Medical Electronics Market

Analysis from GMI Research finds that the Medical Electronics Market earned revenues of USD 6.8 billion in 2022 and forecast to touch USD 11.4 billion in 2030 will grow at a CAGR of 6.7% from 2023-2030

Medical Electronics Market Overview

Medical electronics are the devices employed for assisting in the various kinds of medical procedures; this industry comprises electronic syringes to huge imaging and ultrasounds equipment. This equipment has become vital for providing better treatments to patients. It is a branch of electronics in which medical equipment and instruments are utilized for medical applications like research, diagnosis, therapy, anesthesia control, surgery, and cardiac control. Medical electronics engineering combines medicine and environmental science with engineering practices and theories.

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Major Medical Electronics Market Drivers

Rising geriatric population vulnerable to chronic diseases and growing demand for portable medical devices are the prominent factors fueling the medical electronics market size. For example, according to the he United Nations Department of Economic and Social Affairs report on World Ageing Population Highlights 2020, there were approximately 727 million (9.3%) persons above 65 years in 2020. Medical electronic devices speed up the diagnosis and treatment process, thus, will boost the market. The increasing government expenditure on healthcare and growing demand for minimally infectious surgeries will expand the market size.

Moreover, leading players in the medical electronic market are emphasising on integrating advanced technology with the devices to offer an accurate and precised diagnosis which is expected to boost the market growth. In addition, the increasing adoption of IoT-driven smart medical instruments, rising demand for imaging systems in healthcare facilities, increasing demand for compact medical devices and strategic initiatives by the government, such as financial allowances and price reduction of medical electronic devices will augment the market share. However, stringent norms and high maintance cost of electronic medical devices are the factors hindering the market.

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End-User Products – Segment Analysis

Based on the End-User Products, the Ventilators and RGM equipment segment is expected to grow at a higher CAGR during the forecast period. Demand for this equipment is constantly rising and is expected to grow at the highest growth rate during the forecast period. Ventilators can be lifesaving and an important part of treatment support for babies, children, and adults while undergoing surgery. Factors growing the demand for ventilators and RGM equipment also involve the rising cases of respiratory diseases and the recent outbreak of novel Coronavirus pandemic.

Application – Segment Analysis

Based on the Application, the Medical imaging segment is expected to grow at a higher CAGR during the forecast period. The rising prevalence of cancer and cardiac, neurological, and musculoskeletal complications; the increasing awareness and improving treatment; and a growing number of diagnostic procedures have stimulated the demand for medical imaging in healthcare facilities all over the globe. Moreover, the improved healthcare system in emerging markets and the availability of low-cost, advanced technology in imaging systems having applications in diverse fields are further boosting the global medical electronics market growth.

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Regional – Segment Analysis:

Based on the region, North America region is projected to dominate the market during the forecast period. Major factors influencing the growth in this region comprise high healthcare expenditure, rising income levels, and the high deployment of advanced medical electronic devices. Also, high patient awareness about the advantages of early diagnosis will boost the demand for medical electronics during the forecast period. Furthermore, developed infrastructure coupled with access to advanced diagnostics technologies will propel the medical electronics market share in coming years.

Top Market Players

Various notable players operating in the market include Analog Devices, Inc., Texas Instruments Incorporated., TE Connectivity., Medtronic, STMicroelectronics, NXP Semiconductors., Cypress Semiconductor Corporation., Maxim Integrated, Semiconductor Components Industries, LLC, Renesas Electronics Corporation., among others. 

Key Developments:

• • In 2022, Promaxo Inc., a medical imaging, robotics, and artificial intelligence (AI) technology company, declared the sale of its in-office MRI system to Kasraeian Urology.
  • In 2021, Philips enlarged the artificial intelligence-driven CT imaging portfolio at the Radiological Society of North America (RSNA).
  • In 2020, Texas Instruments Incorporated., originated a new family of low-noise DC/DC switching regulators comprising of integrated ferrite-bead compensation. The regulators fabricated by the company save power and board space and also eliminates noise.
  • In 2019, Analog Devices originated a new front-end sensor interface IC that allows the next generation of intelligent electrochemical sensors for medical usages. The AD5940 analog front end consolidates both potentiostat, and electrochemical impedance spectroscopy (EIS) functions on a single chip, providing sensor measurement in both time and frequency domains.

Segments covered in the Report:

The global Medical Electronics market has been segmented on the basis of Component, End-User Products, Application, Medical Procedure, Medical Device Classification and regions. Based on Component, the market is segmented into Sensors, Batteries, Displays, MPUs/MCUs and Memory Chips. Based on End-User Products, the market is segmented into Diagnostic and imaging devices, Patient monitoring devices, Medical implantable devices , and Ventilators and RGM equipment. Based on Application, the market is segmented into Medical imaging; Clinical, diagnostic, and therapeutics, Patient monitoring, Flow measurement, Cardiology and Other. Based on Medical Procedure the market is segmented into Non-invasive, Minimally invasive and Invasive. Based on Medical Device Classification, the market is segmented into Class I, Class II and Class III. 

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Report Coverage	Details
Market Revenues (2022)	USD 6.8 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Component, By End-User Products, By Application, By Medical Procedure, By Medical Device Classification, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Analog Devices, Inc., Texas Instruments Incorporated., TE Connectivity., Medtronic, STMicroelectronics, NXP Semiconductors., Cypress Semiconductor Corporation., Maxim Integrated, Semiconductor Components Industries, LLC, Renesas Electronics Corporation., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Medical Electronics Market by Component

• • Sensors
  • Batteries
  • Displays
  • MPUs/MCUs
  • Memory Chips

Global Medical Electronics Market by End-User Products

• • Diagnostic and imaging devices
  • Patient monitoring devices
  • Medical implantable devices
  • Ventilators and RGM equipment

Global Medical Electronics Market by Application

• • Medical imaging
  • Clinical, diagnostic, and therapeutics
  • Patient monitoring
  • Flow measurement
  • Cardiology
  • Other

Global Medical Electronics Market by Medical Procedure

• • Non-invasive
  • Minimally invasive
  • Invasive

Global Medical Electronics Market by Medical Device Classification

• • Class I
  • Class II
  • Class III

Global Medical Electronics Market by Region

• • North America Medical Electronics Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By End-User Products
    • By Application
    • By Medical Procedure
    • By Medical Device Classification
    • US Market All-Up
    • Canada Market All-Up

  • Europe Medical Electronics Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By End-User Products
    • By Application
    • By Medical Procedure
    • By Medical Device Classification
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Medical Electronics Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By End-User Products
    • By Application
    • By Medical Procedure
    • By Medical Device Classification
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Medical Electronics Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By End-User Products
    • By Application
    • By Medical Procedure
    • By Medical Device Classification
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Medical Electronics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Analog Devices, Inc.
  • Texas Instruments Incorporated.
  • TE Connectivity.
  • Medtronic
  • STMicroelectronics
  • NXP Semiconductors.
  • Cypress Semiconductor Corporation.
  • Maxim Integrated
  • Semiconductor Components Industries, LLC
  • Renesas Electronics Corporation.