Medical Electronics Market Size to Touch USD 10.75 Billion, Rising at a CAGR of 6.5% by 2031: SNS Insider

Market Size & Growth Outlook

The global Medical Electronics Market size expected value of USD 10.75 billion by 2031, with a CAGR of 6.5% over the forecast period of 2024-2031, and the value of market was USD 6.47 Billion in 2023, the growth of market is Driven by including an growing population with increasing life expectancy, the Increasing adoption of Internet-of-Things (IoT) enabled smart medical devices, and a growing demand for portable and wearable medical technology.

The medical electronics market is experiencing a huge expansion due to several key drivers. The growing population, integrates with increasing life expectancy, necessitates a surge in advanced medical equipment for diagnosis, treatment, and monitoring. This demand is further amplified by the increasing prevalence of chronic illnesses, which necessitates ongoing medical management. The advancements in medical procedures and a growing emphasis on personalized treatment plans are propelling the need for sophisticated medical electronics.

Technological Innovations are Revolutionizing Healthcare Delivery

Rapid technological advancements are a defining characteristic of the medical electronics market. Integration of wireless connectivity, device miniaturization, Artificial Intelligence (AI), Machine Learning (ML), telemedicine solutions, wearable medical devices, and digital health platforms are revolutionizing healthcare delivery. These innovations have facilitated remote patient monitoring, improve patient comfort, streamlined data analysis, and improved accessibility to quality healthcare. ensuring patient safety and device efficacy remains paramount. The regulatory organization such as the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) play an Important role in governing medical electronic device approval and commercialization.

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Top Companies Featured in Medical Electronics Market Report:

– Renesas Electronics Corporation
– Siemens AG
– Semiconductor Corporation
– GE Healthcare
– Freescale Semiconductor Inc.
– Texas Instruments Incorporated
– STMicroelectronics N.V.
– Philips Healthcare Pvt. Ltd.
– Tekscan Inc..
– NXP Semiconductors N.V.

Recent Developments

– AMETEK COINING introduced novel Bio-Implantable Composite Materials (BCMs) in 2022, expanding possibilities for life-saving medical applications.

– In 2021, Altaris Capital Partners acquired BK Medical, a leader in surgical imaging, from GE, highlighting the growing significance of enhanced surgical visualization.

– Analog Devices launched a new sensor interface IC, enabling advanced electrochemical sensors, while VUNO received clearance for its portable ECG device, Hativ Pro, in South Korea, August 2022.

Medical Electronics Industry Segmentation as Follows:

By Component

• Sensor’s batteries display MPUs/MCUs
• Storage chips

by component, the sensors segment holds a dominant share due to their increasing role in enhancing medical equipment efficacy, safety, and user-friendliness. Sensors play a critical role in transforming various stimuli into electrical signals for medical evaluation, improving device intelligence, and enabling remote monitoring of vital signs and health parameters. This translates to improved patient care, enhanced healthcare worker productivity, and cost-efficiency.

By Medical Procedure

• Non-invasive
• minimally invasive
• invasive

by medical procedure, minimally invasive procedures are anticipated to witness the highest growth rate. Minimally invasive medical devices have revolutionized surgical procedures by minimizing incisions, shortening hospital stays, and accelerating patient recovery.

By End-User

• Equipment for imaging and diagnosis
• Instruments for patient monitoring
• Importable medical equipment
• RGM and ventilators

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By Application

• Diagnostic imaging
• Clinical diagnosis, therapeutic interventions, and patient flow measurement
• Cardiology others

Impact of Global Uncertainties

The Russia-Ukraine war has cast a shadow over the global economy, with potential implications for the medical electronics market. Supply chain disruptions, particularly for raw materials and electronic components, could lead to production delays and price fluctuations. economic sanctions and rising costs of transportation and logistics could further hamper market growth. A potential global economic slowdown could reduce healthcare spending, impacting the demand for medical electronics. The long-term growth prospects remain positive, driven by the aforementioned factors influencing technological advancements and the ever-growing need for advanced medical equipment.

Key Regional Development

North America is anticipated to maintain its dominance in the medical electronics market throughout the forecast period. This dominance can be attributed to several factors, The rising burden of chronic diseases among the population, the Increased adoption of advanced medical technologies in healthcare systems A well-established healthcare infrastructure, High healthcare expenditure.

Growing demand for minimally invasive therapies and Continuous advancements in medical electronics, the increasing prevalence of chronic diseases, particularly in developed economies, is a key driver for the demand for medical electronics.

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Key Takeaways for the Medical Electronics Market

• This report offers valuable insights for market participants and stakeholders,
• Comprehensive market size and growth projections
• Identification of key drivers and challenges impacting the market
• In-depth analysis of market segmentation based on components, applications, and medical procedures.
• Exploration of recent advancements and emerging trends
• Strategic guidance for market leaders and potential entrants

Table of Content – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Medical Electronics Market Segmentation, By Components
9. Medical Electronics Market Segmentation, By End-User
10. Medical Electronics Market Segmentation, By Application
11. Medical Electronics Market Segmentation, By Medical Procedure
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

Continued….

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