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 substantial 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. Increasing demand for early disease
diagnosis and widening scope of clinical applications, technological
advancements in diagnostic imaging modalities, and rising investments,
funds, and grants by public-private organizations are some of the other
factors driving the growth of this market.
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The medical electronics market in APAC is expected to grow at the highest CAGR from 2019 to 2025. Major
factors driving the medical electronics market in the APAC are the
rapidly increasing population and improving healthcare infrastructure in
developing countries such as India and China. Increasing aging
population and strong government support to provide improved healthcare
services by the government of China and India are other factors
contributing to the growth of the medical electronics market in Asia
Pacific.
The
government in APAC countries such as Australia, China, and India have
invested heavily in the healthcare infrastructure and the provision of
basic health insurance for all of its citizens. Moreover, an increase in
discretionary income and a population that is aging faster are the
other crucial factors propelling the medical electronics market in the
Asia Pacific region.
The medical electronics market for sensors is expected to grow at the highest CAGR between 2019 and 2025. Increasing
demand for IoT-based medical devices, such as cardiac monitors,
respiratory monitors, hemodynamic monitors, and implantable devices, is
the major factor accelerating the medical sensor market growth. The
market is propelled by substantial investments in the R&D activities
for the development of new advanced sensors, and the extensive uses of
sensor technology in the diagnosis, prognostic treatments, and drug
delivery.
The market for medical implants and endoscopy is expected to grow at the highest CAGR during the forecast period. The
increasing use of high-resolution technologies in medical electronics,
such as 3D systems, capsule endoscopy, and miniaturized endoscopic
systems, is expected to offer substantial growth opportunities during
the forecast period. Medical implants are used in the case of heart
failure, cardiac arrhythmia, ventricular tachycardia, valvular heart
disease, angina pectoris, and atherosclerosis. Implants can be placed
permanently, or they can be removed once they are no longer needed.
The market for invasive products is expected to grow at the highest CAGR during the forecast period. Factors
accelerating the invasive product market growth include the rising
demand for implantable cardioverter defibrillators, pacemakers,
implantable loop recorders, and endoscopes and an increasing number of
training and awareness programs across the world to present the benefits
of invasive devices. Technological advancements and breakthroughs in
the field of endoscopy are expected to propel the growth of this segment
during the forecast period.
Browse in-depth TOC on “Medical Electronics Market”
175 – Tables
69 – Figures
254 – Pages
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The
major players in the medical electronics market have executed
acquisitions, partnerships, and product launches and developments to
grow in the market. For instance, in May 2019, TE Connectivity
announced the acquisition of Alpha Technics (US). This acquisition
establishes TE connectivity as a leader in the medical sensors market.
Similarly, in May 2019, Analog Devices launched a new front end sensor
interface IC that enables the next generation of intelligent
electrochemical sensors for industrial and medical applications. In
December 2018, Medtronic announced the acquisition of Israel-based Mazor
Robotics. This acquisition strengthened Medtronic’s position as a
global innovator in enabling technologies for spine surgery.
