Global Medical Electronics Market Size Hit USD 12.91 Billion at a CAGR of 8.3% in 2032

PRESS RELEASE
Published April 4, 2023

The global medical electronics market size was USD 6.30 Billion in 2021 and is expected to register a revenue CAGR of 8.3% over the forecast period, according to the latest report by Reports and Data.

The growing desire for innovative technology solutions, including as machine learning, artificial intelligence, 3D printing, and cloud-based Product Life cycle Management (PLM) devices, is driving increasing demand to address important concerns. Furthermore, increased acceptance of artificial intelligence (AI) and machine learning (ML) enabled medical devices is propelling market expansion.

With increased patient demand, many hospitals across the world are automating routine functions such as admissions, emergency room operations, and medicine supplies. Various electronic gadgets are being developed for the treatment of noncommunicable diseases (NCDs). Noncommunicable diseases (NCDs) account for 41 million deaths per year, accounting for 74% of all deaths worldwide, according to the World Health Organization (WHO). Furthermore, rising use of imaging equipment in screening, treatment, and intervention is considerably fueling market demand. While the number of clinical trials for medical devices is rising, so is the rate of new product creation.

Companies profiled in the market report include 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., and STMicroelectronics N.V., among others.

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2022-2032. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Medical Electronics Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Medical Electronics Market.

Further key findings from the report suggest,

  • The worldwide medical electronics market is divided into several types, including MRI systems, X-ray systems, pet scan systems, ultrasound machines, haematological analyzers, and others.
  • In 2021, the Magnetic Resonance Imaging (MRI) system sector generated the most revenue. A magnetic resonance imaging (MRI) system is a non-invasive radiological imaging tool that is used to identify brain tumours, traumatic brain injury, developmental defects, multiple sclerosis, stroke, dementia, and infection. MRI is increasingly being used to diagnose persistent coronary artery disease. Cardiovascular Diseases (CVDs) claim an estimated 17.9 million lives per year, according to the World Health Organization (WHO). A large number of hospitals and clinics are investing in MRI technology for diagnosis and treatment. These elements are propelling this segment’s growth.
  • In 2021, the North American market will have a bigger revenue share. Rapid use of medical electronics in healthcare process automation, as well as rising healthcare spending, are driving revenue growth in the medical electronics market in this area. The United States is a developing country in terms of using modern technological equipment in patient treatment. To improve productivity, hospitals, pharmaceutical businesses, and biotechnology firms are progressively purchasing medical electronics devices.
  • Siemens Healthineers, a German medical technology firm, released a new mobile X-ray system, the Mobilett Impact, on July 13, 2022. The system combines full digital integration, a low cost, and all of the benefits of transportable X-ray equipment for imaging at the patient’s bedside.

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For the purpose of this report, Reports and Data has segmented the global medical electronics industry into Type Outlook, Component Outlook, Application Outlook, End-use Outlook, Regional Outlook:

Type Outlook (Revenue, USD Billion; 2019-2030)

  • Magnetic Resonance Imaging (MRI) System
  • X-ray System
  • Pet Scan System
  • Ultrasound Machines
  • Hematology Analyzer
  • Others

Application Outlook (Revenue, USD Billion; 2019-2030)

  • Medical Imaging
  • Health Monitoring
  • Patient Monitoring
  • Digital Diagnostic
  • Cardiology
  • Others

Component Outlook (Revenue, USD Billion; 2019-2030)

  • Sensor
  • Battery
  • Display
  • Medical Psychiatry Units (MPU
  • Micturating Cysto-Urethrogram (MCU)
  • Memory Chip

End-use Outlook (Revenue, USD Billion; 2019-2030)

  • Hospitals
  • Pharmaceuticals
  • Diagnostic Centers
  • Contract Development and Manufacturing Organization (CDMO)
  • Contract Research Organization (CRO)
  • Others

Regional Outlook (Revenue, USD Billion; 2019-2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • BENELUX
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Rest of MEA

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 Key Advantages of Medical Electronics Market Report:

  • Identification and analysis of the market size and competition
  • Qualitative and quantitative analysis of the market data
  • Data validated by industry experts after extensive primary and secondary research
  • Extensive regional analysis of the Medical Electronics industry
  • Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Medical Electronics Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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