Westford, USA, July 20, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the global medical electronics market is currently facing a challenging situation with a shortage of chips. The scarcity of semiconductor chips impacts various industries worldwide, and the medical technology sector is no exception.
Browse in-depth TOC on the "Medical Electronics Market"
- Pages - 242
- Tables - 61
- Figures – 79
According to the World Economic Forum, the medical electronics market accounts for only 1% of the chip supply. Adopting medical electronic devices, such as patient monitors and diagnostic devices, has significantly increased, particularly in minimally invasive surgeries. Minimally invasive surgical techniques have gained immense popularity due to their numerous advantages, including enhanced safety, increased patient comfort, and cost-effectiveness.
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Prominent Players in Medical Electronics Market
- Medtronic plc
- General Electric Company
- Siemens Healthineers AG
- Koninklijke Philips N.V.
- Abbott Laboratories
- Becton, Dickinson and Company
- Fujifilm Holdings Corporation
- Johnson & Johnson
- Hitachi, Ltd.
- Canon Medical Systems Corporation
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- Smith & Nephew plc
- Boston Scientific Corporation
- ResMed Inc.
- Varian Medical Systems, Inc.
- Intuitive Surgical, Inc.
- Hologic, Inc.
- Thermo Fisher Scientific Inc.
- Edwards Lifesciences Corporation
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Therapeutics Segment is Expected to Grow the Market Due to the Rising Demand for Therapeutic Devices
The therapeutics segment is the leading force in the global medical electronics market, holding the highest revenue share, and is projected to continue its dominance throughout the forecast period. This growth can be attributed to the escalating demand for therapeutic devices, vital in diagnosing and treating various medical conditions.
The markets in the Asia Pacific are projected to witness substantial growth at a significant CAGR in the medical electronics market. This growth can be attributed to several factors, with one of the key drivers being the rapidly growing ageing population in the region. As the elderly population increases, there is a higher demand for advanced medical electronics that cater to the specific healthcare needs of the elderly, including monitoring devices, assistive technologies, and diagnostic equipment.
Diagnostics Segment is Expected to Dominate the Market Due to the Growing Public Awareness
The diagnostics segment is anticipated to be the fastest-growing segment in the global medical electronics market during the forecast period. This remarkable growth can be attributed to the growing public awareness about the importance of early disease detection and its benefits to patient outcomes. There is a rising demand for advanced diagnostic medical electronics that aid in accurate and timely disease diagnosis, with an increasing emphasis on preventive healthcare.
Regional markets in Europe hold a notable revenue share in the global medical electronics market, primarily driven by the region's increasing investment in healthcare technology. The European healthcare sector's proactive approach towards adopting innovative medical electronics has significantly contributed to market growth.
A comprehensive analysis of the major players in the medical electronics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Medical Electronics Market
- In 2022, Medtronic Plc., a prominent US-based medical device company, announced a strategic partnership with BioIntelliSense, a leading remote care solution provider in the medical category. The collaboration aims to introduce a multi-parameter wearable device for continuous remote patient monitoring, bridging the gap between hospital and home care.
- In 2022, Siemens Healthineers, a renowned medical device company based in Germany, unveiled Mobilet Impact, a groundbreaking mobile X-ray system. This cutting-edge system integrates the benefits of full digital integration, affordability, and portability, providing an unparalleled imaging experience at the patient's bedside. The Mobilet Impact system enhances diagnostic capabilities and optimises patient care in various clinical settings.
Key Questions Answered in Medical Electronics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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