Global medical electronics market size to reach USD 8.8 billion by 2026; at a CAGR of 6.9% from 2021 to 2026.
The major players in the medical electronics market are Analog Devices(US), Texas Instruments(US), TE Connectivity(Switzerland), Medtronic(Ireland), and ST Microelectronics(Switzerland).
Market Dynamics:
Driver: Rising healthcare spending and ever-changing healthcare landscape
Restraint: Designing compatible medical electronics and establishment of connected ecosystem
Opportunity: Advances in sensors and digital technologies
Challenge: Cybersecurity risks posed by proliferation of connected medical devices
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Key Segmentation:
- Medical imaging application held the major market share in the medical electronics market in 2020
- Minimally invasive medical procedure to grow at the highest CAGR during forecast period
- Ventilators and RGM equipment to grow at the highest rate during the forecast period
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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