Medical Electronic Market - Size, Share, Industry Trends, Growth and Demand Forecast to 2023

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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Based on applications of medical electronics, the medical electronics market is segmented into imaging systems (such as magnetic resonance imaging (MRI), general purpose X-Ray scanner, ultrasound, and computed tomography scanner/CT scanner), diagnosis (such as endoscope, digital thermometer, and ophthalmoscope), medical therapeutics such as ( programmable syringe pumps, dialysis machine, infusion pumps, and anaesthesia delivery system), monitoring (such as cardiac monitors, hemodynamic monitoring, respiratory monitoring and multi parameter monitor), fitness and wellness (such as electronic pedometer, wearable injectors, smart watches, and continuous glucose monitor/cgm) and others (such as hearing aids, electronic weighing scale, and automated external defibrillator/AED).

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.

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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.

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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Some of the major competitors in the global medical electronics market are Analog Devices Inc., Philips N.V., Siemens Ag, Texas Instruments, Tekscan, Inc., Renesas Electronics Corporation, On Semiconductor Corporation, GE Healthcare, Fairchild Semiconductor International, Inc., Cypress Semiconductor Corporation, STMicroelectronics N.V. and Maxim Integrated.

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