Increasing healthcare spending and the ever-changing healthcare landscape, Rising demand for improved healthcare solutions, growing elderly population results in longer life expectancy has been a major factor in the market's global expansion.
JERSEY CITY, N.J., Jan. 31, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Medical Electronics Market" By Medical Device (MRI System, X-ray System, PET Scan System), By Application (Therapy Devices, Ventilator, Dialysis Machine, ECMO, Monitoring Devices), and By Geography. According to Verified Market Research, the Global Medical Electronics Market size was valued at USD 5.95 Billion in 2020 and is projected to reach USD 8.45 Billion by 2028, growing at a CAGR of 6.55% from 2021 to 2028.
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Browse in-depth TOC on "Medical Electronics Market"
202 - Pages
126 - Tables
37 - Figures
Global Medical Electronics Market Overview
Healthcare spending is directly related to an aging population, rising per capita disposable income, and a better quality of life. Medical spending per person in the 60+ age group is significantly greater than in the 15-30 year age group. The world's elderly population is growing at an unprecedented rate, resulting in longer life expectancy but with a slew of comorbidities. Increases in overall healthcare spending are anticipated to improve access to medical devices and encourage medical electronics producers to invest in R&D and innovation.
Furthermore, demand for improved healthcare solutions has been a major factor in the market's global expansion. The expanding importance of medical electronics, particularly inpatient care and monitoring, has further boosted market possibilities. The market has grown as the population has grown and as people have become more conscious of the importance of wellness. The use of IoT-based smart medical devices has increased due to an aging population and rising life expectancy around the world, increasing demand for portable medical devices and wearable electronics for convenient data access. The expanding use of radiation therapy in disease detection and treatment, as well as current reforms and government financial help for elderly persons, are all contributing to the global growth of the Medical Electronics Market. However, the fact that healthcare infrastructure around the world is increasing and improving, pricing and accessibility limitations keep medical devices out of the hands of the vast majority of the population. To address the problem of low accessibility and affordability, healthcare funding must be increased.
Furthermore, Sensor and digital technology advancements are opening up new opportunities for improving patient care platforms and development efficiency. Technological advancements might potentially pose a threat to competitors. In the future years, the medical electronics industry is predicted to rise due to the proliferation of smart medical devices with powerful processing and communication technologies.
Key Developments
- In August 2021: The previously announced acquisition of Maxim Integrated Products, Inc. by Analog Devices, Inc. (NASDAQ: ADI) has been completed (NASDAQ: MXIM). On a pro forma basis, the merger improves ADI's position as a high-performance analog semiconductor firm, with trailing twelve-month revenue of more than $9 billion1, industry-leading margins, and free cash flow of more than $3 billion.
- June 2021: Texas Instruments Incorporated (TI) (NASDAQ: TXN) announced it signed an agreement to acquire Micron Technology's 300-mm semiconductor factory (or "fab") in Lehi, Utah, for $900 million.
Key Players
The major players in the market are Analog Devices, Texas Instruments Incorporated, Medtronic, STMicroelectronics, Mouser Electronics Inc, Cypress Semiconductor Corporation, Semiconductor Components Industries LLC, Digi-Key Electronics, Tekscan Inc, and First Sensor AG.
Verified Market Research has segmented the Global Medical Electronics Market On the basis of Medical Device, Application, and Geography.
- Medical Electronics Market, By Medical Device
- Human-Machine Interface (HMI)
- MRI System
- X-ray System
- PET Scan System
- Medical Devices Connectivity
- Others
- Medical Electronics Market, By Application
- Therapy Devices
- Ventilator
- Dialysis Machine
- ECMO
- Monitoring Devices
- Blood Pressure Meter
- Others
- Medical Electronics Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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