Medical Electronics Market Size to Reach USD 11.39 Billion in 2030

VANCOUVER, BC, Jan. 10, 2023 /PRNewswire/ — The Medical Electronics market size reached USD 6.20 Billion in 2021 and is expected to register a CAGR of 6.90% during the forecast period, according to latest analysis by Emergen Research. The increasing prevalence of numerous chronic illnesses and the expanding elderly population worldwide is driving market revenue growth. Diabetes, cancer, cardiovascular illness, and chronic obstructive pulmonary disease (COPD) are the leading causes of the expanding use of medical electronics and are crucial factors driving market growth.

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A growing geriatric population results in a growing need for diagnostic and therapeutic medical electronic devices including CT scanners, ultrasound machines, patient monitoring systems, medical implanted devices like pacemakers, and respiratory care equipment. The global market for medical electronics is expanding because of factors like increasing number of intensive care unit admissions. Society of Critical Care Medicine data shows that 40–50% of all intensive care unit admissions necessitate the use of mechanical ventilation, which bodes well for the future of medical electronics.

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Drivers:

The global number of surgical procedures is rapidly increasing, as surgical procedures are required to treat a variety of health disorders including obstructed childbirth, accidents, cardiovascular diseases, infections, and malignancies. As a result, demand for medical electronics is also increasing. Increasing prevalence of chronic diseases and growing geriatric population are also boosting the number of surgical procedures. Every year, around 3 Billion people in the United States undergo cataract surgery.

Every year, about 1.3 Billion pregnant women in the United States have their kids delivered through C-sections. Annually, over 1 Billion Americans undergo joint replacement surgery. This comprises around 720,000 knees and 330,000 hip replacements. This procedure is also performed on some other joints, such as the shoulders and ankles. Yearly, about 670,000 procedures are performed in the United States to repair specific types of fractured bones. Hence, rising number of surgical procedures is expected to increase the demand for different medical electronics in the near future.

Restraints:

There is presently a chip scarcity in the global market for medical electronics. Production of medical electronics such as infusion pumps, patient monitoring systems, continuous renal replacement therapy systems, MRI machines, and chemical and blood gas analyzers requires standard ICs, semi custom ICs, and mixed-signal Application-Specific Integrated Circuits (ASICs) chipsets. The medical technology sector currently accounts for only 1% of the world’s total chip supply, as reported by the World Economic Forum. Many companies that make medical devices have reported production delays due to a lack of chipsets.

In addition, the medical electronics industry has severe difficulties due to a lack of skilled workers and inadequate training. Critical diagnostic and clinical tests can only be carried out with properly trained operators using modern medical electronics systems and devices. There is a widespread lack of competence among healthcare practitioners in the use of medical electronics devices. These variables are expected to restrain market expansion throughout the forecast period.

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Growth Projections:

The medical electronics market is expected to register a CAGR of 6.90% over the forecast period and revenue is projected to increase from USD 6.20 Billion in 2021 to USD 11.39 Billion in 2030. Increasing demand for portable medical devices & wearable electronic is expected to support revenue growth of the market.

Current Trends and Innovations:

There is a growing need for innovative technical solutions, such as machine learning, artificial intelligence, 3D printing, and cloud-based Product Life cycle Management (PLM) tools, to address pressing problems. Additionally, increasing acceptance of medical devices enabled by AI and ML is fueling the market’s expansion. In 2022, the FDA authorized the use of 91 medical devices that make use of artificial intelligence (AI) or machine learning (ML) for either therapy or diagnostic. In addition, the medical electronics industry is benefiting from the growth potential created by strategic partnerships aimed at bettering digital healthcare.

In order to develop and commercialize a collaborative virtual care solution, for instance, on 10th March 2022, LG Electronics, a multinational electronics firm, collaborated with Amwell, a leader in digital healthcare enablement. This new technology will make it easier to automate virtual rounding, e-sitting, nursing, and monitoring in isolation rooms. These technological advancements are serving as a major factor for the market’s growth.

Strategic Initiatives:

Major companies included in the market report are Renesas Electronics Corporation, Siemens, General Electric Company, Semiconductor Components Industries, LLC., Texas Instruments Incorporated, STMicroelectronics, Koninklijke Philips N.V., Tekscan, Inc., NXP Semiconductor, Medtronic.

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Scope of Research

Report Details

Outcome

Market Size in 2021

USD 6.20 Billion

CAGR (2022–2030)

6.90 %

Revenue Forecast to 2030

USD 11.39 Billion

Base Year for Estimation

2021

Historical Sata

2019–2020

Forecast Period

2022–2030

Quantitative Units

Revenue in USD Billion and CAGR in % from 2022 to 2030

Report Coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments Covered

Component, procedure, application, end-use, and region

Regional Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Country Scope

U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa

Key Companies Profiled

Renesas Electronics Corporation, Siemens, General Electric Company, Semiconductor Components Industries, LLC., Texas Instruments Incorporated, STMicroelectronics, Koninklijke Philips N.V., Tekscan, Inc., NXP Semiconductor, and Medtronic

Customization Scope

10 hours of free customization and expert consultation

 

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Emergen Research has segmented medical electronics market on the basis of component, procedure, application, end-use, and region:

  1. Temperature sensors

  2. Pressure sensors

  3. Blood-glucose sensors

  4. ECG sensors

  5. Heart rate sensors

Batteries

  1. Lithium-Ion batteries

  2. Zinc air batteries

Memory Chips

  1. Flash memory

  2. SDRAM

  3. EPROM

  4. FRAM

Displays

  1. TFT LCD displays

  2. OLED displays

Procedure Outlook (Revenue, USD Billion; 2019-2030)

  • Non-invasive

  • Minimally invasive

  • Invasive

Application Outlook (Revenue, USD Billion; 2019-2030)

End-Use Outlook (Revenue, USD Billion; 2019-2030)

  1. MRI scanners

  2. X-ray scanners

  3. CT-scanners

  4. Ultrasound scanners

  5. Nuclear imaging system

  • PET scanners

  • SPECT scanners

Endoscopy Patient monitoring devices

  1. Cardiac monitors

  2. Hemodynamic monitors

  3. Multi-para monitors

  4. Digital thermometers

Medical Implantable devices

  1. Pacemakers

Other devicesRegional Outlook (Revenue, USD Billion, 2019 – 2030)

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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