Medical Electronics Market 2024-2033: Size, Share, and Growth Analysis Report

The Business Research Company recently released a comprehensive report on the Global Medical Electronics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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 specialised 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.

Innovations in medical electronics are a key trend gaining popularity in the medical electronics market. Major companies operating in the medical electronics market are developing new products to strengthen their position in the market. For instance, in November 2021, according to the FDA Center for Devices and Radiological Health, a branch of the United States Food and Drug Administration responsible for the premarket approval of all medical devices, CDRH Innovation is developing activities to support medical device innovators to increase patient access to innovative medical devices developed by small businesses and start-ups through its own Small Business Innovation Research (SBIR) grant program. It encourages domestic small businesses to engage in research and development with the potential for product commercialization. CDRH is partnering with various innovation groups and accelerators to support early-stage companies in the development of this medical device.

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Major Key Players of the Market:

Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics, Mouser Electronics, Cypress Semiconductor Corporation, Semiconductor Components Industries LLC, Digi-Key Electronics, Tekscan Inc., First Sensor AG, General Electric Company, Vucomp Inc., Hitachi High Technologies Corporation, Hologic Inc., TE Connectivity Ltd., Boston Scientific Corporation, Abbott Laboratories, Becton Dickinson and Company (BD), Stryker Corporation, Cardinal Health Inc., Koninklijke Philips N.V., EssilorLuxottica SA, Danaher Corporation, Johnson & Johnson., Novartis AG., Medtronic plc, Baxter International

Medical Electronics Market 2024 Key Insights:

• 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%.
• Geriatric Population Surge And Increasing Life Expectancy Fuel Medical Electronics Market Growth
• Innovations Transforming The Landscape Of The Medical Electronics Market
• North America will be the largest region in the medical electronics market in 2023

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This release was published on openPR.