The rising prevalence of various chronic diseases, growing geriatric population, rising number of road traffic accidents, and rising number of hospital admissions across the globe is augmenting the demand for the medical electronics across various healthcare units. The proliferation of digital technologies coupled with the rising adoption of the medical electronic devices to offer quick and enhanced patient care diagnostic and therapeutic services is propelling the growth of the global medical electronics market. Moreover, the rising demand for the minimal-invasive surgeries and non-invasive diagnostic devices are expected to drive the demand for the medical electronics across the globe.
North America dominated the global medical electronics market, garnering a market share of around 45% in 2020. North America is characterized by the increased healthcare expenditure and the presence strong healthcare infrastructure. Moreover, the increased prevalence of chronic diseases among the US population and increased demand for the various diagnostic services has fueled the growth of the market.As per the data providedby the CDC,approximately 45 million outpatient surgeries, more than 900 million physician visits, and around 155 million emergency department visits in US were recorded in US in 2019. Further, according to the American Heart Association, over 40% of the US adults are forecasted to be affected with hypertension by 2030. Around 60% of the US population is suffering from at least one chronic disease and hence, the demand for the medical electronics is higher in North America.
Scope of the Medical Electronics Market
|Market Size In 2030||US$ 248.9 billion|
|Growth Rate From 2021 to 2030||CAGR of 11.8%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Companies Covered||Renesas Electronics Corporation, GE Healthcare, Siemens AG, ON Semiconductor Corporation, Freescale Semiconductor Inc., Texas Instruments Incorporated, Tekscan, Inc., STMicroelectronics N.V., Philips Healthcare Pvt. Ltd., NXP Semiconductors N.V.|
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising government and corporate investments in the development of smart and advanced healthcare units in order to serve the huge population in Asia Pacific region is expected to boost the growth of the market. The rising geriatric population and growing number of road accidents is fueling the number of hospital admissions in the region. According to the WHO, around 93% of the road traffic accidents occur in the low and middle-income countries. Moreover, around 80% of the geriatric population are expected to be residing in the underdeveloped and developing nations by 2050. Therefore, the growing demand for the medical electronics in Asia Pacific region is expected to drive the market growth in the foreseeable future.
The growing healthcare expenditure across the globe
The burden of various chronic diseases and infections is growing and so as the healthcare expenditure of the people. The improving lifestyle, growing geriatric population, rising disposable income, rising penetration of the healthcare insurances, and improved access to healthcare facilities are the major factors that drives growth of the medical electronics market. The consumers are increasing spending on their healthcare. In 2018, the per capita healthcare expenditure in US was over US$ 10,500. This number is expected to increase during the forecast period.
High cost of the advanced medical electronics
There is a huge capital investment involved in the acquisition and installation of the latest medical electronics in the healthcare units. The lack of proper healthcare infrastructure and weak economic conditions in the developing and underdeveloped markets may hamper the growth of the global medical electronics market during the forecast period.
The rising adoption of the digital and sensor technologies in the electronic devices
The proliferation of the digital technologies is boosting the adoption of the sensors, artificial intelligence, and internet of medical things technologies in the medical electronics. These technologies helps in providing quick, efficient, and cost-effective patient care services, which in turn fuels the demand for the medical electronics among the population.
The increased complications in designing the medical electronics
The demand for the portable, efficient, and cost-effective electronic devices is growing exponentially across the healthcare sector. With the rising miniaturization of the electronic medical devices, the manufacturers are facing difficulties in designing the small and portable medical electronics that can also offer cost-effectiveness. These growing complications in the medical electronic devices may present a more challenging and complicated manufacturing process in the upcoming future.