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Global Medical Electronics Market 2024 Competitor Assessment, Segmentation, Trends And Key Players Analysis Till 2033 | Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics, Mouser Electronics, Cypress Semiconductor Corporation.
Medical Electronics Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the medical electronics industry. This report on medical electronics market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The medical electronics market size has grown rapidly in recent years. It will grow from $97.47 billion in 2023 to $111.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to aging population, chronic disease management, regulatory compliance, personalized medicine, global health preparedness.
The medical electronics market size is expected to see rapid growth in the next few years. It will grow to $193.18 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to rise in healthcare expenditure, patient-centric care, telehealth services, digital health revolution, cost-efficiency. Major trends in the forecast period include miniaturization and wearable devices, artificial intelligence (AI) and machine learning, internet of things (iot)-connected devices, sustainable materials, patient engagement tools.
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Key Market Players:
Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics, Mouser Electronics, Cypress Semiconductor Corporation, Semiconductor Components Industries LLC, Digi-Key Electronics, Tekscan Inc
Market Drivers:
According to the Medical Electronics Market Report 2024 by The Business Research Company, the rise in the geriatric population and increasing life expectancy are expected to propel the growth of the medical electronics market going forward. The geriatric population refers to the elderly population aged 65 and above. Medical electronics help the geriatric population by supporting their health care needs to live longer, healthier lives. For instance, in October 2021, according to the report shared by the World Health Organization, a Switzerland-based specialized agency of the United Nations, the share of the population aged 60 years and over increased from 1 billion in 2020 to 1.4 billion and by 2050, the world's population of aged people 60 years and older will double (2.1 billion). The population aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Therefore, the rise in the geriatric population and the growing probability of life extension are driving the growth of the medical electronics market.
More information about the Global Medical Electronics Market Report -
https://www.thebusinessresearchcompany.com/report/medical-electronics-global-market-report
Market segments for template include:
1) By Component: Sensors, Batteries, Displays, MPUs or MCUs, Memory Chips
2) By Device Classification: Class I, Class II, Class III
3) By Medical Procedure: Non-Invasive, Minimally Invasive, Invasive
4) By Application: Medical Imaging, Clinical, Diagnostic, and Therapeutics, Patient Monitoring, Flow Measurement, Cardiology, Other Applications
5) By End User Products: Diagnostic and Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, Ventilators and RGM Equipment
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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