Worldwide medical electronics market is anticipated to exceed US $169 billion by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Growing demand for marginally invasive surgeries will render positive impact on medical electronics industry growth. The elderly population is mostly seen preferring marginally invasive surgeries as it involves lesser complications. Growing geriatric population will also compliment market growth. For instance, according to United Nations, in 2017, elderly population globally was recorded around 962 million, of which many are estimated to suffer from chronic diseases. This scenario is anticipated to be valuable for industry growth as it raises the demand for recently developed medical electronic devices employed in marginally invasive surgeries.
Advancements in therapeutic and diagnostic devices is likely to favor market growth. Moreover, availability of developing nanotechnology and microtechnology based electronics such as diagnostic chips for remote monitoring of vital organs like kidney, lungs, liver, brain and heart will impact market growth in upcoming years. However, compliances involved with product manufacturing, marketing and development would limit independent decision making for players such as changing a machine part or supplier that may obstruct medical electronic market growth over the forecast period.
According to the report, the diagnostics sector was valued at US $45.7 billion in 2018 and is anticipated to experience substantial growth over the coming years. Growing awareness about benefits of early diagnosis will boost the demand for accurate and better diagnostic medical electronics. Furthermore, growing research and development activities done by major companies that enable developments in diagnostic devices will augment segmental growth. Citing an instance, recently Siemens launched Acuson SC2000 prime cardiovascular ultrasound diagnostic machine that is integrated with latest technology and supports precise diagnosis.
Hospital sector accounted for significant revenue share and is predicted to cross 13% growth over the coming years. Increasing cost containment measures commenced by regulatory authorities to provide reasonable healthcare facilities to patients without compromising on quality of service has also increased the demand for medical electronic devices in hospitals to provide adequate treatment and diagnosis.
Based on regional landscape, North America medical electronics market accounted for 44.9% share in the year 2018. The main factors fueling regional market growth include increased high-income levels, rising adoption of innovative medical electronic equipment and high healthcare expenditure. Advanced products manufactured by several medical electronics companies will further drive regional market growth over the coming years.
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In Asia Pacific, China has effectively dominated the medical electronic devices market and is predicted to increase at 13.4% over the forecast period. This growth is primarily driven by increasing dominance of diseases in the country along with rising elderly population and growing per capita income. Moreover, favorable compensation scenario associated with marketing and manufacturing of electronic devices will positively influence China market growth.
Prominent companies operating in the medical electronics market include Carestream Health, GE Healthcare, Abbott, Boston scientific, Fujifilm Medical system, Maxim Integrated, Toshiba Corporation, Samsung Electronics and Hitachi High Technologies Corporation. These companies are focusing on strategic alliance to capitalize on market opportunities and strengthen their market position.
For instance, in 2017, Siemens announced 5.0 version of Acuson SC2000 cardiovascular ultrasound system designed to integrate angiography pictures with ultrasound results to support in treatment decisions and gain accurate results. Introduction of new medical devices will also strengthen company’s existing product portfolio.