The medical electronics market is estimated to be worth USD 5.1 billion in 2019 and is projected to reach USD 6.6 billion by 2025, at a CAGR of 4.6% from 2019 to 2025. The medical electronics industry is expected to witness strong growth in the next six years mainly due to the rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population.
Medical electronics market for batteries is expected to hold the largest share during the forecast period
Increasing demand for high power portable medical devices, such as cardiac monitors, respiratory monitors, hemodynamic monitors, and implantable devices, is the major factor accelerating the growth of batteries in the medical electronics market. As most of the medical devices are being computerized for better diagnosis and monitoring, the number of battery-powered medical devices is proliferating. Unexpected failure or depletion of the battery can stop the device from functioning properly and preventing it from delivering a lifesaving therapy. Therefore, there is a huge demand for safe and reliable batteries for medical devices.
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Non-invasive medical devices are expected to hold the largest market share from 2019 to 2025
Factors such as the rising government subsidies on medical devices, increasing adoption of IoT-based medical devices, surging demand for digital radiography systems, and growing use of flat-panel detectors (FPDs) contribute to the augmented demand for non-invasive products in the medical electronics market.
Patient monitoring application is expected to hold the largest market share from 2019 to 2025
Factors such as the easy availability of wireless monitoring devices and the rising incidence of lifestyle and chronic diseases are expected to drive market growth during the forecast period. The growing demand for patient monitoring devices in non-hospital settings is also expected to provide a range of growth opportunities for players in the market. The integration of patient monitoring technologies in smartphones and wireless devices is a critical trend for patient care, resulting in increasing adoption of patient remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors.
Americas to account for the largest market share from 2019 to 2025
The Americas accounted for the largest share of the global medical electronics market in 2018. Factors such as the rise in the geriatric population, presence of advanced healthcare infrastructure, and high healthcare expenditure are supporting the growth of the market in the Americas. The medical electronic market has seen tremendous growth in terms of technological advancements, increased healthcare expenditure as a percentage of total GDP, and integration of health information technology (IT) into primary care. The region is home to a few of the leading medical devices and medical electronics and medical devices companies in the world, such as Johnson & Johnson (US), General Electric (US), Medtronic (US), and Cardinal Health Inc. (US), offering medical electronics. The region provides an ideal environment for innovation, which has facilitated massive advancements in medical technology.
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Key Market Players
The major players in medical electronics market are Analog Devices (US), Texas Instrument (US), TE Connectivity (Switzerland), Medtronics Plc (Ireland), ST Microelectronics (Switzerland), NXP Semiconductors (Netherlands), (US), Maxim Integrated Products (US), ON Semiconductor (US), Renesas Electronics Corporation (Japan), Microchip Technology (US), Tekscan, (US), Monebo (US), Cirtec Medical (US), First Sensor (Germany), Sensirion (Switzerland), Innovative Sensor Technology (Switzerland), Keller America (US), and Merit Medical Systems (US).