Medical Electronics Market: Rising adoption of wearable electronics is expected to drive the market
Electronic devices are increasingly used for therapy, diagnosis, and rehabilitation in the field of medicine. Electromechanical equipment and medical electronics have become indispensable for providing better services to patients. Medical electronics is a branch of electronics in which medical equipment and instruments are used for medical applications such as research, diagnosis, therapy, anesthesia control, surgery, and cardiac control. Medical electronics engineering integrates medicine and environmental science with engineering practices and theories. Semiconductors have become an integral part of medical electronics equipment for reducing the cost which is changing the affordability of equipments. Medical electronic equipment are indispensable for proving better services to patients in hospitals. In medical electronics by using precise and sophisticated equipment, medical science examines, cures and treats almost all the diseases. Benefits associated with the use of medical electronic technologies include remote health data availability, precise billing mechanism, improvement in the quality of health care, increase in output accuracy, easy to update patient records, and rise in the level of patient experience. Rapid advancement in IT and increasing health care consciousness has accelerated the scope for medical electronics market. Advanced technology in medical electronics include telehealth in intensive care unit (ICU), emergency department (ED) and hospital ward and skilled nursing facility (SNF). With the advent of digital stethoscopes, digital X-ray systems and handheld smart phone-sized ultrasound systems, conventional medical devices have evolved to aid medical electronics market. Rapid advancement in health care consciousness and information technology has accelerated the scope for medical electronics market. Growth in medical electronics market is influencing various demographic trends such as enhanced portability of complex monitoring and imaging systems, increase in household medical electronics equipment, and functional integration of applications and equipment in network and wireless technology.
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Rising geriatric population and increasing use of respiratory care devices are fuelling the medical electronics market. Additionally, factors such as demand for easy-to-use, personalized & advanced healthcare devices, changing lifestyle, and rising adoption of wearable electronics are expected to drive the medical electronics market. However, issues regarding cybersecurity, where health care providers and patients are subjected to security breaches and malware infections are expected to hinder the market. Rising demand for better and improved health care and developments in newer medical technologies for wireless medical devices and its technology are expected boost the medical electronics market. Moreover, factors such as increased market penetration rate of portable medical devices, increasing trend of remote patient monitoring, and high availability of electronic components such as memory devices, display technologies and microcontrollers are expected to create growth opportunities for medical electronics market. With advancement in technology, newer medical electronics devices are emerging in healthcare which is also expected to boost growth in medical electronics market.
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The global medical electronics market can be segmented based on product type, application, component, and region. In terms of product type, the market can be segmented into invasive and non-invasive. Based on application, the market is classified into diagnosis, monitoring, and treatment. In terms of component, the market is categorized into sensors, batteries, memory devices, microcontrollers, and displays. Based on geography the global medical electronics market is segmented into North America, Asia Pacific, Middle-East & Africa (MEA), South America, and Europe. North America is expected to dominate the market during the forecast period owing to the increase in demand for medical electronics and improved health care infrastructure.
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Key players operating in the global medical electronics market are Texas Instruments Inc., GE Healthcare Pvt. Ltd, STMicroelectronics N.V., NXP Semiconductors N.V., Medtronic PLC., Cypress Semiconductor Corporation, Analog Devices, Inc., On Semiconductor Corporation, Siemens Healthcare Private Limited, and Philips Healthcare Pvt. Ltd.
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