Medical Electronics Market: 3 pivotal trends stimulating the industry growth curve
Rising preference of the older population to opt for minimally invasive surgeries to reduce the risk of clinical complications will enhance medical electronics market forecast over the coming years. The United Nations revealed that there were over 962 million elderly individuals across the globe in 2017 and a significant amount of this population is prone to chronic ailments.
These factors along with several technological developments in diagnostic and therapeutic devices will push the demand for medical electronic systems in surgical procedures. With the advent of microtechnology and nanotechnology solutions, there is an ease of access to medical electronic devices like diagnostic chips to remotely monitor vital organs that include the brain, heart, lung, liver, and kidney. Estimates reveal that the global medical electronics market value will surpass more than USD 169 billion in remuneration by 2025.
Scope for early diagnostic solutions
The diagnostics application of medical electronics contributed over USD 45.7 billion to the global share in 2018. This market is expected to gain momentum in the next few years with the surge in the awareness concerning the benefits associated with early disease diagnosis, further encouraging the growing adoption of high-quality as well as accurate diagnostic medical electronics.
There are also consistent R&D activities carried out by various manufacturers to facilitate innovative advancements in diagnostic devices. For instance, Siemens launched the ACUSON SC2000 ultrasound diagnostic machine incorporated with the latest technology to tend to cardiovascular ailments by offering an accurate diagnosis. This electronic system works on the integration of angiography images with ultrasound to capture the accuracy in results and assist in favorable decision making.
The industry share from the use of medical electronic products in hospitals will touch a growth rate of 13% through 2025. This is due to the spike in the cost containment initiatives formulated by numerous regulatory authorities to render cost-friendly and highly effective healthcare services to patients in the hospital sector for the effective diagnosis and treatment of diseases.
North America and China to witness higher demand
North America medical electronics industry held more than 44.9% of the total global revenue share in 2018 owing to an amped-up healthcare spending, hiked household incomes, and consistent adoption of advanced medical electronic equipment in the region. The presence of some of the prominent manufacturing firms focused on rigorous product innovations will boost the regional landscape.
China dominated the medical electronic sales and consumption across the Asia Pacific and the regional industry is pegged to strike a 13.4% CAGR in the next few years with the constant prevalence of diseases, multiplying geriatric population base, and the increase in per capita income. The country also witnesses the regulation of various reimbursement policies to improve the production and marketing of the electronic devices.
To access sample pages of this report titled, “Medical Electronics Market Size By Application By Product (Therapeutics [Pacemakers, Implantable Cardioverter-Defibrillators, Neurostimulation Devices, Surgical Robots, Respiratory Care Devices], Diagnostics [Patient Monitoring Devices, PET/CT Devices, MRI Scanners, Ultrasound Devices, X-ray Devices, CT Scanners]), By End Use (Hospital, Ambulatory Surgical Centers, Clinics) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
R&D and strategic ventures to enhance sales
Solution providers are consistently involved in the development of novel medical machinery along with incorporating various strategies to expand their offerings and attract numerous growth opportunities. Carestream Health, Maxim Integrated, Fujifilm Medical system. Toshiba Corporation, Hitachi High Technologies Corporation, Abbott, Boston scientific, Samsung electronics and, GE Healthcare are a few of the leading medical electronics companies.
The current coronavirus pandemic could have influenced the global trends by a significant amount following the incessant need for medical electronic products. Researchers at Northwestern University in the U.S. have introduced a stamp-sized device, that mainly constitutes of a suite of sensors to track the body temperature and blood oxygen levels in the COVID-19 affected patient. The electronic equipment is configured to trace the early symptoms of the infection and to effectively monitor the patients.
However, the regulation of compliances pertaining to the development, marketing, and manufacturing of the devices by firms may restrict decision making like changes related to suppliers and machinery, suggesting an adverse impact on the business.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.