Medical Electronics Market By Application (Imaging, Therapeutics, Patient Monitoring, Homecare/Handheld Products), By End Use (Hospital, Ambulatory Surgical Centers, Clinics) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026
The global medical electronics market value is expected to surpass US$ 122 Bn by 2026 and is anticipated to grow at a CAGR of around 6% in terms of revenue during the forecast period from 2019 to 2026.
Medical electronics refer to a certain category of electronic instruments and equipment specifically used for medical application such as diagnosis, treatment, study, control of anesthesia, operation and control of the heart. In health-related diagnosis, medical electronic instruments are commonly used by combining biology and medicine science with concepts, principles and methods of electronics. Medical electronics uses both electronics and biomedical sector courses. Portable biomedical electronic systems are crucial for moving medical products from the hospital atmosphere to the workplace, moving medical examinations from the laboratory and providing customers with one-touch access. These systems give safe access and allow remote contact between patients and physicians.
The report provides analysis of global medical electronics market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Market Dynamics
The availability of medical equipment and leasing machines will increase their supply among healthcare practitioners which will have a positive impact on the development of the medical electronics industry. Due to the inclusion of hi-tech technology, most of the medical electronics accessible on the market are costly. The immediate purchasing costs of technologically sophisticated medical devices are large, and the price of a complete healthcare system can increase sharply. Due to the enormous investment, hospitals, diagnostic centres and personal medical practitioners are unwilling to purchase them, and it takes a long time to recover the costs. Increasing acceptance of technologically advanced electronic medical devices in emerging economies like India and China during the evaluation period will considerably increase market development. Although medical electronic systems are costly, the acceptance of these systems among health care professionals will be triggered by several public initiatives and favorable FDI measures. On the other hand, strict laws imposed on businesses engaged in the manufacture of medical electronic instruments will restrict the development of the industry in the near future. The prospective advantages connected with this technology include enhanced healthcare quality, enhanced production precision, distant availability of health information, accurate accounting method, simple to update electronic records of patients, and enhanced patient experience level. On the other side, there are some adverse elements such as decreasing medical practitioners efficiency, absence of conventional terminology, significant learning difficulties and problems linked to infringement of patient data security.
Regional Stance
In terms of region, North America is anticipated to retain the biggest market share in a medical electronics market as a result of enhanced healthcare infrastructure in this region. Medical technology progress drives development in North America's medical electronics industry. Technological innovation and portability with other medical equipment are some of the other variables that boost the development of the industry for medical electronics. Also, elevated patient knowledge of the advantages of early diagnosis will increase demand for medical electronics amid the predicted timeframe. In addition, developed infrastructure combined with hi-tech diagnostic technology access will have a positive impact on regional development in the years to come.
Asia-Pacific is the fastest growing medical electronics industry and the market is anticipated to expand double-digit over the forecast period due to the increasing urbanization in emerging nations like India and China. In addition, this region's increasing per capita earnings and increasing demand for hi-tech healthcare facilities are boosting the medical electronics industry. China medical electronics industry experienced significant development and is expected to rise exponentially over the prediction timeframe. It is anticipated that growing geriatric population also contribute to the market growth. According to China News Service, the age bracket of 60 years and older had about 241 million individuals by the end of 2017. Most of the older population base suffers from chronic illnesses that increase demand for medical electronics that accelerate the development of the sector
The medical electronics industry in Latin America is motivated by the development of health care infrastructure and population growth. While factors such as increasing health awareness among individuals are anticipated to rise quickly, this will help Latin America gain traction in the near future. The Middle East & Africa is getting a significant share of the medical equipment sector globally. However, due to increased acquisitions by private players in the Middle East & African countries, the market is anticipated to develop in near future.
Report coverage
The market research study on “Medical electronics Market (By Application: Imaging, Patient Monitoring, Therapeutics, Homecare/Handheld Products; End Use: Ambulatory Surgical Centers, Hospital, Clinics) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed insights on the global medical electronics market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global medical electronics market, its product, type, end use, and major geographic regions. The report covers global medical electronics market size, and segment markets by product, type, end use, and geography along with the information on companies operating in the market. The medical electronics market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global medical electronics market is segmented as below:
Market Segmentation
Medical Electronics Market By Application
- Imaging
- Therapeutics
- Patient Monitoring
- Homecare/Handheld Products
Medical Electronics Market By End Use
- Hospital
- Ambulatory Surgical Centers
- Clinics
Medical Electronics Market By Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Key Players
Major players include in this report are Vucomp, Toshiba Medical Systems Corporation, FUJIFILM Medical Systems, Philips healthcare, McKesson Corporation, EDDA technology, Inc, iCAD, Inc., Siemens Healthcare and others.
Frequently Asked Questions
Where does medical electronics used?
Medical electronics are used for medical application such as diagnosis, treatment, study, control of anesthesia, operation and control of the heart.
How much is the medical electronics market size?
Acumen Research and Consulting announced study, the medical electronics market size is anticipated to be worth around US$ 122 billion in 2026.
What will be the growth rate of medical electronics market during the forecast period 2019 to 2026?
The medical electronics market is anticipated to grow over 6% CAGR during the forecast period 2019 to 2026.
Which region held the maximum share for the medical electronics market?
North America held maximum share in 2018 for medical electronics market.
Which region is projected to grow at a fastest rate during the forecast period?
Asia Pacific is projected to grow at a fast pace during forecast period in the medical electronics market due to the increasing urbanization in emerging nations like India and China.
Which are the top key players operating in the medical electronics market?
Vucomp, Toshiba Medical Systems Corporation, FUJIFILM Medical Systems, Philips healthcare, and McKesson Corporation are the top players operating in the medical electronics market.
Which are the application segment included in medical electronics market?
There are some application segments for medical electronics market such as imaging, therapeutics, patient monitoring and homecare/handheld products.
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