“Medical Electronics Market is attributed to some of the driving factors such as the aging population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens .
Major players in the market are: Analog Devices (US), Texas Semiconductor (US), TE Connectivity (Switzerland), Medtronic (Ireland), ST Microelectronics (Switzerland), NXP Semiconductor (Netherlands), Cypress Semiconductor Corporation (US), Maxim Integrated Products (US), ON Semiconductor Corporation (US), Renesas Electronics Corporation (Japan), Microchip Technology (US)
Sensors to hold the largest market share during the forecast period in the medical electronics market
Sensors accounted for the largest market size for different components in the medical electronics market. The reduction in the size of sensors and the adoption of MEMS technology have opened new application areas for sensors, thereby surging the demand for these sensors. The market for flow sensors is projected to grow at a significant rate during the forecast period owing to the rising demand for ventilators, respiratory systems, and other life support systems due to COVID-19.
Minimally invasive medical devices are expected to witness the highest growth rate during the period 2021 and 2026
The minimally invasive medical devices are expected to show the highest growth rate during the forecast period. Minimally invasive medical devices have transformed surgical procedures by reducing the size of the incision, shortening or eliminating hospital stays, and improving recovery time and overall outcomes of the patients. Minimally invasive procedures involve the use of laparoscopic, endoscopic, or catheter-based solutions, which are becoming more common.
Americas to hold the largest share of medical electronics market during the forecast period
The Americas holds the largest share in the global medical electronics market. The major factors driving market growth include the increasing adoption of connected medical devices, the growing use of technologically advanced medical imaging devices, the rising influence of disruptive technologies such as IoT and AI in the healthcare sector. Factors such as the rise in the geriatric population, the presence of advanced healthcare infrastructure, and high healthcare expenditure are supporting the growth of the medical electronics market in the Americas.