CHICAGO, July 3, 2024
/PRNewswire/ -- The global medical electronics
market is expected to be valued at USD 11.1 billion in 2024 and is projected to
reach USD 15.7 billion by 2029; it is
expected to grow at a CAGR of 7.2% from 2024 to 2029 according to a
new report by MarketsandMarkets™. Increasing demand for
medical devices for patient monitoring and diagnostics is fuelling
the growth of the medical electronics market.
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Browse in-depth TOC on "Medical Electronics
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120 – Tables
70 – Figures
260 – Pages
Medical Electronics Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 11.1 billion
|
Estimated Value by
2029
|
$ 15.7 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 7.2%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Component,
Equipment, Device Classification and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Threat of cyber attacks
in advanced medical devices
|
Key Market
Opportunities
|
Increasing adoption of
telemedicine and remote patient monitoring
|
Key Market
Drivers
|
Booming automotive
sector to fuel market growth
|
Sensors segment based on components in the medical electronics
market to grow with the highest growth rate.
The highest surge of growth in medical electronics is due
to sensors, which play a crucial role in improving the
functionality and accuracy of a wide range of medical equipment.
Sensor technology has also been advanced through improved
sensitivity, miniaturization, and integration with wireless and IoT
systems to extend their use in diagnostics, patient monitoring, and
therapy devices. Sensors are increasingly being adopted because
there is increasing demand for real-time health monitoring, driven
by the rising prevalence of chronic diseases and the shift towards
preventive healthcare. Furthermore, the rapid growth in this
segment has been fueled by the proliferation of wearable health
devices and remote patient monitoring solutions that depend
significantly on multiple types of sensors, i.e., temperature,
pressure, ECG, and glucose sensors. The continuous innovation and
rise in applications alongside sensor technology have resulted in
the greatest increase rate within the medical electronics
market.
Patient monitoring device segment based on equipment/ device
type to hold a larger share in the medical electronics
market.
The largest market share of the medical electronics market is
taken by patient monitoring devices. This results from the need for
continuous and real-time health monitoring, such as managing
chronic diseases and critical care patients. With the rising cases
of conditions like heart conditions, diabetes, and respiratory
problems, there is a need for regular monitoring that will help in
better management and mitigation of health risks. Technological
advancement has resulted in the development of user-friendly,
non-invasive, and sophisticated monitors capable of tracking vital
signs such as blood pressure, glucose levels, and heart rate, among
others. Additionally, the trend towards home healthcare services
and the use of telemedicine has increased the demand for remote
patient monitoring solutions, hence allowing physicians to track
their patients' well-being even from a distance. All these are
intended not only to improve patient outcomes but also to minimize
readmissions back into hospitals to lower costs incurred in
healthcare provision, thus making patient monitoring devices a more
entrenched player in the medical electronics market.
Minimally invasive medical procedures are expected to exhibit
the highest growth in the medical electronics market.
In the medical electronics market, minimally invasive procedures
are predicted to have the highest CAGR due to their significant
advantages over traditional surgical techniques. Such methods often
have more minor cuts, leading to lesser pain, less scarring, faster
recovery, and shorter hospital stays for patients. Minimally
invasive approaches have become even more efficient and widely
available with advancements in medical technology like improved
imaging systems, robotic-guided surgeries, and precise surgical
instruments. The quick adoption of these surgeries is also fueled
by increasing patient preference for less invasive treatment
options and healthcare providers' need for better surgical outcomes
at lower costs. Additionally, through continuous development and
integration into technological platforms, more effective accuracy
and success rates in minimally invasive surgeries are enhanced by
AI innovations, 3D imaging technology, and advanced sensors.
Hospitals & clinics medical facilities to dominate the
medical electronics market over the forecast period.
The medical electronics market is led by hospitals & clinics
because they offer extensive healthcare services besides investing
in state-of-the-art medical technologies. Diagnostic imaging
systems, patient monitoring devices, robotic surgery, and
therapeutic equipment are among the medical electronic devices
found in these health centers that ensure excellent care for
numerous diseases. Many patients visiting hospitals and clinics
require dependable and effective medical electronics for
operational efficiency, successful treatment results, and high
healthcare demands. In addition, consistent technological
advancements, as well as substantial investments in healthcare
infrastructure, facilitate the acceptance and amalgamation of
medical electronics in these environments, which make them remain
at the top when it comes to this market's competition.
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North America region to
exhibit high CAGR in the medical electronics market during the
forecast period.
North America Region holds the largest share of the medical
electronics industry due to advancements in healthcare
infrastructure coupled with increasing adoption of novel medical
technologies. The region has a strong focus on the R&D of
medical devices associated with higher healthcare expenditure. The
development of the medical field is backed by various investments
from public and private entities. This results in growth in
innovation across the medical sector. Furthermore, the aging
population across this region is driving the development of the
market. Medical devices are being adopted to manage chronic
conditions and support elderly care. Such factors are fueling the
growth of the medical electronics market in the North American
region.
Key Players
The medical electronics companies includes significant Tier
I and II players like Analog Devices, Inc. (US), TE Connectivity
(Switzerland), Texas Instruments
Incorporated (US), STMicroelectronics (Switzerland), NXP Semiconductors (Netherlands), Infineon Technologies AG (US),
SAMSUNG (South Korea),
Semiconductor Components Industries, LLC (US), Renesas Electronics
Corporation (Japan) and others.
These players have a strong market presence in medical electronics
across various countries in North
America, Europe,
Asia Pacific, and the Rest of the
World (RoW).
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Browse Adjacent Market: Semiconductor and Electronics
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