Medical Electronics Market Size to Reach USD 11.39 Billion in 2030 | Emergen Research

VANCOUVER, BC, Jan. 10, 2023 /PRNewswire/ -- The Medical Electronics market size reached USD 6.20 Billion in 2021 and is expected to register a CAGR of 6.90% during the forecast period, according to latest analysis by Emergen Research. The increasing prevalence of numerous chronic illnesses and the expanding elderly population worldwide is driving market revenue growth. Diabetes, cancer, cardiovascular illness, and chronic obstructive pulmonary disease (COPD) are the leading causes of the expanding use of medical electronics and are crucial factors driving market growth.

A growing geriatric population results in a growing need for diagnostic and therapeutic medical electronic devices including CT scanners, ultrasound machines, patient monitoring systems, medical implanted devices like pacemakers, and respiratory care equipment. The global market for medical electronics is expanding because of factors like increasing number of intensive care unit admissions. Society of Critical Care Medicine data shows that 40–50% of all intensive care unit admissions necessitate the use of mechanical ventilation, which bodes well for the future of medical electronics.

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Drivers:

The global number of surgical procedures is rapidly increasing, as surgical procedures are required to treat a variety of health disorders including obstructed childbirth, accidents, cardiovascular diseases, infections, and malignancies. As a result, demand for medical electronics is also increasing. Increasing prevalence of chronic diseases and growing geriatric population are also boosting the number of surgical procedures. Every year, around 3 Billion people in the United States undergo cataract surgery.

Every year, about 1.3 Billion pregnant women in the United States have their kids delivered through C-sections. Annually, over 1 Billion Americans undergo joint replacement surgery. This comprises around 720,000 knees and 330,000 hip replacements. This procedure is also performed on some other joints, such as the shoulders and ankles. Yearly, about 670,000 procedures are performed in the United States to repair specific types of fractured bones. Hence, rising number of surgical procedures is expected to increase the demand for different medical electronics in the near future.

Restraints:

There is presently a chip scarcity in the global market for medical electronics. Production of medical electronics such as infusion pumps, patient monitoring systems, continuous renal replacement therapy systems, MRI machines, and chemical and blood gas analyzers requires standard ICs, semi custom ICs, and mixed-signal Application-Specific Integrated Circuits (ASICs) chipsets. The medical technology sector currently accounts for only 1% of the world's total chip supply, as reported by the World Economic Forum. Many companies that make medical devices have reported production delays due to a lack of chipsets.

In addition, the medical electronics industry has severe difficulties due to a lack of skilled workers and inadequate training. Critical diagnostic and clinical tests can only be carried out with properly trained operators using modern medical electronics systems and devices. There is a widespread lack of competence among healthcare practitioners in the use of medical electronics devices. These variables are expected to restrain market expansion throughout the forecast period.

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Growth Projections:

The medical electronics market is expected to register a CAGR of 6.90% over the forecast period and revenue is projected to increase from USD 6.20 Billion in 2021 to USD 11.39 Billion in 2030. Increasing demand for portable medical devices & wearable electronic is expected to support revenue growth of the market.

Current Trends and Innovations:

There is a growing need for innovative technical solutions, such as machine learning, artificial intelligence, 3D printing, and cloud-based Product Life cycle Management (PLM) tools, to address pressing problems. Additionally, increasing acceptance of medical devices enabled by AI and ML is fueling the market's expansion. In 2022, the FDA authorized the use of 91 medical devices that make use of artificial intelligence (AI) or machine learning (ML) for either therapy or diagnostic. In addition, the medical electronics industry is benefiting from the growth potential created by strategic partnerships aimed at bettering digital healthcare.

In order to develop and commercialize a collaborative virtual care solution, for instance, on 10th March 2022, LG Electronics, a multinational electronics firm, collaborated with Amwell, a leader in digital healthcare enablement. This new technology will make it easier to automate virtual rounding, e-sitting, nursing, and monitoring in isolation rooms. These technological advancements are serving as a major factor for the market's growth.

Strategic Initiatives:

Major companies included in the market report are Renesas Electronics Corporation, Siemens, General Electric Company, Semiconductor Components Industries, LLC., Texas Instruments Incorporated, STMicroelectronics, Koninklijke Philips N.V., Tekscan, Inc., NXP Semiconductor, Medtronic.

• On 3rd May 2022, AMETEK COINING introduced all-new Bio-Implantable Composite Materials (BCMs) that are perfect for a variety of life-saving medical applications.

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Scope of Research

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Emergen Research has segmented medical electronics market on the basis of component, procedure, application, end-use, and region:

• Component Outlook (Revenue, USD Billion; 2019-2030)
• Sensors
1. Temperature sensors
2. Pressure sensors
3. Blood-glucose sensors
4. ECG sensors
5. Heart rate sensors
• Batteries
1. Lithium-Ion batteries
2. Zinc air batteries
• Memory Chips
1. Flash memory
2. SDRAM
3. EPROM
4. FRAM
• Displays
1. TFT LCD displays
2. OLED displays
• Procedure Outlook (Revenue, USD Billion; 2019-2030)
• Non-invasive
• Minimally invasive
• Invasive
• Application Outlook (Revenue, USD Billion; 2019-2030)
• Medical Imaging
• Patient Monitoring
• Clinical, diagnostic & therapeutics
• Cardiology
• Flow measurement
• Others
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
• Diagnostic Imaging Devices
1. MRI scanners
2. X-ray scanners
3. CT-scanners
4. Ultrasound scanners
5. Nuclear imaging system
• PET scanners
• SPECT scanners
6. Endoscopy
• Patient monitoring devices
1. Cardiac monitors
2. Hemodynamic monitors
3. Multi-para monitors
4. Digital thermometers
• Medical Implantable devices
1. Pacemakers
• Other devices
• Regional Outlook (Revenue, USD Billion, 2019 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• UAE
• Saudi Arabia
• Africa
• Rest of Middle East

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