Global Medical Electronics Market to 2030: Increased Use of Medical Electronics in Imaging, Screening, Therapy and Intervention is Boosting Growth

DUBLIN, April 5, 2023 /PRNewswire/ -- The "Medical Electronics Market, By Type, By Component, By Application, By End-use, and By Region Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The market size of medical electronics was USD 6.30 billion in 2021 and is predicted to achieve a revenue Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.

Companies Mentioned

• Texas Instruments Incorporated
• Medtronic plc.
• General Electric Company
• Koninklijke Philips N.V.
• Siemens Healthineers AG
• Becton
• Dickinson and Company
• Johnson & Johnson Services Inc.
• Fresenius Medical Care AG & Co. KGaA
• Analog Devices Inc.
• Baxter International Inc.
• STMicroelectronics N.V.

The increased use of medical electronics in imaging, screening, therapy, and intervention is boosting the growth of market revenue. The National Institutes of Health (NIH) states that implementing Artificial Intelligence (AI) in the healthcare industry could reduce annual healthcare costs by USD 150 billion by 2026.

To improve decision-making and reduce operational costs, many hospitals and health systems are leveraging digital transformation in areas such as patient monitoring and treatment. Integration of AI and Machine Learning (ML) in medical electronics systems are also generating accurate diagnoses and treatment recommendations for patients, which is driving revenue growth in the market.

The demand for novel technological solutions such as machine learning, artificial intelligence, 3D printing, and cloud-based Product Life cycle Management (PLM) devices is increasing to solve critical challenges. Furthermore, the rising approval of medical devices that are enabled by artificial intelligence (AI) and machine learning (ML) is accelerating the growth of the market.

According to the United States Food and Drug Administration (FDA), 91 AI and ML enabled medical devices have been approved for treatment and diagnosis in 2022. Additionally, strategic partnerships in digital healthcare improvement are creating opportunities for business expansion in the medical electronics market.

For example, LG Electronics, a multinational electronics company, has partnered with digital healthcare enablement leader Amwell to develop and commercialize a joint virtual care solution. This new technology will automate the task of virtual rounding, nursing, e-sitting, and isolation room monitoring. These innovations are significantly driving growth of the market.

Market Dynamics

Driver:

Rising demand for medical electronics for healthcare automation and digitalization

Hospitals worldwide are increasingly automating regular activities, such as the admission process, emergency room operations, and drug supply, due to rising patient demand. Various electronic devices are being used in the treatment of Noncommunicable Diseases (NCDs). According to the World Health Organization (WHO), NCDs account for 41 million deaths each year, which is equivalent to 74% of all global deaths.

Additionally, the increased use of imaging devices in screening, therapy, and intervention is significantly driving demand in the market. The increasing clinical trials of medical devices are accelerating the growth of new product development. In the United States, the Food and Drug Administration (FDA) has approved pioneering technologies such as FLASH therapy and radio ablation (CRA) systems for the treatment of refractory Ventricular Tachycardia (VT), leveraging automation and digitalization in the healthcare industry.

Moreover, increasing digitalization will enhance laboratory productivity and enable better integration of diagnostic test results into clinical decision-making. Medical electronics systems are extensively utilized in pharmaceutical and biotechnology companies for the analysis of cell and gene, drug development, and Deoxyribonucleic Acid (DNA) structural analysis. Companies are developing algorithms to extract and analyze large volumes of clinical data. These factors are expected to drive growth in the market over the forecast period.

Restraint:

Global shortage of healthcare chipset and lack of specialist knowledge

Currently, the global medical electronics market is experiencing a chip shortage. Manufacturing medical electronics systems, such as infusion pumps, patient monitoring systems, continuous renal replacement therapy systems, Magnetic Resonance Imaging (MRI) machines, chemistry, and blood gas analyzers, require standard ICs, semicustom ICs, and mixed-signal Application-Specific Integrated Circuits (ASICs) chipsets.

According to the World Economic Forum, the medical technology industry accounts for only 1% of the current total chip supply. Several medical electronics manufacturing companies have reported delays in production due to chipset shortages.

Additionally, a critical challenge in the medical electronics market is a shortage of skills and training. Proper training is required to operate medical electronics systems and devices with new features and technologies for critical diagnostics and clinical tests. Many healthcare professionals lack the necessary skills to operate medical electronics devices with ease and precision. These factors are expected to hinder the growth of the market over the forecast period.

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Medical Electronics Market Segmentation & Impact Analysis
4.1. Medical Electronics Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Increased utilization of medical electronics in imaging, screening, therapy, and intervention
4.2.2.2. Rising demand for medical electronics for healthcare automation and digitalization
4.2.3. Market restraints analysis
4.2.3.1. Global shortage of healthcare chipset and lack of specialist knowledge
4.2.3.2. Risk regarding regulatory challenges
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
4.9. Customer Mapping
4.10. COVID-19 Impact Analysis
4.11. Global Recession Influence

Chapter 5. Medical Electronics By Type Insights & Trends

Chapter 6. Medical Electronics By Component Insights & Trends

Chapter 7. Medical Electronics Market By Application Insights & Trends

Chapter 8. Medical Electronics Market By End-use Insights & Trends

Chapter 9. Medical Electronics Market Regional Outlook

Chapter 10. Competitive Landscape
10.1. Market Revenue Share By Manufacturers
10.2. Manufacturing Cost Breakdown Analysis
10.3. Mergers & Acquisitions
10.4. Market Positioning
10.5. Strategy Benchmarking
10.6. Vendor Landscape

Chapter 11. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/y6e5x9

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