The global medical electronics market was estimated at US$ 81.6 billion in 2020 and is expected to hit US$ 248.43 billion by 2030, poised to grow at a CAGR of 11.8% from 2021 to 2030.
The global medical electronics market is primarily driven by the rising prevalence of various chronic diseases and growing geriatric population across the globe. The chronic diseases such as diabetes, cancer, cardiovascular diseases, and COPD are the major factors responsible for the increasing adoption of the medical electronics. According to the United Nations, the global geriatric population was estimated at around 382 million (aged 60 years and above) in 2017 and this number is projected to reach at 2.1 billion by 2050. The geriatric people are more prone to the various chronic diseases and hence boosts the demand for various diagnostics and therapeutics medical electronic devices such as CT scanner, ultrasound, patient monitoring systems, medical implantable devices, pacemakers, and respiratory care devices. Furthermore, the rising number of ICU admissions is fueling the growth of the global medical electronics market. According to the Society of Critical Care Medicine, almost 40 to 50% of the ICU admissions require ventilators, which fosters the growth of the medical electronics. The availability of wider range of diagnostic and therapeutic devices coupled with the rising government and corporate investments to equip the hospitals with digital and electronic equipment across the globe is a significant growth driver of the market.
The surging uses of the diagnostic devices such as ultrasound equipment, CT scanners, and X-Rays in the diagnosis of various diseases and bones related issues has significantly driven the market growth in the past. Moreover, the rising investments in the research has led to the integration of the latest technologies like artificial intelligence (AI) with the various medical electronics. The technological advancements helps the healthcare units to offer enhanced patient care services and increases the patients conveniences and results in improved customer experiences in any healthcare setting. The rising demand for the early detection and treatment of the disease among the population and rising popularity of the minimal-invasive surgeries is propelling the demand for the various medical electronics across the globe that fosters the growth of the medical electronics market.
Medical Electronics Market Share, By Application, 2020 (%)
|Application Segment||2020 (%)|
Based on the product, the therapeutics segment dominated the global medical electronics market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the extensive demand for the therapeutic devices such as medical implantable devices, pacemakers, surgical robots, and respiratory care devices. The surging prevalence of the cardiovascular diseases, neurological disorders, and chronic respiratory diseases is expected to further fuel the growth of the therapeutics segment during the forecast period. According to the World Health Organization, cardiovascular diseases are among the top causes of deaths that accounts for around 32% of the global deaths.
On the other hand, the diagnostics segment is estimated to be the most opportunistic segment during the forecast period. The rising awareness amongst the population regarding the benefits of the early detection of the diseases is augmenting the growth of this segment. The rising penetration of the diagnostic centers and hospitals coupled with the rising prevalence of various diseases is expected to drive the demand for the diagnostic medical electronics such as ultrasound equipment, X-Rays, and MRI scanners.
Based on the application, the hospitals segment accounted for over 45% of the market share in 2020. The rising number of hospital admissions owing to various factors like growing incidences of CVDs, neurological disorders, growing incidences of road traffic accidents, and rising geriatric population. The increasing investments in the development of multi-specialty hospitals and equipping them with advanced medical equipment is a major factor that has significantly boosted the growth of the hospitals in the medical electronics market.
On the other hand, the homecare is expected to be the fastest-growing segment during the forecast period. The rising disposable income, rising healthcare expenditure, and increasing awareness regarding the hospital acquired infections is resulting in an increased adoption of the homecare healthcare services. The rising demand for receiving healthcare services at the comfort of the home is significantly augmenting the demand for the homecare medical electronics across the globe.
Based on the region, North America accounted for around 45% of the market share in 2020. The high disposable income, higher adoption of the electronic devices in healthcare industry, high healthcare expenditure, and improved access to healthcare facilities are the major factors that augmented the growth of the North America medical electronics market. The rising government and corporate investments in the development of the smart hospitals and efficient healthcare services is fueling the demand for the various medical electronics in the region.
On the other hand, Asia Pacific is estimated to be the most opportunistic segment during the forecast period. The rapidly growing geriatric population is expected to boost the demand for the advanced medical electronics in the forthcoming years. According to the World Health Organization, 80% of the geriatric population in the globe will be living in the low and middle-income countries by 2050. The countries like South Korea, China, and India are attracting FDIs of the healthcare industry players and the rising government investments in the development of the smart and technologically advanced healthcare infrastructure is fueling the growth of the medical electronics market in Asia Pacific region.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In April 2019, the Canon Medical introduced their latest ultrasound product line at the American Institute of Ultrasound in Medicine event 2019. This new ultrasound products covered a wide range of clinical applications.
The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global medical electronics devices market include:
Segments Covered in the Report
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