Overview and Scope
Medical electronics refers to the study of electronic tools and equipment used in medical diagnosis and treatment. It is used in a variety of medical procedures, including surgery, anesthetic management, therapy, research, and heart control, with the help of medical electronic instruments and equipment.
Sizing and Forecast
The medical electronics market size has grown rapidly in recent years. It will grow from <b>$97.47 billion in 2023 to $111.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. </b> The growth in the historic period can be attributed to aging population, chronic disease management, regulatory compliance, personalized medicine, global health preparedness.
The medical electronics market size is expected to see rapid growth in the next few years. It will grow to <b>$193.18 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. </b> The growth in the forecast period can be attributed to rise in healthcare expenditure, patient-centric care, telehealth services, digital health revolution, cost-efficiency. Major trends in the forecast period include miniaturization and wearable devices, artificial intelligence (ai) and machine learning, internet of things (iot)-connected devices, sustainable materials, patient engagement tools.
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Segmentation & Regional Insights
The medical electronics market covered in this report is segmented –
1) By Component: Sensors, Batteries, Displays, MPUs or MCUs, Memory Chips
2) By Device Classification: Class I, Class II, Class III
3) By Medical Procedure: Non-Invasive, Minimally Invasive, Invasive
4) By Application: Medical Imaging, Clinical, Diagnostic, and Therapeutics, Patient Monitoring, Flow Measurement, Cardiology, Other Applications
5) By End User Products: Diagnostic and Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, Ventilators and RGM Equipment
<b>North America</b> will be the largest region in the medical electronics market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the medical electronics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rise in the geriatric population and increasing life expectancy are expected to propel the growth of the medical electronics market going forward. The geriatric population refers to the elderly population aged 65 and above. Medical electronics help the geriatric population by supporting their health care needs to live longer, healthier lives. For instance, in October 2021, according to the report shared by the World Health Organization, a Switzerland-based specialised agency of the United Nations, the share of the population aged 60 years and over increased from 1 billion in 2020 to 1.4 billion and by 2050, the world’s population of aged people 60 years and older will double (2.1 billion). The population aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Therefore, the rise in the geriatric population and the growing probability of life extension are driving the growth of the medical electronics market.
Key Industry Players
Major companies operating in the medical electronics market include <b> Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics, Mouser Electronics, Cypress Semiconductor Corporation, Semiconductor Components Industries LLC, Digi-Key Electronics, Tekscan Inc., First Sensor AG, General Electric Company, Vucomp Inc., Hitachi High Technologies Corporation, Hologic Inc., TE Connectivity Ltd., Boston Scientific Corporation, Abbott Laboratories, Becton Dickinson and Company (BD), Stryker Corporation, Cardinal Health Inc., Koninklijke Philips N.V., EssilorLuxottica SA, Danaher Corporation, Johnson & Johnson., Novartis AG., Medtronic plc, Baxter International </b>
The medical electronics market report table of contents includes:
1. Executive Summary
2. Medical Electronics Market Characteristics
3. Medical Electronics Market Trends And Strategies
4. Medical Electronics Market – Macro Economic Scenario
5. Global Medical Electronics Market Size and Growth
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26. South America Medical Electronics Market
27. Brazil Medical Electronics Market
28. Middle East Medical Electronics Market
29. Africa Medical Electronics Market
30. Medical Electronics Market Competitive Landscape And Company Profiles
Top Major Players:
- Analog Devices Inc.
- Texas Instruments Incorporated
- STMicroelectronics
- Mouser Electronics
- Cypress Semiconductor Corporation
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