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The medical electronics market is worth $5.1 billion in 2019 and expected to reach $6.6 billion by 2025, at a CAGR of 4.6% from 2019 to 2025.
The global medical electronics market exhibits a lucrative growth potential for the next several years. The major factors driving the growth of the medical electronics market are rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; increasing the contribution of public and private sectors' funding toward healthcare and a growing elderly population.
Increasing demand for IoT-based medical devices, such as cardiac monitors, respiratory monitors, hemodynamic monitors, and implantable devices, is the major factor accelerating the medical sensor market growth. The market for medical sensors is propelled by substantial investments in R&D activities for the development of new advanced sensors, and the extensive uses of sensor technology in the diagnosis, prognostic treatments, and drug delivery.
The increasing use of high-resolution technologies in medical electronics, such as 3D systems, capsule endoscopy, and miniaturized endoscopic systems, is expected to offer substantial growth opportunities during the forecast period. Medical implants are used in the case of heart failure, cardiac arrhythmia, ventricular tachycardia, valvular heart disease, angina pectoris, and atherosclerosis. Implants can be placed permanently, or they can be removed once they are no longer needed.
Factors accelerating the invasive product market growth include the rising demand for implantable cardioverter defibrillators, pacemakers, implantable loop recorders, and endoscopes and an increasing number of training and awareness programs across the world to present the benefits of invasive devices. Technological advancements and breakthroughs in the field of endoscopy are expected to propel the growth of this segment during the forecast period.
Major factors driving the medical electronics market in the APAC are the rapidly growing population and improving healthcare infrastructure in developing countries such as India and China. Increasing aging population and strong government support to provide improved healthcare services by the government of China and India are other factors contributing to the growth of the medical electronics market in the Asia Pacific.
The government in APAC countries such as Australia, China, and India have invested heavily in the healthcare infrastructure and the provision of basic health insurance for all of its citizens. Moreover, an increase in discretionary income and a population that is aging faster are the other crucial factors propelling the medical electronics market in the Asia Pacific region.
- Aging population and increasing life expectancy throughout the world
- Rising healthcare spending and ever-changing healthcare landscape
- Increasing adoption of IoT-based Smart medical devices
- Escalating demand for portable medical devices and wearable electronics
- Growing use of radiation therapy in diagnosis and treatment of diseases
- Designing compatible Medical Electronics
- High maintenance and refurbishment costs of Medical Electronics
- Developing countries to offer significant growth opportunity
- Advances in sensors and digital technologies to create new opportunities
- Stringent regulatory processes and increased testing requirements for product approval
- Cybersecurity risks posed by proliferation of connected medical devices
Key Industry Trends
- IoT-based medical devices
- Advent of AI-based Smart medical devices