Medical Electronics Market, Application (Imaging, Therapeutics, Patient monitoring, Homecare, Handheld products), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

The Global Medical Electronics Market was estimated to be around USD 82 billion in 2019 and is projected to grow at a CAGR of 10.5% to a value of USD 220 Bn in 2028. The high growth is anticipated on account of accelerating demand for imaging systems in healthcare facilities and the resultant prevalence of healthcare therapeutics.  Technological advancements have boosted the applications of electronics within the fields of diagnostics, therapeutics, and wellness. The increasing geriatric population along with a prevalent sedentary lifestyle contributes to chronic cardiovascular, gastrointestinal, and respiratory disorders.

Diagnostic applications of medical electronics are fueled thanks to growing awareness about healthcare amongst people. The population in developed countries opts for early diagnosis for effective treatment and cure. Increasing adoption of newer technology in diagnostics is predicted to upsurge the market in the future.

The aging population creates the need for critical care of long duration, thus increasing the demand for life-supporting devices, like ventilators and dialysis devices. A growing number of accidents and permanent injuries also contribute to the present upsurge. Improving healthcare facilities eases the procedures of reimbursements and related medical procedures even in developing countries.

Industry players are focused on the commercialization of the latest technologies and integrated systems. In August 2016, Siemens launched Sysmex CS-2500 - a coagulation analyzer that has applications in diagnostics.

Key Factors Impacting the Growth of Medical Electronics Market:

  • Rising prevalence of chronic diseases, like neurodegenerative and cardiac diseases, creates a requirement for continuous patient monitoring. The constant development of technologies like real-time audio/video feed, wireless communications, and remote patient monitoring proves to be a boon for chronic patients, especially those that opt to receive treatment at home. All these factors are expected to act as a catalyst for market growth over the forecast period.
  • The largest application of medical electronics is within the field of diagnostics, especially imaging. The increasing importance of early disease diagnosis is promoting the expansion of this segment. Magnetic resonance imaging is the most typical method used, attributable to the growing neurological and musculoskeletal disorders and also the development of superconducting magnets.
  • Ultrasound is projected to be the fastest-growing segment of medical imaging, due to its applications in point-of-care and musculoskeletal diseases. The growing birth rate also contributes to the usage of ultrasound. Rising awareness including government recommendations about periodic screening for cancer also contributes to the present growth.
  • Considering home healthcare medical electronics, devices like glucometer is employed by diabetic patients due to the convenience of use of the device, and cost-effectiveness.
  • The emphasis on precautions and early diagnosis instead of on treatment is driving the industry players to take a position in remote, wireless, and minimally invasive equipment. This can be predicted to set the trend of telehealth, self-monitoring, and residential healthcare. In February 2016, Medtronic launched its first remote monitoring pacemaker in Canada. The information collected and interpreted is transmitted securely to the physician to form efficient treatment decisions.
  • North America dominated the medical electronics market due to the presence of well-structured healthcare and reimbursement systems. High prevalence of chronic lifestyle diseases, growing awareness about the importance of early diagnosis, and acceptance of the latest technology contributed to the market growth during this region.
  • The Asia Pacific is predicted to emerge because of the fastest-growing region during the forecast period. The massive patient pool in the Asia Pacific proves to be an attractive opportunity for companies to promote their products in this region. Improving healthcare systems, the high incidence rate of diseases and accidents, and stabilizing economies aid the market growth.
  • Some key participants include EDDA Technology, Inc., Philips Healthcare, FUJIFILM Medical Systems, Hitachi High Technologies Corporation, Toshiba Medical Systems Corporation, McKesson Corporation, Vucomp, Hologic Inc., Siemens Healthcare and iCAD, Inc.
  • The current trend of investing in the development of the latest technologies is predicted to profit patients besides as practitioners. For example, in March 2016, Maxim Integrated launched its new pulse monitor integrated with a pulse oximeter. This device helps in continuous monitoring and efficient treatment of cardiovascular patients.

The Medical Electronics market segmentation is based on Application and Region.

Application Outlook:

Imaging equipment held the largest share of the market. The imaging industry is adopting diagnostic technologies to make a visual representation of the interior physical structure for the aim of treatment and diagnosis. With advanced technologies, industry players have introduced enhanced imaging systems which will provide information restricted to the world of examination.

In July 2016, Minister for Health, Chris Fearne, invested USD 2.12 million, with around 60% of the funding from the European Union, to launch an angio suite for the imaging department at Mater Dei Hospital. This new technology may be used for the diagnosis of all body parts and allows cardiologists to look at 3D images of important organs and arteries.

Handheld equipment is projected to grow at the fastest rate because of the trend of miniaturization of medical devices. Handheld ultrasounds, oximeters, glucometer, and thermometers are gaining popularity in-home care industry. The patient-friendly, inexpensive, and safe nature of those devices is contributing to its growing popularity.

Mounting hospital costs and chronic nature of diseases make homecare a much better option, especially for the elderly population. The advancements and availability of homecare equipment have made it a preferred choice of healthcare. Its cost-effective nature also makes it feasible for patients in developing economies.

Regional Outlook:

North America dominated the market due to the faster pace of technology replacement and continuous innovations. Moreover, as compared to the other end-user industries, like computing and telecommunications, the margin of profit of medical electronics is higher.

Developing economies like Japan and China are expected to spearhead the market during the forecast period. In September 2015, Siemens targeted another developing economy, China, where it started the businesses Siemens X-Ray Vacuum Technology Ltd and Siemens Shenzhen Magnetic Resonance Ltd.

Competitive Landscape

The medical electronics market is experiencing multiple mergers and acquisitions and hence is dynamic Some of the top market players are FUJIFILM Medical Systems; Toshiba Medical Systems Corporation; Philips healthcare McKesson Corporation; Vucomp; Hitachi High Technologies Corporation Hologic, Inc.; EDDA technology, Inc Siemens Healthcare; and iCAD, Inc. Moreover, the industry is experiencing consolidation as dominant players acquire other companies to explore newer applications. For example, in July 2016, Analog Devices acquired Linear Technology for USD 14.8 billion. The acquisition is anticipated to offer Analog access to chip maker technology.

This report also includes the profiles of key Medical Electronics market companies along with their SWOT analysis and market strategies. Also, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Medical Electronics Market:

  • In February 2020, the spread of the net and IoT infrastructure has paved the way for devices that monitor patients’ vital parameters, or schedule or control the administration of drug doses. Solutions of this kind have made it possible, on the one hand, to attain considerable savings on health-related expenses, and on the other to boost the efficiency and quality of the therapies provided. The key factors for the success of those innovative systems are connectivity and wearability.
  • In February 2020, wearable devices, which have had exponential growth within the last decade, are often grouped into three categories: monitoring devices, rehabilitation devices, and wearable medical aids. The last category includes all devices designed to supply long-term care to patients with temporary or permanent disabilities.
  • In February 2018, an important requirement for wearable electromedical devices is the connectivity: through a Bluetooth interface (typically BLE), mobile network or WiFi, it's possible to attach to an application or gateway which is capable of acquiring sensor measurements and remotely control device operation.
  • In February 2020, the explosion of connected devices is favoring the introduction of cybersecurity mechanisms implemented at the chip level. Lately, the demand for ultra-low power microcontrollers equipped with analog peripherals has been growing. Benefits include high reliability, low latency, reduced noise, and lower costs, particularly significant in devices like glucometers, pulse rate monitors and implantable devices.

What Does This Report Provide?

This report provides a detailed understanding of the global Medical Electronics market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Application

  • Imaging
  • Therapeutics
  • Patient monitoring
  • Homecare
  • Handheld products

By Region:

  • North America Medical Electronics Market
    • By Country (US, Canada, Mexico)
    • By Application
  • Europe Medical Electronics Market
    • By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
    • By Application
  • Asia Pacific Medical Electronics Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Application
  • Middle East & Africa Medical Electronics Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Application
  • South America Medical Electronics Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Application

Reasons to Buy This Report:

  • Market size estimation of the Medical Electronics market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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