Medical Electronics Market Predicted to Witness Surge in the Near Future
Conventional medical devices have evolved over time, which is obvious with the advent of handheld smart phone-sized ultrasound systems, digital stethoscopes and digital X-ray systems.Small-sized medical devices are available for monitoring blood sugar levels, insulin, blood pressure and blood coagulation levels at home, and can send periodical reports to a doctor in a connected environment. Even consumer devices such as toothbrusheshave become modernized enough to send periodic information to dentists in a similar connected environment.The potential benefits associated with this technology includes improved quality of healthcare, increased output accuracy, remote health data availability,precise billing mechanism, easy to update patient electronic records and increase in level of patient experience. On other hand, there are some negative aspects such as decrease in productivity of medical professionals, lack of standard terminologies, significant learning difficulties and issues related to violation of patient data security.
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Increase in income levels,higher standard of living, rising health awareness rise in aging population in developed countries and development in health facilities in developing countries are key factors driving the rapid growth of the medical electronics market. High availability of electronic components such as microcontrollers, memory devices, display technologies etc., has contributed majorlyto the development of biomedical devices and equipment.The acceptance of electronic medical devices is difficult for the users as well as the doctors due to its high prices.
The global medical electronics market is segmented on the basis of type, components, application and geography. Medical electronic device types vary depending on size, from handheld devices to heavy base devices, wearable gadgets to wireless connected devices, and from RFID-based health tracking device to RADAR technology-based ultrasound machines.On the basis of components, the market is segmented into sensor, battery, display, processors and memory. On the basis of application,the market is segmented into imaging, health monitoring, digital assistance, digital diagnostic, medical therapy, fitness and wellness and healthcare. On the basis of geography, the market is segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, EasternEurope and the Middle East & Africa.
The advancements in medical electronics include dynamic power path management, remote patient tracking, integrated analog front ends and tissue analysis of cancer cells. Some of the innovative products still in the developmental stage, which are to be introduced in the future, includeneedle-free diabetic care, robotic checkups andtouchscreen systems for treatment rooms.The opportunity for handheld wireless monitoring devicesis high.
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Siemens AG,Analog Devices, Angiotech Pharmaceuticals, Inc. (Canada), GE Healthcare (U.K.), Maxim Integrated (U.S.), Texas Instruments Incorporated (U.S.), Fairchild Semiconductor International, Inc.,ON Semiconductor Corporation (U.S.), STMicroelectronics N.V. (Switzerland), Freescale Semiconductor, Inc. (U.S.), Cypress Semiconductor Corporation, GE,and Biotronik GMBH & CO.KG. (Germany) are some of top players in the medical electronics market. The key strategies adopted by most of these players to maintain and enhance market sharesinclude mergers& acquisition, joint ventures, product launches and product enhancement. The medical electronics market is expected to grow along with technological innovations and focus more on accuracy, cost effectiveness and technological platform portability with other medical equipment. With the rise in data security threats and legal claims from patients, more technologically safe and data secured devices need to be deployed in the market to meet the medical infrastructural needs of society.
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