Growing Demand for IoT-based Smart Medical Devices by 2026

The medical electronics market is estimated to be worth USD 6.3 billion in 2021 and projected to reach USD 8.8 billion by 2026, at a CAGR of 6.9%. The aging population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens are some of the prominent factors for the growth of the medical electronics market globally.

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Medical imaging application held the major market share in the medical electronics market in 2020 and is expected to dominate the market during the forecast period

The rising prevalence/incidence of cancer and cardiac, neurological, and musculoskeletal disorders; the increasing awareness and improving diagnosis; and a growing number of diagnostic procedures have escalated the demand for medical imaging in healthcare facilities worldwide. Moreover, improved healthcare infrastructure in emerging markets and the availability of low-cost, technologically advanced imaging systems having applications in multiple fields are further boosting the medical electronics market growth globally.

Minimally invasive medical procedure to grow at the highest CAGR during forecast period

The minimally invasive medical procedure is expected to show a high growth rate during the forecast period in th medical electronics maket. Minimally invasive medical devices have transformed surgical procedures by reducing the size of the incision, shortening or eliminating hospital stays, and improving recovery time and overall outcome of the patients

Ventilators and RGM equipment to grow at the highest rate during the forecast period

The vetilators and RGM equipment could witness a high growth rate in the medical electronics market during the forecast period. Demand for ventilators and RGM equipment is constantly rising and is expected to grow at the highest growth rate during the forecast period. Factors accelerating the demand for ventilators and RGM equipment include the rising cases of respiratory diseases as well as the recent outbreak of COVID-19.

Key Market Players

The major players in the medical electronics market are Analog Devices(US), Texas Instruments(US), TE Connectivity(Switzerland), Medtronic(Ireland), and ST Microelectronics(Switzerland).