The medical electronics market is estimated to be worth USD 6.3 billion in 2021 and projected to reach USD 8.8 billion by 2026, at a CAGR of 6.9%. The aging population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens are some of the prominent factors for the growth of the medical electronics market globally.
The market for sensors could gorw at a highest CAGR during the forecast period
The medical electronics market is expected to witness strong growth in the next 5 years mainly due to the rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population. The miniaturization of sensors and the adoption of MEMS technology have opened new application areas for sensors, thereby surging the demand for these sensors. The rising demand for ventilators, respiratory systems, and other life support systems due to COVID-19 has facilitated the growth of various sensors.
The market for non-invasive medical procedure is estimated to account for the largest share between 2021 and 2026 in medical electronics market
The market for the non-invasive medical procedure in the medical electronics market. The several factors such as the rising government subsidies on medical devices, increasing adoption of IoT-based medical devices, surging demand for digital radiography systems, and growing use of flat-panel detectors (FPDs) contribute to the augmented demand for non-invasive medical electronics.
Medical electronics market in the APAC region is expected to witness a robust growth during 2021-2026
The medical electronics market in APAC is projected to grow at the highest CAGR during the forecast period. Factors such as the rise in the geriatric population, presence of advanced healthcare infrastructure, and high healthcare expenditure are supporting the growth of the medical electronics market in the Americas. Growing medical tourism in developing APAC countries, such as China and India, is likely to provide new market opportunities for advanced and sophisticated medical electronics during the forecast period. Further, surging demand for quality medical care in APAC is expected to propel the medical electronics market growth in this 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%
The major players in the medical electronics market are Analog Devices (US), Texas Semiconductor (US), TE Connectivity (Switzerland), Medtronic (Ireland), ST Microelectronics (Switzerland), NXP Semiconductor (Netherlands),Cypress Semiconductor Corporation (US),Maxim Integrated Products (US),ON Semiconductor Corporation (US),Renesas Electronics Corporation (Japan),and Microchip Technology (US).
The report segments the medical electronics market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), component (sensors, batteries, memory chips, displays, MPUs/MCUs), by medical procedure (non-invasive, minimally invasive and invasive), by end user products (diagnostic and imaging devices, patient monitoring devices, medical implantable devices, ventilators and RGM equipment), by application ( medical imaging, clinical, diagnostic, and therapeutics, patient monitoring, flow measurement, cardiology and others), and by medical devices classification( class I, Class II and Class III)
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the medical electronics market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
- This report includes the market statistics pertaining to component, end user products, medical procedure, medical device classification, application 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.
- The report includes an in-depth analysis and ranking of key players.