The growing demand for portable medical devices and wearable electronics is widely helping increase the market's growth. The growing healthcare spending and ever-changing healthcare landscape are also projected to fuel the demand of the medical electronics market during the forecast period. The elderly people are more susceptible to the numerous chronic diseases and thus increases the demand for numerous diagnostics and therapeutics medical electronic devices. As per statistics of the United Nations, the global elderly population was expected at around 382 million in 2017 and this number is expected to reach at 2.1 billion by 2050.
According to Data Bridge Market Research the Medical Electronics Market which is USD 124.27 million in 2022, is expected to reach USD 230.02 million by 2030, at a CAGR of 8% during the forecast period 2023 to 2030.
“Increasing Strategic Initiatives and Product Launches Increase the Market Growth”
There are several market players who are striving to gain higher market share by adopting different strategies, such as partnerships, investments, and acquisitions & mergers. Market players are also spending on the development of improved products. Furthermore, they are also primarily focusing on maintaining competitive pricing. For instance, the Canon Medical launched its latest ultrasound product line at the American Institute of Ultrasound in Medicine event 2019 in April 2019. This new ultrasound products covered a huge range of clinical applications. The numerous developmental strategies such as new product launch with latest and innovative features seen to increase the market growth and provides lucrative growth opportunities to the market players. Therefore, the above-mentioned factors are estimated to increase the market growth.
What restraints the growth of Global Medical Electronics Market?
“Shortage of healthcare chipset and lack of specialist knowledge”
Lately, the market is currently going through chip shortage. Standard ICs, semicustom ICs, and mixed-signal Application-Specific Integrated Circuits (ASICs) chipsets are needed for manufacturing medical electronics systems such as including patient monitoring systems, infusion pumps, continuous renal replacement therapy systems, and blood gas analyzers. As per the Word Economic Forum, the medical technology industry represents 1% of the current total chip supply. Numerous medical electronics manufacturing company has stated a delay in production due to chipset shortages. Furthermore, skill shortage and training are a critical challenge in the medical electronics market. Operations of medical electronics systems and devices with latest technology require proper training to perform critical diagnostics and clinical tests. Numerous healthcare professionals are not appropriately skilled to operate medical electronics devices with ease and precision. Such factors are anticipated to impact the market.
Segmentation: Global Medical Electronics Market
The medical electronics market is segmented on the basis of component, end user products, application, medical procedure, medical device classification and end user
- Based on component, the medical electronics market has been segmented into sensors, MCUs/MPUs, displays, memory devices, batteries.
- Based on end user products, the medical electronics market has been segmented into diagnostic and imaging devices, patient monitoring devices, medical implantable devices and ventilators and RGM equipment.
- Based on application, the medical electronics market has been bifurcated into patient monitoring, diagnostic imaging, medical implants, endoscopy.
- The medical electronics market has been segmented based on medical procedure into invasive, non-invasive.
- Based on medical device classification, the medical electronics market has been segmented into Class I, Class II, and Class III.
- Based on end user, the medical electronics market has been segmented into practices, academic medical centers, clinical laboratories and diagnostic centers, other.
Regional Insights: North America is expected to dominate the Global Medical Electronics Market
North America dominates the market because of the enhanced healthcare infrastructure. Additionally, the increasing demand for medical electronics will increase the growth of the medical electronics market in the region. The increasing government and corporate investments in the development of the smart hospitals and efficient healthcare services is boosting the demand for the numerous medical electronics in the region.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 because of the high occurrence of diseases and advanced healthcare systems. Furthermore, the surging disposable income is further expected to boost the growth of the market in the region. The growing elderly population is anticipated to increase the demand for the advanced medical electronics in the upcoming years. As per the World Health Organization, almost 80% of the elderly population worldwide will be living in the low and middle-income countries by 2050. Thus, these factors altogether is increasing the growth of the market.
To know more about the study visit, https://www.databridgemarketresearch.com/jp/reports/global-medical-electronics-market
Recent Developments in Global Medical Electronics Market
- On 2022, Medtronic Plc. partnered with BioIntelliSense for distribution of multi-parameter wearable for continuous remote patient monitoring from in-hospital to home. This partnership will allow Medtronic to provide access to medical grade devices that are required to monitor a patient's vital signs while in the hospital and after discharge.
- In 2022, Siemens Healthineers launched a Mobilett Impact, a new mobile X-ray system. The system includes full digital integration, an affordable price, and all the other advantages of a transportable X-ray equipment for imaging at patient's bedside.
The Prominent Key Players Operating in the Global Medical Electronics Market Include:
- Analog Devices, Inc. (U.S.)
- Texas Instruments Incorporated (U.S.)
- Medtronic (Ireland)
- STMicroelectronics (Switzerland)
- Mouser Electronics, Inc. (U.S.)
- Infineon Technologies AG (U.S.)
- Semiconductor Components Industries, LLC (U.S.)
- Digi-Key Electronics. (U.S.)
- TE Connectivity (Switzerland)
- Renesas Electronics Corporation (Japan)
- General Electric (U.S.)
- Siemens (Germany)
- NXP Semiconductors (Netherlands)
- SAMSUNG (South Korea)
- TOSHIBA CORPORATION (Japan)
- Boston Scientific Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global emergency location transmitter market companies contact, https://www.databridgemarketresearch.com/jp/contact
Research Methodology: Global Medical Electronics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
