New York, United States , April 04, 2024 (GLOBE NEWSWIRE) -- The Global Medical Electronics Market Size is to Grow from USD 8.02 Billion in 2023 to USD 16.12 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.23% during the projected period.
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Medical electronics refers to the creation, implementation, and application of electrical devices and equipment for medical purposes such as research, examination, diagnosis, treatment, assistance, and care. Electronic devices are increasingly being used in medicine for treatment, diagnosis, and rehabilitation. Medical electronics and electromechanical devices have become critical in providing better patient care. Rapid technological advancements and increased healthcare awareness have expanded the market for medical electronics. Furthermore, advanced medical electronics include telehealth in intensive care units (ICUs), emergency departments (EDs), hospital wards, and skilled nursing facilities. Rising demand for better healthcare services, combined with the prevalence of chronic diseases, are key drivers of market revenue growth. Medical device technological advancements and increased financial investment in healthcare infrastructure are two other factors driving market revenue growth. However, medical electronics are expensive, there is a shortage of qualified workers, and the regulatory environment is onerous. Investment is required to develop new medical technology and gadgets, which can be a significant constraint on medical electronics market revenue growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Medical Electronics Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Diagnostic Imaging Systems, Patient Monitoring Devices, Surgical Robotics, Medical Devices & Implants, and Others), By Application (Therapeutics, Monitoring Diagnostics), By End User (Hospital, Ambulatory Surgical Centre, Clinic, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The diagnostic imaging systems segment is expected to hold the greatest share of the global medical electronics market during the projected timeframe.
Based on the product type, the global medical electronics market is divided into diagnostic imaging systems, patient monitoring devices, surgical robotics, medical devices and implants, and others. Among these, the diagnostic imaging systems segment is expected to grow at hold the greatest share in the global medical electronics market during the projected timeframe. The rising prevalence of chronic diseases such as cancer, cardiovascular disease, and neurological problems, all of which necessitate precise and timely diagnosis for appropriate treatment, as well as the growing preference for less invasive procedures and the development of cutting-edge imaging technology, are driving revenue growth in this segment.
The diagnostics segment is expected to hold the greatest share of the global medical electronics market during the forecast period.
Based on the application, the global medical electronics market is divided into therapeutics, monitoring, and diagnostics. Among these, the diagnostics segment is expected to hold the greatest share of the global medical electronics market during the forecast period. The increasing demand for precise and early disease diagnosis has boosted revenue growth in this segment. The demand for medical electronics in the diagnostics segment is being driven by technological advances in diagnostic imaging systems such as computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound.
The hospital segment is expected to hold the greatest share of the global medical electronics market during the projected timeframe.
Based on the end user, the global medical electronics market is divided into hospital, ambulatory surgical centre, clinic, and others. Among these, the hospital segment is expected to hold the greatest share of the global medical electronics market during the projected timeframe. This is due to an increase in the number of hospitals and a higher demand for medical electronics within these facilities. Furthermore, the clinics segment is rapidly expanding, due to an increase in the number of clinics and rising demand for medical electronics in these settings.
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North America is anticipated to hold a significant share of the global medical electronics market over the predicted timeframe.
North America is projected to hold a significant share of the global medical electronics market over the predicted timeframe. The region's high prevalence of chronic diseases drives the demand for advanced medical electronic devices and solutions. The aging population in North America necessitates the availability of cutting-edge medical technologies to meet their changing healthcare requirements.
Europe is predicted to grow at the fastest pace in the global medical electronics market during the projected timeframe. The region has a sophisticated healthcare infrastructure and places a high priority on medical research and development. This, combined with rising healthcare costs and greater awareness of technological advancements, is driving demand for medical electronics in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global medical electronics market are Medtronic PLC, GE Healthcare, Koninklijke Philips NV, Siemens Healthcare GmbH, Fujifilm Corporation, McKesson Corporation, Olympus Corporation, Hologic Inc., Drägerwerk AG & Co. KGaA, Getinge Inc., Esaote SpA, Canon Medical Systems, Mindray Medical International Limited, and Others.
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Recent Developments
- In August 2022, The South Korean Ministry of Food and Drug Safety approved VUNO, a medical artificial intelligence company, for its ECG device, Hativ Pro, a portable medical device that measures a user's heart rate and sends the data using a connected mobile phone app.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Medical Electronics Market based on the below-mentioned segments:
Global Medical Electronics Market, Product Type Analysis
- Diagnostic Imaging Systems
- Patient Monitoring Devices
- Surgical Robotics
- Medical Devices & Implants
- Others
Global Medical Electronics Market, Application Analysis
- Therapeutics
- Monitoring
- Diagnostics
Global Medical Electronics Market, End User Analysis
- Hospital
- Ambulatory Surgical Centre
- Clinic
- Others
Global Medical Electronics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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