Medical Electronics Market Dynamics, Size and Business Growth by 2026

The Global medical electronics market size is estimated to be worth USD 6.3 billion in 2021 and projected to reach USD 8.8 billion by 2026; it is expected to reach at a CAGR of 6.9% from 2021 to 2026.

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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Opportunity: Advances in sensors and digital technologies

Advances in sensors and digital technologies are creating new opportunities to enhance patient care platforms and improve development efficiency. Technological advances can also create competitive threats.

The proliferation of smart medical devices equipped with advanced computing and communication technologies are expected to boost the medical electronics market growth in the coming years. Manufacturers of medical electronics are realizing the transformative nature of IoT technologies due to advances in computing and processing power, as well as in wireless technology. Similarly, miniaturization drives innovation in designing and developing connected medical devices. The rise in the number of connected medical devices and advances in medical systems and software that support the gathering and transmission of data has created new opportunities for medical electronics manufacturers.

Challenge:  Cybersecurity risks posed by proliferation of connected medical devices

The industrial revolution or Industry 4.0 has brought in digitization in the field of manufacturing with emerging technologies such as AI, robotics, machine learning, IoT, and several other state-of-the-art technologies.

This digitization has also introduced a pressing concern for cybersecurity, especially after the cyberattack on National Healthcare Service in 2017 which paralyzed the UK healthcare computer systems. With the proliferation of connected medical devices, many companies could collect medical information in one place; however, it has exposed medical devices to cybersecurity vulnerabilities. The connected nature of medical devices makes certain medical devices prone to hacking; therefore, companies need to adhere to stringent standards to ensure patient privacy and safety. Also, there should be enough budget and expert staff to address cybersecurity issues.