Growing geriatric population, wide area of application of imaging devices and growing awareness regarding routine check-up and rising demand for easy to use advanced healthcare devices are key factors contributing to high CAGR of Medical Electronics during the forecast period.
As indicated by the present examination of Reports and Data, the worldwide Medical Electronics market was esteemed at USD 3,476.7 Million of every 2018 and is relied upon to reach USD 5,389.2 Million continuously 2026, at a CAGR of 5.6 %. Factors such as the growing standard of living, increasing aging population, rising health awareness, and increasing adoption of wearable electronics are driving the growth of the medical electronics market. The developing significance of medicinal gadgets for patient monitoring and other checking exercises is additionally expected to drive the development of the medical electronics market.
Technological innovation and technological portability with other medicinal hardware are a portion of different variables boosting the development of the medical electronics market. Factors, for example, the developing way of life, increasing aging population, rising well-being mindfulness, and expanding appropriation of wearable gadgets are likewise expected to emphatically affect the medicinal hardware advertise during the estimate time frame. Likewise, the growing importance of medical electronics for patient tracking and other monitoring activities is expected to spur the growth of the medical electronics market.
The advancements in medical electronics include dynamic power path management, remote patient following, coordinated simple front closures, and tissue examination of cancer cells. Some of the innovative products are still in the formative stage, which need to be introduced in the near future, include needle-free diabetic care, robotic check-ups, and touchscreen systems for treatment rooms among other products. The opportunity for handheld wireless monitoring devices is high. Increase in technological advancements will drive medical electronics market over the forecast period. Moreover, growing disposable income levels in creating economies alongside the presentation of imaginative items are foreseen to build the business extension. Ideal administrative approaches for development of the medical electronic industry and healthy reimbursement environment are also expected to propel market growth.
Further key findings from the report suggest
- Based on application, patient monitoring segment is expected to witness lucrative growth at a C.A.G.R of 5.2%. Adoption of telemetry and remote monitoring devices facilitate the monitoring of patients from long distances in the medical electronics market
- Europe is also contributing a good share in the global medical electronics market owing to the factor that there is good support from the government to improve the health sector within the region
- The component batteries for healthcare application is expected to grow at a high rate during the current forecast period owing to the increasing demand for wireless medical device, which has long battery life. High-density batteries in wearable medical devices are further driving the growth for the medical electronics market.
- As of 2018, North America held the largest market share in the global medical electronics market. The market is driven by various factors such as improved healthcare infrastructure and increasing demand for medical electronics in the region.
- Stringent regulatory process for product approval and high maintenance cost is likely to hinder the global medical electronics market growth during the forecast period
- Key participants include FUJIFILM Medical Systems, Toshiba Medical Systems, Philips Healthcare, Medtronic, Analog Devices and Hitachi High Technologies Corporation among others.