Medical Electronics Market Size to Reach US$ 122 Bn by 2026

LOS ANGELES, Nov. 05, 2019 /PRNewswire/ -- Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Medical Electronics Market By Application (Imaging, Therapeutics, Patient Monitoring, Homecare/Handheld Products), By End Use (Hospital, Ambulatory Surgical Centers, Clinics) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".

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Benefits connected with the use of medical electronic technologies include distant accessibility of health information, accurate accounting method, enhancement of health care quality, increased precision of production, simple updating of patient documents, and increased patient experience. Rapid progress in IT and increased awareness of health care has increased the reach for the industry for medical electronics. Moreover, progress in awareness of health care and information technology also contribute to the market growth. Growth in the industry for medical electronics influences multiple demographic trends such as increased portability of complicated surveillance and imaging devices, increased home medical electronics machinery, and functional integration of applications and appliances into network and wireless technology. In addition, variables such as enhanced market penetration of mobile medical systems, growing trend of distant patient surveillance, and wide accessibility of digital parts such as memory instruments, screen systems, and microcontrollers are anticipated to generate development possibilities in medical electronics industry. New medical electronics systems are appearing in healthcare with advances in technology, which is also anticipated to increase development in the industry for medical electronics.

End Use Segment Analysis

In 2018, the segment of hospitals accounted for over 40 percent and is expected to have a substantial proportion of income over the forecast period. The amount of hospital visits has increased with the growing incidence of cardiovascular diseases and respiratory infections in the geriatric population. In advanced as well as emerging nations, hospitals covered by the public healthcare system are well equipped with highly efficient medical electronic systems that are expected to stimulate segmental development in the coming years.

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Regional Outlook   

North America is projected to maintain the largest market share in a medical electronics market as a significance of improved healthcare infrastructure in this region majorly driven by the United States. Moreover, advancement of medical technology drives growth in the medical electronics industry in North America. Some of the other factors that increase the industry's growth for medical electronics are technological innovation and portability with other medical equipment. In addition, high patient understanding of the benefits of early diagnosis will boost demand for medical electronics during the forecast period. Besides, developed infrastructure combined with hi-tech diagnostic technology access will have a positive impact on regional development in the years to come.

Asia-Pacific is the fast-growing medical electronics sector owing to the growing urbanization in emerging nations such as India and China, also increasing investment by major players is anticipated to grow the market is speedily over the forecast period. Furthermore, growing per capita income in this region and growing demand for high-tech healthcare equipment are boosting the medical electronics sector. The medical electronics industry in China has undergone important growth and is anticipated to increase exponentially over the timeframe of forecast. Growing geriatric population is also expected to add to the development of the economy. According to China News Service, the age bracket of 60 years and older had about 241 million individuals by the end of 2017. Most of the older population base suffers from chronic illnesses that increase demand for medical electronics that accelerate the development of the sector.

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Latin America's medical equipment sector is driven by health care infrastructure development and population growth. While variables such as growing individual consciousness of wellness are expected to increase rapidly, in the near future this will assist Latin America achieve momentum. Globally, the Middle East & Africa receives a small share of the medical machinery industry. However, the industry is expected to evolve in the near future owing to enhanced purchases by personal players in the Middle East & African nations.

Key Players & Strategies

Major players include in this report are Vucomp; Toshiba Medical Systems Corporation; FUJIFILM Medical Systems; Philips healthcare McKesson Corporation; EDDA technology, Inc; iCAD, Inc.; and Siemens Healthcare; and others.

In order to remain competitive on the market, major businesses are creating tech savvy techniques and introducing new products. Mergers & acquisition and novel item trends are other competitive policies. In order to achieve efficient leadership, resource mobilization, and greater development, GE Healthcare and Wipro inked collaboration.

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