Medical Electronics Market Size, Share, Revenue Growth Analysis And Forecast From 2019 To 2025| Grand View Research, Inc
“The global medical electronics market was estimated to be around USD 94 billion in 2015 and is projected to grow at a CAGR of 7.9% over the next nine years.�
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.
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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
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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
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South Africa
Browse Related Category Reports @ www.grandviewresearch.com/industry/medical-devices Table of Content of Medical Electronics Market Chapter 1 Research Methodology 1.1 Information Procurement 1.2 Data Analysis Chapter 2 Executive Summary Chapter 3 Market Snapshot Chapter 4 Market Variables, Trends and Scope 4.1 Market Segmentation and Scope 4.1.1 Market driver analysis 4.1.1.1 Increasing geriatric population 4.1.1.2 Rising application of imaging devices 4.1.1.3 Growing awareness regarding routine check-up 4.1.2 Market restraint analysis 4.1.2.1 High cost and maintenance 4.1.2.2 Dependence on software for diagnosis 4.2 Penetration and Growth Prospects Mapping 4.3 Medical Electronics Market PESTEL Analysis 4.4 Industry Analysis - Porter’s Chapter 5 Market Categorization 2: Application Estimates & Trend Analysis 5.1 Application Movement Analysis & Market Share, 2015 & 2024 5.2 Imaging 5.2.1 Imaging market estimates and forecasts, 2013 - 2024 (USD Million) 5.3 Therapeutics 5.3.1 Therapeutics market estimates and forecasts, 2013 - 2024 (USD Million) 5.4 Patient monitoring 5.4.1 Patient monitoring market estimates and forecasts, 2013 - 2024 (USD Million) 5.5 Home healthcare/ Handheld devices 5.5.1 Home healthcare/ Handheld devices market estimates and forecasts, 2013 - 2024 (USD Million) Chapter 6 Market Categorization 3: Regional Estimates & Trend Analysis, by Application 6.1 Regional Movement Analysis & Market Share, 2015 & 2024 6.2 North America
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6.2.1 North America medical electronics market, by application, 2013 - 2024 (USD Million) 6.2.2 U.S. 6.2.2.1 U.S. medical electronics market, by application, 2013 - 2024 (USD Million) 6.2.3 Canada 6.2.3.1 Canada medical electronics market, by application, 2013 - 2024 (USD Million) 6.3 Europe 6.3.1 Europe medical electronics market, by application, 2013 - 2024 (USD Million 6.3.2 Germany 6.3.2.1 Germany medical electronics market, by application, 2013 - 2024 (USD Million) 6.3.3 UK 6.3.3.1 UK medical electronics market, by application, 2013 - 2024 (USD Million) 6.3.4 France 6.3.4.1 France medical electronics market, by application, 2013 - 2024 (USD Million) 6.4 Asia Pacific 6.4.1 Asia Pacific medical electronics market, by application, 2013 - 2024 (USD Million) 6.4.2 Japan 6.4.2.1 Japan medical electronics market, by application, 2013 - 2024 (USD Million) 6.4.3 China 6.4.3.1 China medical electronics market, by application, 2013 - 2024 (USD Million) 6.5 Latin America 6.5.1 Latin America medical electronics market, by application, 2013 - 2024 (USD Million) 6.5.2 Brazil 6.5.2.1 Brazil medical electronics market, by application ,2013 - 2024 (USD Million) 6.5.3 Mexico 6.5.3.1 Mexico medical electronics market, by application ,2013 - 2024 (USD Million) 6.6 Middle East & Africa 6.6.1 Middle East & Africa medical electronics market, by application, 2013 - 2024 (USD Million) 6.6.2 South Africa 6.6.2.1 South Africa medical electronics market, by application, 2013 - 2024 (USD Million) Chapter 7 Competitive Landscape 7.1 EDDA technology, Inc. 7.1.1 Company overview
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7.1.2 Financial performance 7.1.3 Product benchmarking 7.1.4 Strategic initiatives 7.2 Philips healthcare 7.2.1 Company overview 7.2.2 Financial performance 7.2.3 Product benchmarking 7.2.4 Strategic initiatives 7.3 FUJIFILM Medical Systems 7.3.1 Company overview 7.3.2 Financial performance 7.3.3 Product benchmarking 7.3.4 Strategic initiatives 7.4 Hitachi High Technologies Corporation 7.4.1 Company overview 7.4.2 Financial performance 7.4.3 Product benchmarking 7.4.4 Strategic initiatives 7.5 Toshiba medical systems corporation 7.5.1 Company overview 7.5.2 Financial performance 7.5.3 Product benchmarking 7.5.4 Strategic initiatives 7.6 McKesson Corporation 7.6.1 Company overview 7.6.2 Financial performance 7.6.3 Product benchmarking 7.6.4 Strategic Initiatives 7.7 Vucomp Inc. 7.7.1 Company overview 7.7.2 Financial performance 7.7.3 Product benchmarking
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7.7.4 Strategic initiatives 7.8 Hologic Inc 7.8.1 Company overview 7.8.2 Financial performance 7.8.3 Product benchmarking 7.8.4 Strategic initiatives 7.9 Siemens Healthcare 7.9.1 Company overview 7.9.2 Financial performance 7.9.3 Product benchmarking 7.9.4 Strategic initiatives 7.10 iCAD, Inc. 7.10.1 Company overview 7.10.2 Financial performance 7.10.3 Product benchmarking 7.10.4 Strategic initiatives
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About Us: 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.
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