Medical electronics market anticipated to grow at CAGR of 4.6% from 2019 to 2025
The medical electronics market is estimated to be worth USD 5.1 billion in 2019 and is expected to reach USD 6.6 billion by 2025, at a CAGR of 4.6% from 2019 to 2025. The global medical electronics market exhibits a lucrative growth potential for the next several years. The major factors driving the growth of medical electronics market are rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; increasing contribution of public and private sectors’ funding toward healthcare and a growing elderly population.
The market for sensors estimated to grow at the highest CAGR during the forecast period
Increasing demand for IoT-based medical devices, such as cardiac monitors, respiratory monitors, hemodynamic monitors, and implantable devices, is the major factor accelerating the medical sensor market growth. The market for medical sensors is propelled by substantial investments in R&D activities for the development of new advanced sensors, and the extensive uses of sensor technology in the diagnosis, prognostic treatments, and drug delivery.
The market for medical implants and endoscopy estimated to grow at highest CAGR during the forecast period
The increasing use of high-resolution technologies in medical electronics, such as 3D systems, capsule endoscopy, and miniaturized endoscopic systems, is expected to offer substantial growth opportunities during the forecast period. Medical implants are used in the case of heart failure, cardiac arrhythmia, ventricular tachycardia, valvular heart disease, angina pectoris, and atherosclerosis. Implants can be placed permanently, or they can be removed once they are no longer needed.
The market for invasive products estimated to grow at the highest CAGR during the forecast period
Factors accelerating the invasive product market growth include the rising demand for implantable cardioverter defibrillators, pacemakers, implantable loop recorders, and endoscopes and an increasing number of training and awareness programs across the world to present the benefits of invasive devices. Technological advancements and breakthroughs in the field of endoscopy are expected to propel the growth of this segment during the forecast period.
Medical electronics market in Asia Pacific to grow at the highest CAGR between 2019 and 2025
Major factors driving the medical electronics market in the APAC are the rapidly growing population and improving healthcare infrastructure in developing countries such as India and China. Increasing aging population and strong government support to provide improved healthcare services by the government of China and India are other factors contributing to the growth of the medical electronics market in Asia Pacific. The government in APAC countries such as Australia, China, and India have invested heavily in the healthcare infrastructure and the provision of basic health insurance for all of its citizens. Moreover, an increase in discretionary income and a population that is aging faster are the other crucial factors propelling the medical electronics market in the Asia Pacific region.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
- By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
- By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Key players operating in the medical electronics market are Analog Devices (US), Texas Instrument (US), TE Connectivity (Switzerland), Medtronics Plc (Ireland), ST Microelectronics (Switzerland), NXP Semiconductors (Netherlands), (US), Maxim Integrated Products (US), ON Semiconductor (US), Renesas Electronics Corporation (Japan), Microchip Technology (US), Tekscan, (US), Monebo (US), Cirtec Medical (US), First Sensor (Germany), Sensirion (Switzerland), Innovative Sensor Technology (Switzerland), Keller America (US), and Merit Medical Systems (US).
These players adopt various strategies, such as product developments, mergers, partnerships, collaborations, and expansions, to cater to customer demands.
- This report covers the medical electronics market based on component, product, application, and region.
- The market based on component has been segmented into sensors, batteries, displays, microcontrollers, and memory devices.
- Based on application, the market has been segmented into patient monitoring, diagnostic radiology, and medical implants and endoscopy.
- Based on the product, the market has been classified into non-invasive and invasive devices.
- Based on the region, the medical electronics market has been segmented into the Americas, Europe, APAC, and RoW.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to component, application, product, and region.
- An in-depth value chain analysis has been done to provide deep insight into the medical electronics market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on component, application, product, and region have been conducted to provide an overall view of the medical electronics market.
- The report includes an in-depth analysis and ranking of key players.