Global Medical Electronic Market Size, Share, Development, Growth and Demand Forecast to 2024 | Top Players- Analog Devices, Philips, Siemens, Texas Instruments, Tekscan, Renesas Electronics, ON Semiconductor, GE Healthcare, Fairchild - now part of ON Sem

Medical electronic refer to a certain class of electronic instruments and equipments used particularly for medical applications such as diagnosis, research, therapy, anaesthesia control, surgery and cardiac control. Medical electronic devices are widely use in the health-related diagnosis by merging biology and medicine science with electronics theories, principal and practices.

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Medical electronic devices comprise a wide range of technologies and equipments. Medical electronic devices range from simple tongue depressors to most sophisticated and complex programmable pacemakers and advanced imaging systems. Some of the most commonly used medical electronic devices include, surgical appliances, electro-medical equipment, surgical and medical instruments, in-vitro diagnostic substances, dental and ophthalmic goods and irradiation apparatus.

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The global medical electronic market is driven by the number of factors. Increasing global population and growing lifestyle diseases has led to requirement of advanced and fast healthcare services which in turn increases adoption of electronics in the treatment procedure. Increasing urbanization and improving healthcare infrastructure, particularly in the developing countries of Asia Pacific, is expected to drive the growth of the market in double digit during the forecasted period. The medical electronics in the developed countries is driven by the growing adoption of radiation therapy in disease treatment & diagnosis.

The growing medical tourism particularly in developing countries of Asia Pacific, coupled with increasing adoption of wearable electronics for health and fitness in healthcare industry, is expected to provide new market opportunities for advanced and sophisticated medical electronics devices during the forecasted period. However, the stringent government norms and standards coupled with high maintenance and refurbishment cost of these devices are acting as major challenges for the medical electronics market.

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North America is by far the largest market of medical electronics followed by Europe and Asia Pacific. About 15% of the total GDP (gross domestic product) of North America comprises of the healthcare and pharmaceutical industry. Asia-Pacific is the fasted growing market of medical electronics and the market is expected to grow in double digit during the forecasted period, attributed to the surging urbanisation in developing countries such as India and China. Moreover, the growing per capita income and rising demand for advanced healthcare services in this region is boosting the market of medical electronics.

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