Medical (US), First Sensor (Germany), Sensirion (Switzerland),
Innovative Sensor Technology (Switzerland), Keller America (US), and Merit
Medical Systems (US).
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