Medical Electronics Market size worth USD 60 billion by 2023: Global Market Insights Inc.
Medical electronics market size is anticipated to reach USD 60 billion by 2023 growing at a CAGR of over 5.5% from 2016 to 2023. Rapid urbanization and increasing healthcare facilities is expected to drive the industry growth.
Asia Pacific medical electronics market is projected to witness significant growth owing to rapidly growing population, improving healthcare infrastructure as well as infrastructure in the developing countries such as India and China. North America is anticipating to be the largest market these electronic systems owing to supportive government regulations, favorable reimbursement policies, high healthcare expenditure, strong patient awareness and progressive healthcare technology.
Medical electronics industry is estimated to witness significant growth owing to rising investments from emerging economies to elevate their medical standards. Developed markets are estimated to continue investing in the industry for more proficient procedures, systems as well as electronic equipments that could offer improvised and personalized healthcare solutions. In addition, escalating health concerns owing to irregular lifestyle patterns is likely to push people for regular health checkups to avoid health contingencies.
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Health monitoring devices such as cardiac monitors as well as hemodynamic monitors are anticipated to experience surge due to its increasing applications in medical monitoring sector. Increasing consciousness about healthcare delivery systems along with rapidly growing population and escalating middle class income are expected to propel the industry growth over the forecast period. Unprecedented increase in allocation of funds by various governments in healthcare sector is likely to act as catalyst for boosting industry growth. Furthermore, Initiation of numerous governmental schemes to provide essential medical facilities in rural as well as remote areas is likely to surge the market demand. Tax and duty exemptions for domestic manufacturers is anticipated to increase adoption of healthcare equipment and this in turn is expected to boost the industry demand over the forecast period.
Factors such as lack of standard terminologies, decrease in productivity of medical professionals, issues related to violation of patient data security as well as significant learning difficulties are estimated to hamper the medical electronics market growth. Medical electronics offer various benefits such as increased output accuracy, improved quality of healthcare, remote health data availability, easy to update patient electronic records increased level of patient experience and precise billing mechanism. Next generation technologies namely bio-sensors embedded in drugs, wireless body networks, micro fluids nano electro mechanical systems and micro electro mechanical systems are forecast to provide potential growth opportunities.
Medical electronics market can be segmented on the basis of type, component as well as application. Based it can be segmented into handheld devices, heavy base devices, wearable gadgets, wireless connected devices, RFID-based health tracking device and RADAR technology-based ultrasound machines. Based on component it can be segregated as battery, sensor, display, microprocessor or microcontroller unit and memory device. On the basis of application, the industry can be segmented into fitness & wellness, imaging, health monitoring, digital diagnostic, digital assistance, healthcare and medical therapeutics.
To provide preventive, affordable and universal healthcare solutions to the market, various economies are now moving towards developing multifunctional, miniaturized, portable, reduced cost and ultra-low power devices. The devices with the aforementioned attributes would prove successful in imaging, therapeutic, patient monitoring, implantable and surgical requirements. Advancements in this industry encapsulate, remote patient tracking, integrated analogue front ends & tissue analysis of cancer cells and dynamic power path management. In addition, innovative products in development stage include robotic checkups, touch screen systems for treatment rooms and needle-free diabetic care.
Major industry participants in medical electronics market share include GE Healthcare, Siemens AG, Texas Instruments Incorporated, Maxim Integrated, STMicroelectronics N.V., ON Semiconductor Corporation, Renesas Electronics Corporation and Freescale Semiconductor Inc., Analog Devices, Angiotech Pharmaceuticals, Inc., Fairchild Semiconductor International, Inc. and Cypress Semiconductor Corporation among others.
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