Published Date : 08 Feb 2023
The global medical electronics market size was evaluated at USD 101.06 billion in 2022 and is expected to be worth around USD 248.43 billion by 2032, growing at a CAGR of 11.8% from 2022 to 2030.
Medical Electronics uses sensors for healthcare monitoring. It helps to improve the lives of human beings. The sensors are integrated into the diagnosis and treatment of spontaneous illness. It deals with electronic instruments. It is the device used for diagnosing and curing Health and is the design of embedded systems. It is applied to medicine and biology.
Sensors play an essential part in bringing medical applications to reality. It is used in anesthesia, respiratory monitoring, blood pressure analysis, and measuring oxygen levels. It is also used in Visual Impaired scanning for understanding Health, wellness, stress management, heart rate monitoring, glucose monitoring, Pulmonary functions, orthopedics, delivering drugs, cardiology, oncology, etc. Every medical electronic has a specific function and potential. It is achieved by using analog or digital sensors.
The rising prevalence of various chronic diseases primarily drives the global market. In line with this, the increasing geriatric population significantly contributes to global market growth. Furthermore, chronic diseases such as diabetes, cancer, cardiovascular diseases, and COPD drive the demand for medical electronics. Apart from this, senior people are more prone to various chronic diseases, and hence they are raising the need for medical electronics. Moreover, the demand for multiple diagnostics and therapeutics positively influences the market growth. Besides, the increasing demand for CT scanners, ultrasounds, pacemakers, and respiratory care devices catalyzes market growth.
Additionally, the rising number of ICU admissions propels the market growth. The availability of a broader range of diagnostic and therapeutic devices creates a positive outlook for the market. The growing investments to equip hospitals with medical electronics catalyze market growth. The surging uses of diagnostic devices propel the market growth. The rising integration of the latest technologies like artificial intelligence (AI) positively influences the market growth. The escalating demand for the early detection and treatment of the disease significantly contributes to market growth. The increasing popularity of minimal-invasive surgeries catalyzes market growth.
Medical Electronics Market Report Scope
|Market Size in 2023||USD 112.65 Billion|
|Market Size by 2030||USD 248.43 Billion|
|Growth Rate From 2022 To 2030||CAGR of 11.8%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Product and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on the region, North America dominated the market and accounted for the largest revenue share. It is expected to maintain its dominance in the coming years. This is due to the increasing Prevalence of chronic conditions and the rising geriatric population. In line with this, high disposable income and growing demand for medical electronics significantly contribute to market growth. The rapidly increasing aging population fuels market growth. The escalating healthcare expenditure and improved access to healthcare facilities positively influence the market growth across the region. The rising government investments in developing smart hospitals create a positive outlook for the market.
On the other hand, Asia Pacific is expected to witness a promising CAGR in the coming years. The increasing demand for advanced medical electronics significantly contributes to regional market growth. The heavy investments by the government in the development of technologically advanced healthcare infrastructure create a positive outlook for the market. The outbreak of the COVID-19 pandemic adversely impacted market growth. The disruptions in the supply chain hampered the market growth. There was a closure of the manufacturing facilities and low product production.
Market Driver: Increasing healthcare expenditure
The increasing healthcare expenditure significantly contributes to market growth across the globe. In line with this, the inflating disposable income, changing lifestyles, and rising geriatric population positively influence the market growth. Furthermore, medical expenditure is more for older adults. The improving Healthcare infrastructure creates a positive outlook for the market. Apart from this, the rising Prevalence of chronic conditions catalyzes market growth. Moreover, the rapid technological advancements and development of advanced healthcare infrastructure propel market growth. Besides, the market players are heavily investing in developing advanced medical electronics.
Market Opportunity: Advances in sensors
Rapid advancements in sensors and digital technologies offer numerous opportunities for market growth. These technologies improve patient care quality and enhance development efficiency. Rapid technological advances create a positive outlook for the market. The integration of artificial intelligence in medical electronics positively influences the market growth. The proliferation of medical electronics with advanced technologies offers lucrative opportunities for market expansion. High advancements in healthcare systems catalyze market growth.
Market Restraint: Designing compatible medical electronics
The demand for portable and lighter medical devices is increasing. The demand for improved Healthcare quality and cost-effectiveness is also rising. The manufacturers of medical electronics need to ensure the compatibility of the product. It includes design-related practices and techniques of immunity against electromagnetic disturbances. Medical electronics should not obstruct the working of medical devices. Integrating connected medical devices is very challenging, restricting the market growth.
Market Challenges: Rising maintenance and refurbishment costs of medical electronics
The rising maintenance and refurbishment costs of medical electronics challenge market growth. The strict regulatory processes and longer duration of product approvals hamper the market growth.
Market Key Players:
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