The medical electronics market is expected to reach over US$ 248.43 billion by 2030 and is expanding growth at a remarkable CAGR of 11.8% from 2021 to 2030.
The medical electronics market is expected to reach over US$ 248.43 billion by 2030 and is expanding growth at a remarkable CAGR of 11.8% from 2021 to 2030.
Growth Factors
The medical electronics market is significantly driven by the rising prevalence of various chronic diseases such as chronic obstructive pulmonary disease, cardiovascular diseases, diabetes, and cancer. Furthermore, the rapidly growing geriatric population across the globe is expected to foster the demand for the medical electronics as the elderly people are more prone to chronic diseases and increasing spends on healthcare services.
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The demand for the diagnostic devices and therapeutics is significantly rising owing to the improving access to the advanced healthcare facilities and rising awareness regarding the diagnostics and therapeutics. The rising number of ICU admissions is fueling the demand for the ventilators, patient monitoring systems, and other medical electronics. According to the Society of Critical Care Medicine, around 40% to 50% of the ICU admissions need ventilators. The rising government initiatives and investment towards developing advanced healthcare infrastructure has rapidly fostered the growth of the global medical electronic market.
Report Highlights:
- Based on the product, the therapeutics was the leading segment in 2020. The rising prevalence of chronic diseases and surging healthcare expenditure has fueled the demand for the various medical electronics such as pacemakers, implantable devices, respiratory care devices, and the robotics across the globe. The cardiovascular diseases, respiratory diseases, and neurological disorders are among the top contributors to the medical electronics market. As per the World Health Organization (WHO), cardiovascular diseases are the leading cause of death that accounts for around 32% of the global deaths.
- Based on the application, the hospitals segment garnered a market share of 45% and led the global medical electronics market in 2020. Hospitals are the most preferred units among the patients for receiving treatment across the globe. This has resulted in the dominance of the hospitals segment. The availability of advanced medical electronic devices and wider variety of devices in the hospitals has made the hospital the leading segment in the medical electronics market.
- North America constituted a revenue share of around 45% in 2020 and led the global market. North America has higher demand for the advanced technologies in the healthcare sector owing to the presence of huge patient population. Around 60% of the US population is suffering from one or more chronic diseases, as per the estimates. The healthcare expenditure is high in US and hence the demand for the latest digital technologies and innovative therapeutics and diagnostic devices have gained a rapid traction among the population. Furthermore, the presence of numerous manufacturers of the medical electronics has fostered the market growth.
- Asia Pacific is expected to witness the highest growth rate during the forecast period. The increasing government investments in the development of advanced healthcare infrastructure, rising geriatric population, rising prevalence of chronic diseases, and rising awareness regarding the benefits of early diagnosis are some of the major factors that are expected to drive the growth of the medical electronics market. Furthermore, the surging investments towards the development of smart hospitals is boosting the demand for the advanced medical electronics in the region. The presence of huge population is resulting in the growing volume of patients and hence, the demand for the medical electronics is expected to rise significantly in the forthcoming years.
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Future of Medical Electronics Market
The adoption of advanced digital and sensors technology in the various medical electronics is expected to shape the future growth of the medical electronics market. The proliferation of digital technologies and advances in the medical electronic devices owing to the integration of IoT, internet, and artificial intelligence is significantly fostering the growth of the market. The miniaturization of the medical electronics is expected to offer numerous opportunities to the market players in the foreseeable future.
COVID-19 Impact Analysis:
- The outbreak of the COVID-19 pandemic adversely impacted the medical electronics market in 2020.
- The disruptions in supply chain made the raw material procurement difficult for the manufacturers.
- A huge gap was created between the demand and supply of the medical electronics due to the partial closure of the manufacturing facilities and low production.
- There was a high demand for the ventilators, patient monitoring systems, imaging systems, and respiratory systems due to the increased number of COVID-19 patients. This high demand helped in the quick recovery of the market.
Key Developments in the Marketplace:
In April 2019, the Canon Medical launcheditsnew ultrasound product line at the American Institute of Ultrasound in Medicine event 2019. This latest ultrasound product lineserved a wider range of applications in clinics.
Segments Covered in the Report
By Product
- Therapeutics
- Implantable Medical Devices
- Surgical Robots
- Pacemakers
- Neuro stimulation Devices
- Respiratory Care Devices
- Diagnostics
- CT/PET Devices
- Patient Monitoring Devices
- Ultrasound Devices
- X-Ray Devices
- MRI Scanners
- CT Scanners
- Others
- Others
By Application
- Hospitals
- Ambulatory Centers
- Homecare
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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