Global Medical Electronics Market
The GMI Research forecasts that the Medical Electronics Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the senior population and expanding life expectancy, and increasing adoption of IoT-based smart medical devices.
Introduction of the Medical Electronics Market
Medical electronics is the section of the commercial market needing long-term reliability and dense circuitry. Also, irregularly shaped substrates are needed to fit the package. Medical hybrids must pass even more strict tests than military hybrids and must be free of contaminants to be implanted in humans.
Key Players of the Global Medical Electronics Market:
- Analog Devices, Inc.
- TE Connectivity.
- Texas Instruments Incorporated.
- Cypress Semiconductor Corporation.
- Maxim Integrated
- Renesas Electronics Corporation
- NXP Semiconductors.
- Semiconductor Components Industries, LLC
Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The accelerating geriatric population resulting in expanding the life-expectancy rate with various multifactorial diseases has raised the medical expenses. The healthcare expenses have a direct relation with the mounting aging population, surging per capita income, and rising living standards of people. As per a survey, the expenses per person for the age group of 60 years and above are higher than those of 15–30 years. Thus, the increase in the overall healthcare budget leading to better access to medical equipment and motivating manufacturers of medical electronics to disburse on Research and Development activities is the primary driver contributing to the growth of the Medical Electronics Market. In addition, the acquisition of the internet of things enabled smart medical devices, increasing usage of portable medical devices and wearable electronics, growing application of radiation therapy in diagnosis and treatment of diseases, and beneficial healthcare reforms and financial allowance by governments for senior citizens are some other factors assisting the market growth. However, strict norms and trade policies associated with electronic medical devices may hamper Medical Electronics market growth.
End-Use Products Segment Drivers
Based on the End-User Products, Ventilators and RGM equipment will experience robust growth in the near future. This is because of the lifesaving feature of Ventilators and essential part to offer treatment support for babies, children, and adults while undergoing surgery. In addition, the increasing cases of respiratory diseases and the sudden outbreak of the Coronavirus pandemic have further supplemented the market growth.
Application Segment Drivers
Based on the Application, Medical imaging is expected to increase at a higher rate over the forecast period. This is mainly because of the aggravating incidences of cancer, cardiac, neurological, and musculoskeletal complications, growing consciousness, better treatment, and accelerating number of diagnostic procedures have supported the demand for medical imaging in healthcare facilities. Moreover, the better healthcare system in emerging markets and the accessibility of economical, sophisticated technology in imaging systems having diverse fields have fuelled the market growth.
Based on the regional coverage, North America is contemplated to hold a major share during the coming years. This is mainly because of high healthcare expenditure, exacerbating income levels, and usage of advanced medical electronic devices. Also, ameliorating patient awareness about the advantages of early treatment will stimulate the market share. Furthermore, developed infrastructure along with access to modernized diagnostics technologies is paving the way for market growth.
Medical Electronics Market Segmentation:
Segmentation by Component
- Memory Chips
Segmentation by End-User Products
- Diagnostic and imaging devices
- Patient monitoring devices
- Medical implantable devices
- Ventilators and RGM equipment
Segmentation by Application
- Medical imaging
- Clinical, diagnostic, and therapeutics
- Patient monitoring
- Flow measurement
Segmentation by Medical Procedure
- Minimally invasive
Segmentation by Medical Device Classification
- Class I
- Class II
- Class III
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations