The global
medical electronics market is expected to reach USD 219.0 billion by 2024,
according to a new report by Grand View Research. Technological advancements
have boosted the applications of electronics in the fields of diagnostics,
therapeutics, and wellness. Increasing geriatric population coupled with
sedentary lifestyle contributes to chronic cardiovascular, gastrointestinal,
and respiratory disorders.
Diagnostic
applications of medical electronics are fueled due to growing awareness about
healthcare amongst people. Population in developed countries opts for early
diagnosis for effective treatment and cure. Increasing adoption of newer
technology in diagnostics is expected to upsurge the market in future.
Aging
population creates need for critical care of long duration, thus increasing the
demand for life-supporting devices, such as ventilators and dialysis devices.
Growing number of accidents and permanent injuries also contribute to this
upsurge. Improving healthcare facilities eases the procedures of reimbursements
and related medical procedures even in developing countries.
Industry
players are focused on the commercialization of new technologies and integrated
systems. In August 2016, Siemens launched a new product, Sysmex CS-2500. It is
a coagulation analyzer and has applications in diagnostics.
In depth research report on Medical Electronics Market
Further Key Findings from the Study Suggest:
·
Rising prevalence of chronic
diseases, such as neurodegenerative and cardiac diseases, creates a need for
continuous patient monitoring. Constant development of technologies such as
real-time audio/video feed, wireless communications, and remote patient
monitoring proves to be a boon for chronic patients, especially those who
prefer to receive treatment at home. All these factors are expected to act as a
catalyst for the market growth over the forecast period.
·
The largest application of medical
electronics is in the field of diagnostics, especially imaging. Increasing
importance of early disease diagnosis is promoting the growth of this segment.
Magnetic resonance imaging is the most common method used, owing to the growing
neurological and musculoskeletal disorders and the development of
superconducting magnets.
·
Ultrasound is projected to be the
fastest-growing segment of medical imaging, owing to its applications in
point-of-care and musculoskeletal diseases. Growing birth rate also contributes
to the usage of ultrasound. Rising awareness coupled with government
recommendations about periodic screening for cancer also contributes to this
growth.
·
Considering home healthcare medical
electronics, device such as glucometer is used by diabetic patients owing to
the ease of use of the device, and cost-effectiveness.
·
The emphasis on preventive measure
and early diagnosis rather than on treatment is driving the industry players to
invest in remote, wireless, and minimally invasive equipment. This is predicted
to set the trend of telehealth, self-monitoring, and home healthcare. In
February 2016, Medtronic launched its first remote monitoring pacemaker in
Canada. The data collected and interpreted is transmitted securely to the
physician to make efficient treatment decisions.
·
North America dominated the market
owing to the presence of well-structured healthcare and reimbursement systems.
High prevalence of chronic lifestyle diseases, growing awareness about the
importance of early diagnosis, and acceptance of new technology contributed to
the market growth in this region.
·
Asia pacific is expected to emerge as
the fastest growing region during the forecast period. The huge patient pool in
Asia Pacific proves to be an attractive opportunity for companies to market
their products in this region. Improving healthcare systems, high incidence
rate of diseases and accidents, and stabilizing economies aid the market
growth.
·
Some key participants include EDDA
technology, Inc., Philips healthcare, FUJIFILM Medical Systems, Hitachi High Technologies
Corporation, Toshiba Medical Systems Corporation, McKesson Corporation, Vucomp,
Hologic Inc., Siemens Healthcare and iCAD, Inc.
·
The current trend of investing in
development of new technologies is expected to benefit patients as well as
practitioners. For instance, in March 2016, Maxim Integrated launched its new
heart rate monitor integrated with pulse oximeter. This device helps in
continuous monitoring and efficient treatment of cardiovascular patients.
Grand View
Research has segmented the medical electronics market by application:
Medical Electronics Market Application Outlook (Market
revenue in USD Million, 2013 - 2024)
·
Imaging
o
MRI Equipment
o
Computed Tomography (CT)
o
Nuclear imaging equipment
o
X-ray Devices
o
Ultrasound Systems
·
Therapeutics
o
Cardiac Rhythm Management (CRM)
o
Dialysis
o
Continuous Positive Airway Pressure
(CPAP)
o
Neuromodulation
o
Others
·
Patient monitoring
·
Home Healthcare/Handheld products
Medical Electronics Market Regional Outlook (Market
Revenue in USD Million, 2013 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
o
France
·
Asia Pacific
o
Japan
o
China
o
India
·
Latin America
o
Brazil
o
Mexico
·
Middle East and Africa
o
South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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