The Global "Medical Electronics Market" is expected to grow at a high CAGR of 11.2% during the forecasting period (2022-2029).
Medical electronics is considered a specialized discipline that integrates engineering with fields such as clinical practice and biomedical sciences. Unlike paper records, medical electronics offers more benefits. Besides enabling an individual to track information over time it improves the quality of patient care.
The global medical electronics market growth is driven by the increasing population and growing awareness about wellness has also contributed to the growth of the market. Moreover, the increasing number of lifestyle diseases and expansion of healthcare facilities are anticipated to create greater opportunities.
Rising healthcare spending and ever-changing healthcare landscape is driving the market growth
Healthcare expenditure has a direct relationship with an increasingly aging population, rising per capita disposable income, and improving lifestyle. The medical expenditure per person for the age group 60 years and above is much higher than that of the people within the age group of 15–30 years. The world’s older population is continuously increasing at an unprecedented rate, which means increased life expectancy but with multiple comorbidities. Although healthcare infrastructure across the world is growing and improving, affordability and accessibility barriers cause hindrance to the penetration of medical devices within the vast majority of the population. Healthcare spending needs to be increased to overcome the challenge of poor accessibility and affordability. Growth in overall healthcare expenditure is likely to result in better access to medical devices and encourage manufacturers of medical electronics toward spending on R&D and innovations.
Additionally, the increasing application of medical electronic devices is paving the way for market growth. For instance, with a surging number of infectious diseases, the demand for respiratory monitors is increasing. Thus, several companies are engaged in developing and manufacturing newer medical devices that will help aid the market growth. For instance, in December 2021, Respira Labs launched an artificial intelligence-enabled wearable lung monitor. Such developments are likely to increase the adoption of medical electronics among the patient population.
Designing compatible medical electronics and establishing the connected ecosystem to hamper growth
The need for smaller, lighter, and highly portable medical devices with improved quality and cost-effectiveness is growing in this modern medical era. Additionally, manufacturers need to ensure the electromagnetic compatibility of medical electronics. This not only includes techniques of emission and immunity against radiated electromagnetic disturbances but also design-related practices for electromagnetic compatibility. Medical electronics should be designed in such a manner that they do not hamper the working of medical instruments. However, these service providers and various stakeholders often face troubles while catering to the end-users. It is one of the restraining factors which can affect the overall functioning, leading to the total disruption of the system.
The COVID-19 pandemic is an unprecedented health concern and has impacted the medical electronics market. With the onset of the pandemic, the demand for imaging diagnosis has increased which is fueling the medical electronics market growth. For instance, as per a March 2020 update by the American College of Radiology (ACR), the interest is growing in the role and appropriateness of chest radiographs (CXR) and computed tomography (CT) for the screening, diagnosis, and management of patients with suspected or known COVID-19 infection. Thus, several manufacturers are introducing medical electronics devices that are contributing to the market growth. For instance, in March 2021, GE Healthcare launched a new point-of-care, AI-powered ultrasound aimed for COVID-19 wards. Although, the initial impact of the pandemic was negative, however, the market is anticipated to gain traction as a result of an increasing number of devices being used in the diagnosis of COVID-19.
The non-invasive segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The non-invasive products segment is anticipated to witness significant growth. The major factors augmenting the growth of the non-invasive product market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, rising preference for minimally invasive surgeries, and the rise in the geriatric population.
The burden of chronic diseases is on the rise globally, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases. For instance, according to the World Health Organization, 17.9 million people die each year from cardiovascular disorders around the world. This accounts for 31% of global mortality, with heart attacks and strokes accounting for 85% of these deaths. Moreover, growth in strategic initiatives and product launches by prominent players in the industry is also predicted to impel market growth. For instance, in October 2021, Penlon launched the ExSpiron X2i Minute Ventilation Monitor in the United Kingdom. The ExSpiron X2i provides real-time continuous, non-invasive minute ventilation measurements. Furthermore, in January 2021, Bosch developed a non-invasive portable hemoglobin monitor solution (HMS), especially for regions where routine access to medical care tends to be difficult.
North America region holds the largest market share of the global medical electronics market
North America has the largest market share in the forecast period owing to the factors such as the increasing population suffering from cancer and other chronic diseases, higher adoption rates among the population, and rising demand for medical devices in the country. According to the Centers for Disease Control and Prevention (CDC) article titled ‘Alzheimer's Disease and Related Dementias’ in October 2020 reported that there are about 5.8 million Americans were living with Alzheimer’s disease. The same source also reported that the number of people affected with Alzheimer's is projected to nearly triple to 14 million people by 2060. Such a rising burden of the disease creates the need for medical electronics such as MRI and CT and thus drives the growth of the market. Thus, due to the above-mentioned factors, the market is anticipated to witness significant growth during the forecast period.
The medical electronics market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Medtronic PLC, GE Healthcare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Fujifilm Corporation, McKesson Corporation, TE Connectivity, Hologic Inc, Cypress Semiconductor Corporation, Tekscan Inc. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the medical electronics market globally. For instance, in November 2021, Philips extended the artificial intelligence (AI)-enabled CT imaging portfolio at the Radiological Society of North America (RSNA) 2021.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical-Surgical Portfolio, and Diabetes Operating Unit.
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