Medical Electronics Market by Component [Sensors, Batteries, Memory Devices, Displays, and Microprocessors/Microcontrollers (Mcus/Mpus)], Medical Device Classification (Class I, Class II, and Class III), Medical Procedure (Invasive and Non-Invasive), Application (Diagnostic, Cardiology, and Flow Measurement), End User (Hospitals, Clinics, Ambulatory Surgical Centres, and Others) and Geography: Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00027058 | Pages: 100 | Industry: Medical Device | Date: Oct 2022 | Type: Global

The market crossed the US$ 6.29 billion mark in 2022 and is expected to hit US$ 10.65 billion by 2030, recording a CAGR of 6.8% during the forecast period. 

The medical electronics market has been significantly growing with an increased demand for imaging systems in healthcare facilities and the dominance of healthcare therapeutics.

The increasing growth of the market is also rising with the significant rise in the geriatric population associated with increased incidences of respiratory diseases and other chronic disorders. For instance, according to recent data from CDC, about 13.6 million people have the chronic obstructive pulmonary disease every year. The use of medical electronics helps in faster diagnosis and management; thus, it is the major factor boosting the market.  In 2021, the imaging equipment segment held the maximum share in the global market mainly due to the rising adoption among healthcare to make a visual demonstration of the internal body structures for managing and diagnosing various disorders.

Within the report, the market is segmented into components, medical device classification, medical procedure, application, end user and geography. By component, the market is segmented into sensors, batteries, memory devices, displays, and microprocessors/microcontrollers (Mcus/Mpus). By medical device classification, the market is segmented into class I, class II, and class III. By medical procedure, the market is segmented into invasive and non-invasive. By application, the market is segmented into diagnostic, cardiology, and flow measurement. The end user segments the market into hospitals, clinics, ambulatory surgical centers, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Continuous Technological Advancement in Sensors and Digital Technologies will Boost Market Growth

Medical electronics is a combination of clinical practice and biomedical sciences. In comparison to paper records, electronic medical records are more convenient. Medial electronics also help the caregiver to take better care of patients. Furthermore, the growing importance of medical electronics in inpatient and doctor monitoring activities has kept the market prospects high. Electronic medical device adoption is also rapidly increasing for diagnosis and treatment.

Enhancing sensors and digital technologies have created huge opportunities to improve patient care. However, these advancements can also lead to competitive threats. The proliferation of smart medical devices equipped with advanced computing and communication technologies is expected to boost the medical electronics market growth in the coming years. Medical electronics manufacturers utilize IoT technologies' transformative nature due to advances in computing, processing power, and wireless technology. In the same way, miniaturization boosts innovation in designing and developing connected medical devices. The increase in connected medical devices and advances in medical systems and software that support the gathering and transmission of data has created new opportunities for medical electronics manufacturers. 

Increasing incidences of chronic disease is one of the major factors accelerating market growth.

In the last few years, the increase in chronic diseases, including diabetes, cancer, cardiovascular diseases, and COPD, are the major factors responsible for the increasing adoption of medical electronics. According to the United Nations data, the global elderly population was estimated at around 382 million in 2017, which is expected to reach 2.1 billion by 2050. This elderly population is associated with a high risk of developing chronic diseases. It is expected to drive the demand for several diagnostics and therapeutics medical electronic devices such as CT scanners, ultrasound, patient monitoring systems, implantable medical devices, pacemakers, and respiratory care devices.

Recent strategic developments in the Medical Electronics market

The Medical Electronics market has undergone several significant developments, and a few of these have been mentioned below:

  • In October 2020, Texas Instruments launched a new family of low-noise DC/DC switching regulators with integrated ferrite-bead compensation. The regulators designed by the company save power and board space and eliminate noise.
  • In July 2020, Medtronic acquired 3 companies—Companion Medical, Medicrea, and Digital Surgery- to expand the company's line of devices that utilize smart technology to enhance patient care.
  • In March 2020, TE Connectivity acquired a majority stake in First Sensors. This acquisition will expand TE Connectivity's products and help offer a broader product base, including innovative, market-leading sensors, connectors, and systems, along with the best-in-class capabilities that support TE's growth strategy.

Several players drive the Medical Electronics market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Texas Instruments Incorporated; Analog Devices, Inc.; TE Connectivity; ST Microelectronics; Nxp Semiconductors; Medtronic Plc; Maxim Integrated; On Semiconductor Corporation; Cypress Semiconductor Corporation; Renesas Electronics Corporation is among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Market-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Medical electronics distributors and sales firms
  • End users of medical devices
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Component:
    • Sensors
    • Batteries
    • Memory Devices
    • Displays
    • Microprocessors/Microcontrollers (Mcus/Mpus)
  • Medical Device Classification:
    • Class I
    • Class II
    • Class III
  • Application:
    • Diagnostic
    • Cardiology
    • Flow Measurement
  • Medical Procedure:
    • Invasive
    • Non-Invasive
  • End User
    • Hospitals
    • Clinics
    • Ambulatory Surgical Centers
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Texas Instruments Incorporated
    • Analog Devices, Inc.
    • TE Connectivity
    • ST Microelectronics
    • Nxp Semiconductors
    • Medtronic Plc
    • Maxim Integrated
    • On Semiconductor Corporation
    • Cypress Semiconductor Corporation
    • Renesas Electronics Corporation

 

The List of Companies
- Texas Instruments Incorporated
- Analog Devices, Inc.
- TE Connectivity
- ST Microelectronics
- Nxp Semiconductors
- Medtronic Plc
- Maxim Integrated
- On Semiconductor Corporation
- Cypress Semiconductor Corporation
- Renesas Electronics Corporation

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