The medical electronics market studied was anticipated to grow with a CAGR of 6.3%, during the forecast period. The major factors attributing to the growth of the medical electronics market are the rising incidence of chronic diseases such as autoimmune diseases, cancer, blood disorder, and others. The rise in the population suffering from chronic diseases are also propelling the demand for these medical electronics as the demand for medical devices is increasing. In 2018, as per the AARDA (AMERICAN AUTOIMMUNE RELATED DISEASE ASSOCIATION) statistics, around 50 million Americans have an autoimmune disease, and this number is expected to rise in the future. As per the CDC (CENTERS FOR DISEASE CONTROL AND PREVENTION) estimates Sickel Cell Disease (SCD) affects around 100,000 Americas annually. And there are few more factors which are playing crucial roles in taking the medical electronics market to the next level, among them one technological advancement and novel medical electronics developments which are expected to further propel the medical electronics market growth.
Key Market Trends
Non-Invasive Product Segment is Expected to Hold the Largest Market Share in the Medical Electronics Market
- The major factors augmenting the growth of the non-invasive products market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, rising preference of minimally invasive surgeries, and the rise in geriatric population.
- The burden of chronic diseases is on the rise globally, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases. The increase in the aging population and changes in social behavior are contributing to a steady increase in these common and costly long-term health problems. New models for therapy and diagnoses are being developed, which provide precise results, help in early detection of diseases, and help minimize the cost of treating these diseases. With the increasing disposable income, people are becoming capable enough to have access to imaging procedures for early detection of diseases and treatment.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall medical electronics market, throughout the forecast period. This is owing to factors such as the rising incidence of chronic diseases such as cancer, blood disorder, autoimmune diseases, and other diseases and the availability of advanced healthcare infrastructure among the major factors. In North America region, the United States holds the largest market share owing to the factors such as increasing number of population suffering from cancer and other chronic diseases, along with the rising geriatric population and developments related to medical electronics, higher affordability rates among the population, and rising demand for medical devices in the country is anticipated to further aid the market growth in the region during the forecast period.
The medical electronics market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Medtronics plc, GE Healthcare, Koninklijke Philips N.V., Siemens Healthcare GmbH, and Fujifilm Corporation.
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