Medical Electronics Market Growth Trends: Forecast 2024-2031

Report Overview
Medical Electronics Market is expected to grow at a CAGR of 11.2% during the forecast period 2024-2031

Medical electronics is indeed a specialized field that merges engineering with areas like clinical practice and biomedical sciences. This discipline offers numerous advantages over traditional paper records. Not only does it allow for tracking of information over time, but it also enhances the quality of patient care by providing accurate, timely, and accessible patient data. This can lead to more informed decision-making in treatment plans, ultimately improving patient outcomes.

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Medical Electronics Market Trends

The surge in healthcare spending and the dynamic nature of the healthcare landscape are key factors propelling market growth.

Healthcare expenditure is directly linked with an aging population, increased per capita disposable income, and improved lifestyle. The medical expenses for individuals aged 60 years and above significantly exceed those of individuals aged between 15 and 30 years. The global elderly population is growing at an unprecedented rate, leading to increased life expectancy but also multiple comorbidities.

Despite the growth and improvement of healthcare infrastructure worldwide, barriers to affordability and accessibility hinder the widespread adoption of medical devices. To address the challenge of limited accessibility and affordability, healthcare spending needs to be augmented. An increase in overall healthcare expenditure is likely to improve access to medical devices and motivate medical electronics manufacturers to invest in research and development and innovation.

Furthermore, the expanding application of medical electronic devices is contributing to market growth. For example, the rising incidence of infectious diseases has led to an increased demand for respiratory monitors. Consequently, numerous companies are involved in the development and production of innovative medical devices to support market growth.

For instance, in December 2021, Respira Labs introduced an artificial intelligence-enabled wearable lung monitor. Such advancements are expected to boost the adoption of medical electronics among patients.

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Market Segmentation

By Mode of Delivery
Web/Cloud-based
On-premise

By Component
Practice management
Patient management
E-prescription
Referral management
Population health management

By Medical Procedure
Non-invasive
Minimally invasive
Invasive

By End User
Hospitals
Clinics
Specialty Centers

Market Key Players
Major players are Medtronic PLC, GE Healthcare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Fujifilm Corporation, McKesson Corporation, TE Connectivity, Hologic Inc, Cypress Semiconductor Corporation and Tekscan Inc.

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This release was published on openPR.