Medical Electronics Market to Grow with a CAGR of 7.24% through 2029
Rising application of imaging devices and increasing
burden of chronic and infectious diseases is expected to drive the Global Medical
Electronics Market growth in the forecast period, 2025-2029.
According to
TechSci Research report, “Medical Electronics Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029F”, the
Global Medical Electronics Market stood at USD 5.81 Billion in 2023 and is
anticipated to grow with a CAGR of 7.24% through 2029. The
growth of the market is influenced by the increasing healthcare spending and
the dynamic healthcare landscape. The rising demand for enhanced healthcare
solutions has significantly contributed to the market's global expansion.
Furthermore, the market growth is also driven by the growing elderly
population, which has led to increased life expectancy.
The escalating
significance of medical electronics, particularly in patient and monitoring
activities, has consistently maintained high market prospects. The expanding
population and rising awareness about wellness have also played a significant
role in the market's growth. Furthermore, the rising prevalence of lifestyle
diseases and the expansion of healthcare facilities are expected to generate
substantial opportunities.
The growing
utilization of medical electronics in imaging, screening, therapy, and
intervention is driving the expansion of market revenue. The increasing
adoption of diagnostic devices such as ultrasound equipment, CT scanners, and
X-Rays for the diagnosis of various diseases and musculoskeletal conditions has
significantly contributed to market growth in the past. Furthermore,
investments in research have facilitated the integration of cutting-edge
technologies like artificial intelligence (AI) with medical electronics. These
technological advancements enable healthcare facilities to provide improved
patient care services, enhance patient convenience, and deliver exceptional
customer experiences in any healthcare setting. The rising demand for early
disease detection and treatment, along with the growing popularity of minimally
invasive surgeries, is fueling the global demand for various medical
electronics, thereby promoting the growth of the medical electronics market.
The demand for
innovative technological solutions such as machine learning, artificial
intelligence, 3D printing, and cloud-based Product Life Cycle Management (PLM)
devices is steadily increasing to address critical challenges. Moreover, the
growing acceptance of medical devices enabled by artificial intelligence (AI)
and machine learning (ML) is accelerating the market's expansion.
The demand for
cutting-edge medical devices is rising across various end-use industries,
including hospitals, clinics, and home healthcare, thereby boosting the demand
for medical electronics and driving revenue growth in the market. During the
forecast period, medical electronics are expected to continue playing a significant
role in the diagnosis, monitoring, and treatment of numerous diseases. One of
the major factors contributing to the market's revenue growth is the increasing
prevalence of chronic diseases such as diabetes, cancer, cardiovascular
diseases, and respiratory diseases. The rising incidence of these disorders is
fueling the demand for advanced medical equipment and technology. Medical
electronics are frequently employed to treat chronic diseases and improve
patient outcomes, with examples including pacemakers, insulin pumps, and
respiratory monitoring equipment.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Medical Electronics Market”
The Global Medical
Electronics Market is segmented into product type, end user, regional
distribution, and company.
Based on product
type, the therapeutics segment dominated the global medical electronics market
, in terms of revenue, and is estimated to sustain its dominance during the
forecast period. This is attributed to the extensive demand for therapeutic
devices, such as medical implantable devices, pacemakers, surgical robots, and
respiratory care devices. The surging prevalence of cardiovascular diseases,
neurological disorders, and chronic respiratory diseases is expected to further
fuel the growth of the therapeutics segment during the forecast period.
On the other
hand, the diagnostics segment is estimated to be the most opportunistic segment
during the forecast period. The rising awareness amongst the population
regarding the benefits of early disease detection is augmenting the growth of
this segment. The increasing penetration of diagnostic centers and hospitals,
coupled with the rising prevalence of various diseases, is expected to drive
the demand for diagnostic medical electronics, such as ultrasound equipment,
X-Rays, and MRI scanners. These advanced diagnostic tools play a crucial role
in enabling accurate and timely diagnoses, leading to improved patient outcomes
and quality of care. The continuous advancements in technology and the
integration of artificial intelligence are further enhancing the capabilities
of diagnostic medical electronics, making them indispensable in the healthcare
industry. Overall, the medical electronics market is witnessing significant
growth and innovation, driven by the increasing demand for advanced therapeutic
and diagnostic devices. The convergence of medical and electronic technologies
is revolutionizing healthcare, empowering healthcare professionals to deliver
more precise and personalized treatments. As the world becomes more digitally
connected, the potential for medical electronics to transform healthcare
delivery and improve patient outcomes is immense.
Based on region, In North America, comprising both the United States and Canada, the medical electronics market reigns supreme as the largest and most influential. This dominance owes itself to several key factors. Firstly, the region contends with a high prevalence of chronic diseases, compelling a heightened demand for advanced medical electronic devices and solutions. Additionally, the aging demographic in North America necessitates cutting-edge medical technologies to cater to evolving healthcare needs. Notably, the region demonstrates a remarkable adoption rate of medical electronics, with healthcare facilities and practitioners eagerly integrating these innovative tools to elevate patient care and improve outcomes.
Major companies
operating in Global Medical Electronics Market are:
- Medtronic plc
- General Electric Company
- Siemens Healthineers AG
- Koninklijke Philips N.V.
- Abbott Laboratories, Inc.
- Becton, Dickinson and Company
- Fujifilm Holdings Corporation
- Johnson & Johnson
- Hitachi, Ltd.
- Canon Medical Systems Corporation
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“The rise in the
geriatric population has increased the demand for healthcare services and
devices. Advancements in medical technologies and treatments have led to higher
healthcare expenses, further propelling the market. The integration of
IoT-based smart medical devices enables remote patient monitoring and real-time
data transmission, enhancing healthcare services. The demand for portable
medical devices and wearable electronics is also increasing, as they offer
convenience and continuous vital sign monitoring. Overall, the medical
electronics industry is experiencing significant growth driven by these
factors.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Medical Electronics Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Therapeutics
and Diagnostics), By End User (Hospital, Ambulatory Surgical Centre, Clinic and
Others), By Region and Competition, 2019-2029F”, has evaluated
the future growth potential of Global Medical Electronics Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Medical Electronics Market.
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