The global Medical Electronics Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
Global Medical Electronics Market is expected to reach USD 219.0 billion by 2024. Medical Electronics is termed as an instrumentation used in physiological measurement in an area of engineering, medicine discipline, and biology. There are several opportunities for industry and new scientific findings. The future of medical electronics novel biometric appliances, devices, instruments, and systems will be established to treat neurological disorders or chronic diseases and extend life.
Key Players:
- EDDA technology, Inc.
- Philips healthcare
- FUJIFILM Medical Systems
- Hitachi High Technologies Corporation
- Toshiba medical systems corporation
- McKesson Corporation
- Vucomp
- Hologic
- Siemens Healthcare
- iCAD
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Growth Drivers:
The Medical Electronics Market is estimated to grow at a significant CAGR of 7.9% over the forecast period as the scope and its applications are rising enormously across the globe. Rising demand for patient tracking and other monitoring activities, changing lifestyle, growing acceptance of wearable electronics, growth in aging populace and increasing health awareness among populace are documented as major factors of Medical Electronics Market that are estimated to enhance the growth in the years to come. However, high refurbishment & maintenance cost and strict regulatory policy for product approval are the factors that may restrain overall market growth in the years to come.
Application Outlook:
- Imaging
- MRI Equipment
- Computed Tomography (CT)
- Nuclear imaging equipment
- X-ray Devices
- Ultrasound Systems
- Therapeutics
- Cardiac Rhythm Management (CRM)
- Dialysis
- Continuous Positive Airway Pressure (CPAP)
- Neuromodulation
- Patient monitoring
- Home Healthcare/Handheld products
Monitoring sector accounted for the significant market share of Medical Electronics and is estimated to lead the overall market in the coming years as rising use of home care settings and ambulatory care centers. This may be because of increasing acceptance of telemetry and remote monitoring. The device monitors patients from protracted distance, recommend treatments to patients, and perform intraoperative procedures.
Regional Insights:
Globally, North America accounted for the substantial market share of Medical Electronics and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be developed healthcare infrastructure, highly equipped laboratories, rising use of technologically advanced medical device, and high demand for medical electronics in the region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise growing population with respiratory diseases, developing healthcare infrastructure, technological enhancement, and rising awareness among populace regarding modern technology and their benefits. The developing countries like India and China are the major consumers of Medical Electronics in the region.
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