WASHINGTON, Jan. 19, 2022 (GLOBE NEWSWIRE) -- The Global Medical Electronics Market size is expected to reach USD 13.40 Billion by 2028, exhibiting a CAGR of 6.8% during the forecast period. Factors such as increasing life expectancy, rising geriatric population, escalating demand for wearable electronics & portable medical devices, increasing smart medical devices and rising use of radiation therapy in diagnosis and treatment of diseases are fuelling the growth of Medical Electronics Market in the coming years, states Vantage Market Research, in a report, titled “Medical Electronics Market by Component (Sensors, Displays, MPUs/MCUs, Memory Chips), by Application (Diagnostic, Cardiology, Others), by Medical Device Classification (Class I, Class II, Class III), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size valued at USD 6.5 Billion in 2021.
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List of Prominent Players in the Medical Electronics Market:
- Texas Instruments (US)
- TE Connectivity (Switzerland)
- Analog Devices (US)
- ST Microelectronics (Switzerland)
- Medtronic (Ireland)
Market Overview:
Increasing Technological Advancement in Medical Electronics Drive the Market
Increasing technological development such as advanced telemedicine, new methods of drug development, data-driven healthcare, Nano medicine, 5g-enabled devices, tricorders, healthcare’s digital assistants, smarter pacemakers, and a lab on a chip wearable in Medical Electronic Devices will activate the progression of Medical Electronic Devices Market in the coming years. Many industry players are majorly focusing on incorporating advanced technology in the development of medical devices which accelerate the efficient and accurate diagnosis as well as treatment. In addition, government in many developing economies imposed several decisions such as price reduction of medical electronic equipment. These implications positively affect the demand for medical electronic device market.
The COVID-19 outbreak has affected various industries worldwide. The Medical Electronics Market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Medical Electronics Market Highlights:
- Assessment of the market
- Company Profiles
- Premium Insights
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- Historic Data, Estimates and Forecast
- COVID Impact Analysis
- Global and Regional Dynamics
North America Dominates the Medical Electronics Market
North America accounted to hold the largest share of the Medical Electronic Device Market over the forecast period. Growing adoption of connected medical devices, increasing influence of disruptive technologies such as AI and IoT in the healthcare sector and increasing use of use of advanced medical imaging devices are fuelling the growth of medical electronic device market in this region. In addition, availability of advanced healthcare infrastructure, increasing geriatric population and increasing healthcare expenditure are also responsible for driving the growth of medical electronic device market in this region.
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Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Medical Electronics Market?
- How will the Medical Electronics Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Medical Electronics Market?
- What are the Medical Electronics market drivers and restrictions?
- What will be the CAGR and size of the Medical Electronics Market throughout the forecast period?
Recent Developments:
December 2021: GE Healthcare announced the acquisition of BK Medical. With this acquisition, GE Healthcare adds the fast-growing and relatively new field of real-time surgical visualization to GE’s pre- and post-operative Ultrasound capabilities, creating an end-to-end offering through the full continuum of care from diagnosis through therapy and beyond.
November, 2021: GE Healthcare announced three new alliances to help to improve cancer care. These alliances are intended to help GE Healthcare support integrated health systems at the local level by providing the technology to deploy software across imaging networks and helping to make the newest innovations accessible across the broader population.
November, 2021: Medtronic presented early data for its self-expanding Intrepid™ transcatheter mitral valve replacement (TMVR) system in patients with severe, symptomatic mitral valve regurgitation (MR) utilizing the transfemoral access route.
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This market titled “Medical Electronics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 6.5 Billion |
| Projected Market Size in 2028 | USD 13.40 Billion |
| CAGR Growth Rate | CAGR of 6.8% from 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Component: - Sensors, Displays, MPUs/MCUs, Memory Chips Application: - Diagnostic, Cardiology, Others Medical Device Classification: - Class I, Class II, Class III |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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