Medical Electronics Market
Medical Electronics Market Forecasts to 2030 - Global Analysis By Product Type (Diagnostic Equipment, Therapeutic Equipment, Home Healthcare Devices, Medical Wearables, Surgical Instruments and Equipment, and Other Product Types), Component Type, Technology, Medical Procedure, Application, End User and By Geography
According to Stratistics MRC, the Global Medical Electronics Market is accounted for $8.25 billion in 2024 and is expected to reach $13.60 billion by 2030 growing at a CAGR of 8.7% during the forecast period. Medical electronics are electronic systems and gadgets used in healthcare for surgical, therapeutic, monitoring, and diagnostic purposes. These consist of wearable health trackers, therapeutic devices like pacemakers, patient monitoring systems, and diagnostic imaging equipment. The aging population's increased healthcare demands, the rise in chronic diseases, the development of telemedicine and remote monitoring, the growing demand for advanced healthcare technologies, and the incorporation of artificial intelligence to improve treatment outcomes and diagnostic accuracy are some of the major factors propelling the medical electronics market.
According to the World Health Organization, 80% of the geriatric population in the globe will be living in the low and middle-income countries by 2050.
Market Dynamics:
Driver:
Rising prevalence of chronic diseases
Growing rates of chronic illnesses like diabetes, heart disease, respiratory problems, and obesity are major factors propelling the medical electronics market's expansion. Advanced medical gadgets such as wearable health monitors, glucose meters, ECG machines, blood pressure monitors, and oxygen concentrators are in high demand since managing chronic diseases frequently necessitates ongoing monitoring and routine testing. These devices increase the market for medical electronics and promote innovation in healthcare technologies by facilitating early detection, better management, and better patient outcomes.
Restraint:
High costs of advanced devices
High-end diagnostic equipment, robotic surgical systems, and MRI machines are examples of sophisticated technology that are out of reach for smaller healthcare facilities and those in underdeveloped nations due to their high capital costs. The use of such devices may be restricted by these high initial costs, especially in regions with limited resources. The cost is further increased by the need for software upgrades, maintenance, and training for these intricate systems. Although innovation is still spurred by technical developments, the cost barrier prevents universal access to cutting-edge medical devices in international healthcare systems.
Opportunity:
Healthcare infrastructure expansion
The growth of healthcare infrastructure, especially in emerging nations, is a key factor propelling the medical electronics market. The need for cutting-edge medical equipment and devices, such as treatment instruments, patient monitoring devices, and diagnostic imaging systems, is rising as nations make investments to modernize their healthcare systems. Urbanization, rising healthcare costs, and growing healthcare requirements all contribute to the growth of healthcare institutions, including hospitals, clinics, and diagnostic centers. Because improved infrastructure makes it possible to incorporate advanced technologies that enhance patient monitoring, diagnostic accuracy, and overall healthcare delivery, this increase presents a substantial potential for makers of medical electronics.
Threat:
Lack of skilled workforce
In the medical electronics industry, a shortage of trained workers has a number of detrimental effects. Innovation and competitiveness in the market may be hampered by delays in product development and manufacture. Furthermore, a lack of qualified personnel may lead to less-than-ideal product quality and higher mistake rates, which might compromise patient safety. Additionally, it may restrict the industry's capacity to satisfy the rising demand for cutting-edge medical devices, resulting in unmet healthcare demands and impeding the creation of novel solutions.
Covid-19 Impact
The COVID-19 pandemic significantly impacted the Medical Electronics Market, both positively and negatively. On one hand, the surge in demand for diagnostic equipment (such as ventilators, patient monitors, and diagnostic imaging systems) and remote monitoring devices to manage COVID-19 patients led to a rapid expansion in medical electronics production. On the other hand, supply chain disruptions, manufacturing delays, and reduced hospital visits for non-COVID treatments temporarily hindered market growth. Additionally, the pandemic accelerated the adoption of telemedicine and home healthcare devices, which spurred long-term growth in areas like wearable health monitors and remote patient monitoring technologies.
The diagnostic equipment segment is expected to be the largest during the forecast period
The diagnostic equipment segment is estimated to be the largest, due to the need for better patient outcomes, precise diagnosis, and early illness detection. The desire for sophisticated diagnostic instruments like MRIs, CT scans, ultrasound scanners, and ECG systems is determined by rising rates of chronic diseases including diabetes, cancer, and cardiovascular disorders. The use of advanced diagnostic technology in hospitals and clinics around the world is also being aided by technical developments, such as the integration of AI for improved diagnostic accuracy and the growth of healthcare infrastructure.
The hospitals segment is expected to have the highest CAGR during the forecast period
The hospitals segment is anticipated to witness the highest CAGR during the forecast period, due to the growing complexity of healthcare treatments as well as the need for sophisticated diagnostic and therapeutic instruments. A variety of medical electronics are needed in hospitals, such as imaging devices, surgical tools, laboratory equipment, and patient monitoring systems. The demand for sophisticated medical electronics is being further fueled by the increased emphasis on patient care, early diagnosis, and less invasive procedures. Hospitals will continue to be a major factor in the growth of the medical electronics industry as healthcare systems change and patient expectations increase.
Region with largest share:
Asia Pacific is expected to have the largest market share during the forecast period due to the growing demand for cutting-edge medical technologies and rising healthcare expenditures. The need for monitoring and diagnostic tools has been increased by the region's high prevalence of chronic diseases like diabetes and cardiovascular disorders as well as its aging population. The adoption of medical electronics is also being accelerated by government investments in healthcare systems, better healthcare infrastructure, and growing awareness of preventative care. The region's market is expanding as a result of the rising acceptance of wearable medical technology and telemedicine.
Region with highest CAGR:
North America is projected to witness the highest CAGR over the forecast period, owing to population that is aging quickly, the prevalence of chronic illnesses is rising, and rising cost of healthcare. The area is known for its strict regulations, early adoption of cutting-edge technologies, and sophisticated healthcare infrastructure. The market is also expanding as a result of government programs that support patient-centered care and healthcare innovation. The need for linked medical equipment is also being driven by the growing emphasis on telemedicine and remote patient monitoring.
Key players in the market
Some of the key players profiled in the Medical Electronics Market include Philips Healthcare, Siemens Healthineers, GE Healthcare, Medtronic, Johnson & Johnson, Abbott Laboratories, Boston Scientific, Roche Diagnostics, Honeywell Life Sciences, Zebra Medical Vision, Olympus Corporation, Stryker Corporation, Fujifilm Holdings Corporation, Canon Medical Systems, Terumo Corporation, Baxter International, Smith & Nephew, 3M Health Care, Siemens AG, and Hewlett Packard (HP) Healthcare.
Key Developments:
In July 2021, Philips unveiled the EPIQ Elite Ultrasound System, designed for high-resolution imaging and enhanced diagnostic accuracy, particularly in cardiology, obstetrics, and gynecology applications.
In May 2021, Abbott launched the FreeStyle Libre 3, a continuous glucose monitoring (CGM) system, offering real-time, precise glucose data for people with diabetes, now with a smaller sensor and improved features.
In March 2021, Siemens Healthineers launched the Atellica Solution, an advanced diagnostic platform designed to improve laboratory testing efficiency, streamline workflows, and provide more accurate results for healthcare providers.
In October 2020, GE Healthcare launched the Revolution Apex CT scanner, a new diagnostic imaging device that utilizes artificial intelligence (AI) to provide high-quality imaging with faster scans and improved accuracy for better patient outcomes.
Product Types Covered:
• Diagnostic Equipment
• Therapeutic Equipment
• Home Healthcare Devices
• Medical Wearables
• Surgical Instruments and Equipment
• Other Product Types
Component Types Covered:
• Sensors
• Batteries
• Displays
• Microprocessors
• Memory
• Other Components
Technologies Covered:
• Wearable Medical Devices
• Implantable Medical Devices
• Point-of-Care Testing (POCT) Devices
• Robotic Surgery
• Telemedicine and Remote Monitoring
• Other Technologies
Medical Procedures Covered:
• Non-Invasive
• Minimally Invasive
• Invasive
Applications Covered:
• Diagnostic Applications
• Therapeutic Applications
• Monitoring Applications
• Surgical Applications
• Digital assistance
• Fitness
• Wellness
• Cardiology
• Other Applications
End Users Covered:
• Hospitals
• Clinics
• Home Healthcare
• Ambulatory Surgical Centers (ASCs)
• Nursing Homes
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 Application Analysis
3.9 End User Analysis
3.10 Emerging Markets
3.11 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Medical Electronics Market, By Product Type
5.1 Introduction
5.2 Diagnostic Equipment
5.2.1 Electrocardiogram (ECG)
5.2.2 Medical Imaging Systems
5.2.3 Patient Monitoring Systems
5.2.4 Electroencephalogram (EEG)
5.3 Therapeutic Equipment
5.3.1 Pacemakers
5.3.2 Defibrillators
5.3.3 Infusion Pumps
5.3.4 Diabetes Care Devices
5.4 Home Healthcare Devices
5.4.1 Blood Glucose Monitors
5.4.2 Blood Pressure Monitors
5.4.3 Oxygen Concentrators
5.5 Medical Wearables
5.6 Surgical Instruments and Equipment
5.7 Other Product Types
6 Global Medical Electronics Market, By Component Type
6.1 Introduction
6.2 Sensors
6.2.1 Temperature Sensors
6.2.2 Medical Electronics
6.2.3 Blood Glucose Sensors
6.2.4 ECG Sensors
6.2.5 Image Sensors
6.2.6 Heart Rate Sensors
6.2.7 Ingestible Sensors
6.2.8 Touch Sensors
6.2.9 Piezo Film Sensors
6.2.10 Position Sensors
6.3 Batteries
6.3.1 Lithium-ion (Li-Ion) Batteries
6.3.2 Zinc Batteries
6.4 Displays
6.5 Microprocessors
6.6 Memory
6.7 Other Components
7 Global Medical Electronics Market, By Technology
7.1 Introduction
7.2 Wearable Medical Devices
7.3 Implantable Medical Devices
7.4 Point-of-Care Testing (POCT) Devices
7.5 Robotic Surgery
7.6 Telemedicine and Remote Monitoring
7.7 Other Technologies
8 Global Medical Electronics Market, By Medical Procedure
8.1 Introduction
8.2 Non-Invasive
8.3 Minimally Invasive
8.4 Invasive
9 Global Medical Electronics Market, By Application
9.1 Introduction
9.2 Diagnostic Applications
9.3 Therapeutic Applications
9.4 Monitoring Applications
9.5 Surgical Applications
9.6 Digital assistance
9.7 Fitness
9.8 Wellness
9.9 Cardiology
9.10 Other Applications
10 Global Medical Electronics Market, By End User
10.1 Introduction
10.2 Hospitals
10.3 Clinics
10.4 Home Healthcare
10.5 Ambulatory Surgical Centers (ASCs)
10.6 Nursing Homes
10.7 Other End Users
11 Global Medical Electronics Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Philips Healthcare
13.2 Siemens Healthineers
13.3 GE Healthcare
13.4 Medtronic
13.5 Johnson & Johnson
13.6 Abbott Laboratories
13.7 Boston Scientific
13.8 Roche Diagnostics
13.9 Honeywell Life Sciences
13.10 Zebra Medical Vision
13.11 Olympus Corporation
13.12 Stryker Corporation
13.13 Fujifilm Holdings Corporation
13.14 Canon Medical Systems
13.15 Terumo Corporation
13.16 Baxter International
13.17 Smith & Nephew
13.18 3M Health Care
13.19 Siemens AG
13.20 Hewlett Packard (HP) Healthcare
List of Tables
1 Global Medical Electronics Market Outlook, By Region (2022-2030) ($MN)
2 Global Medical Electronics Market Outlook, By Product Type (2022-2030) ($MN)
3 Global Medical Electronics Market Outlook, By Diagnostic Equipment (2022-2030) ($MN)
4 Global Medical Electronics Market Outlook, By Electrocardiogram (ECG) (2022-2030) ($MN)
5 Global Medical Electronics Market Outlook, By Medical Imaging Systems (2022-2030) ($MN)
6 Global Medical Electronics Market Outlook, By Patient Monitoring Systems (2022-2030) ($MN)
7 Global Medical Electronics Market Outlook, By Electroencephalogram (EEG) (2022-2030) ($MN)
8 Global Medical Electronics Market Outlook, By Therapeutic Equipment (2022-2030) ($MN)
9 Global Medical Electronics Market Outlook, By Pacemakers (2022-2030) ($MN)
10 Global Medical Electronics Market Outlook, By Defibrillators (2022-2030) ($MN)
11 Global Medical Electronics Market Outlook, By Infusion Pumps (2022-2030) ($MN)
12 Global Medical Electronics Market Outlook, By Diabetes Care Devices (2022-2030) ($MN)
13 Global Medical Electronics Market Outlook, By Home Healthcare Devices (2022-2030) ($MN)
14 Global Medical Electronics Market Outlook, By Blood Glucose Monitors (2022-2030) ($MN)
15 Global Medical Electronics Market Outlook, By Blood Pressure Monitors (2022-2030) ($MN)
16 Global Medical Electronics Market Outlook, By Oxygen Concentrators (2022-2030) ($MN)
17 Global Medical Electronics Market Outlook, By Medical Wearables (2022-2030) ($MN)
18 Global Medical Electronics Market Outlook, By Surgical Instruments and Equipment (2022-2030) ($MN)
19 Global Medical Electronics Market Outlook, By Other Product Types (2022-2030) ($MN)
20 Global Medical Electronics Market Outlook, By Component Type (2022-2030) ($MN)
21 Global Medical Electronics Market Outlook, By Sensors (2022-2030) ($MN)
22 Global Medical Electronics Market Outlook, By Temperature Sensors (2022-2030) ($MN)
23 Global Medical Electronics Market Outlook, By Medical Electronics (2022-2030) ($MN)
24 Global Medical Electronics Market Outlook, By Blood Glucose Sensors (2022-2030) ($MN)
25 Global Medical Electronics Market Outlook, By ECG Sensors (2022-2030) ($MN)
26 Global Medical Electronics Market Outlook, By Image Sensors (2022-2030) ($MN)
27 Global Medical Electronics Market Outlook, By Heart Rate Sensors (2022-2030) ($MN)
28 Global Medical Electronics Market Outlook, By Ingestible Sensors (2022-2030) ($MN)
29 Global Medical Electronics Market Outlook, By Touch Sensors (2022-2030) ($MN)
30 Global Medical Electronics Market Outlook, By Piezo Film Sensors (2022-2030) ($MN)
31 Global Medical Electronics Market Outlook, By Position Sensors (2022-2030) ($MN)
32 Global Medical Electronics Market Outlook, By Batteries (2022-2030) ($MN)
33 Global Medical Electronics Market Outlook, By Lithium-ion (Li-Ion) Batteries (2022-2030) ($MN)
34 Global Medical Electronics Market Outlook, By Zinc Batteries (2022-2030) ($MN)
35 Global Medical Electronics Market Outlook, By Displays (2022-2030) ($MN)
36 Global Medical Electronics Market Outlook, By Microprocessors (2022-2030) ($MN)
37 Global Medical Electronics Market Outlook, By Memory (2022-2030) ($MN)
38 Global Medical Electronics Market Outlook, By Other Components (2022-2030) ($MN)
39 Global Medical Electronics Market Outlook, By Technology (2022-2030) ($MN)
40 Global Medical Electronics Market Outlook, By Wearable Medical Devices (2022-2030) ($MN)
41 Global Medical Electronics Market Outlook, By Implantable Medical Devices (2022-2030) ($MN)
42 Global Medical Electronics Market Outlook, By Point-of-Care Testing (POCT) Devices (2022-2030) ($MN)
43 Global Medical Electronics Market Outlook, By Robotic Surgery (2022-2030) ($MN)
44 Global Medical Electronics Market Outlook, By Telemedicine and Remote Monitoring (2022-2030) ($MN)
45 Global Medical Electronics Market Outlook, By Other Technologies (2022-2030) ($MN)
46 Global Medical Electronics Market Outlook, By Medical Procedure (2022-2030) ($MN)
47 Global Medical Electronics Market Outlook, By Non-Invasive (2022-2030) ($MN)
48 Global Medical Electronics Market Outlook, By Minimally Invasive (2022-2030) ($MN)
49 Global Medical Electronics Market Outlook, By Invasive (2022-2030) ($MN)
50 Global Medical Electronics Market Outlook, By Application (2022-2030) ($MN)
51 Global Medical Electronics Market Outlook, By Diagnostic Applications (2022-2030) ($MN)
52 Global Medical Electronics Market Outlook, By Therapeutic Applications (2022-2030) ($MN)
53 Global Medical Electronics Market Outlook, By Monitoring Applications (2022-2030) ($MN)
54 Global Medical Electronics Market Outlook, By Surgical Applications (2022-2030) ($MN)
55 Global Medical Electronics Market Outlook, By Digital assistance (2022-2030) ($MN)
56 Global Medical Electronics Market Outlook, By Fitness (2022-2030) ($MN)
57 Global Medical Electronics Market Outlook, By Wellness (2022-2030) ($MN)
58 Global Medical Electronics Market Outlook, By Cardiology (2022-2030) ($MN)
59 Global Medical Electronics Market Outlook, By Other Applications (2022-2030) ($MN)
60 Global Medical Electronics Market Outlook, By End User (2022-2030) ($MN)
61 Global Medical Electronics Market Outlook, By Hospitals (2022-2030) ($MN)
62 Global Medical Electronics Market Outlook, By Clinics (2022-2030) ($MN)
63 Global Medical Electronics Market Outlook, By Home Healthcare (2022-2030) ($MN)
64 Global Medical Electronics Market Outlook, By Ambulatory Surgical Centers (ASCs) (2022-2030) ($MN)
65 Global Medical Electronics Market Outlook, By Nursing Homes (2022-2030) ($MN)
66 Global Medical Electronics Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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