Medical Electronics Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (Implantable Cardioverter-Defibrillators, Neurostimulation Devices, Pacemakers, Respiratory Care Devices, Surgical Robots), By Diagnostics (CT Scanners, MRI Scanners, Patient Monitoring Devices, PET/CT Devices, Ultrasound Devices, X-ray Devices), By End User Industry (Ambulatory Surgical Centers, Clinics, Hospital), And By Geography - Forecasts From 2022 To 2027

Published:  Nov 2022 Report Code: KSI061610185 Pages: 120

The medical electronics market is expected to grow at a compound annual growth rate of 6.38% over the forecast period to reach US$79.872 billion by 2027, from US$51.790 billion in 2020. Medical electronic devices like patient monitors and so on are increasingly being sought after by various healthcare service points. This is due to the growing preference for minimally invasive surgical procedures that are cost-effective, patient-friendly, and safe. Thus, increasing preference for minimally invasive surgical procedures is poised to drive the growth of the medical electronics market during the forecast period.

Furthermore, various healthcare regulations that have been put in place by healthcare regulators are driving the medical electronics market with regard to the need for research and development. Furthermore, developments on the technological side will lead to exponential growth in the medical device market. Moreover, there’s an increasing focus on integrating advanced technology within the devices. This move stems from the increasing convenience of accurate and efficient diagnosis as well as treatment.

Moreover, in emerging economies, the provisions to subsidize medical expenditures further make it a lucrative market for medical electronics. Considering the aforesaid, major players in this sector are increasingly engaging in agreements and acquisitions to strengthen their position in this ever-evolving field of medical electronics.

For instance, in January 2020, a one-year renewable agreement was signed by a subsidiary of Shimadzu Corporation, known as Shimadzu Medical Systems USA, and NZ Technologies of Vancouver, Canada, the developers of TIPSOTM technology enabling Shimadzu to market and sell the innovative TIPSO AirPad® in the US healthcare market. TIPSO is a specialized medical technology, that has emerged from the development in the field of Interventional Radiology, carried out by a team of physicians and an engineering team. Founded in 187, in Kyoto Japan, Shimadzu Corporation is a global provider of medical diagnostic equipment that includes conventional, interventional, and digital X-Ray systems. Whereas NZ Technologies Inc. is a production firm specializing in technology innovation and electro-mechanical devices, it is focused on innovating modern Human Machine Interfaces (HMI).

On the other hand, from the perspective of technology convergence in the medical electronics space, the global leader in medical technology Medtronic plc (NYSE: MDT), in December 2019 announced a complete acquisition of Klue, a software company that specializes in behavior tracking that enables healthcare professionals and patients to receive information in real-time about when a person has consumed food.

The technology brought about by Klue will be incorporated into the Medtronic Personalized Closed Loop (PCL) insulin pump system, which is currently in development. The aforementioned system has been designed with the core objective of dramatically simplifying diabetes management for patients through interventions such as insulin delivery automation that emulates the personalized and real-time administration of the same. Further, Klue’s technology can also be leveraged to stay ahead of sudden fluctuations in glucose levels in the body, through the application of multiple daily injections (MDI).

Furthermore, on the acquisition front, in November 2019 Stryker (NYSE: SYK) announced a definitive agreement to acquire all of the issued and outstanding ordinary shares of Wright Medical Group N.V. (NASDAQ: WMGI). This was to the tune of $30.75 per share, or a total equity value of approximately $4.0 billion as well as a total enterprise value of approximately $5.4 billion (including convertible notes). Founded in 1950, Wright Medical, is a global medical device company focused on extremities and biologics. This acquisition is made in light of the highly complementary product portfolio and customer base that Wright Medical brings along with it. Further with global sales approaching $1 billion, Wright Medical is a renowned leader in the fastest-growing segments in orthopedics.

Thus, from the aforementioned, it is evident that the continuous research and development in medical electronics is bringing about a drastic change in diagnostic methods, thus fuelling the need for innovation and designing of newer medical electronics equipment. Further, there is also increased transactional activity among the global players in the medical electronics market.

Recent development and expansion

  • Max Ventilator launched a non-invasive (NIV) ventilator with built-in oxygen therapy and humidifiers in May 2022. Patients suffering from pneumonia and COVID will be cared for by this ventilator. It also has other applications, such as neonatal care. Because hospitals have limited ICU beds, as we saw during the pandemic crisis, this device has the potential to be a game changer in the market.
  • OES Medical introduced a new ventilator at Arab Health in January 2022. The Gemini-G100 is a new mains-powered ICU ventilator designed to assist hospitals in managing oxygen demand. It reduces hospitals' reliance on oxygen deliveries, especially during peak demand.

COVID-19 Impact on the Medical Electronics Market

COVID-19 caused a worldwide health crisis and several deaths. It posed significant challenges to the healthcare system because it was not designed to deal with such a crisis. The sudden increase in infections resulted in lockdowns, quarantines, border closures, and the halting of economic activity throughout the region. This caused supply chain disruptions, affecting the supply of essential medical devices to several countries. Furthermore, the pandemic caused several difficulties for market participants because supply was severely impacted due to the lockdown. Companies, however, responded well to these constraints, developing a more resilient supply chain in a matter of weeks to fulfill orders for a variety of medical devices. Furthermore, the high demand for ventilators, respiratory systems, patient monitoring systems, and imaging systems was a major reason for the market's recovery.

Medical Electronics Market Scope:

 

Report Metric Details
 Market Size Value in 2020  US$51.790 billion
 Market Size Value in 2027  US$79.872 billion
 Growth Rate  CAGR of 6.38% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments Covered  Product Type, Diagnostics, End-User Industry, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Abbott, Allengers Medical, Boston Scientific, Carestream Health, FUJIFILM Corporation, GE Healthcare, Hitachi High Technologies Corporation, Medtronic, Philips Healthcare, Shimadzu Corporation, Siemens Healthcare, Stryker
 Customization Scope  Free report customization with purchase

 

Segmentation:

  • By Product Type
    • Implantable Cardioverter-Defibrillators
    • Neurostimulation Devices
    • Pacemakers
    • Respiratory Care Devices
    • Surgical Robots
  • By Diagnostics
    • CT Scanners
    • MRI Scanners
    • Patient Monitoring Devices
    • PET/CT Devices
    • Ultrasound Devices
    • X-ray Devices
  • By End-user Industry
    • Ambulatory Surgical Centers
    • Clinics
    • Hospital
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
      • Others
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Others
    • The Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Taiwan
      • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the medical electronics market?
A1. Medical Electronics Market was valued at US$51.790 billion in 2020.


Q2. What will be the medical electronics market size by 2027?
A2. The medical electronics market is expected to reach a market size of US$79.872 billion by 2027.


Q3. What are the growth prospects for the medical electronics market?
A3. The global medical electronics market is expected to grow at a CAGR of 6.38% over the forecast period.


Q4. How is the medical electronics market segmented?
A4. The medical electronics market has been segmented by product type, diagnostics, end-user industry, and geography.


Q5. What factors are anticipated to drive the medical electronics market growth?
A5. Increasing preference for minimally invasive surgical procedures is poised to drive the medical electronics market growth during the forecast period.


1. INTRODUCTION

1.1. Market Overview

1.2. Covid-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Driver

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of End-Users

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. MEDICAL ELECTRONICS MARKET, BY PRODUCT TYPE

5.1. Introduction

5.2. Implantable Cardioverter-Defibrillators

5.3. Neurostimulation Devices

5.4. Pacemakers

5.5. Respiratory Care Devices

5.6. Surgical Robots

 

6. MEDICAL ELECTRONICS MARKET, BY DIAGNOSTICS

6.1. Introduction

6.2. CT Scanners

6.3. MRI Scanners

6.4. Patient Monitoring Devices

6.5. PET/CT Devices

6.6. Ultrasound Devices

6.7. X-ray Devices

 

7. MEDICAL ELECTRONICS MARKET, BY END-USER INDUSTRY

7.1. Introduction

7.2. Ambulatory Surgical Centers

7.3. Clinics

7.4. Hospital

 

8. MEDICAL ELECTRONICS MARKET, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.2.4. Others

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. UK

8.4.2. Germany

8.4.3. France

8.4.4. Others

8.5. The Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Israel

8.5.4. Others

8.6. Asia Pacific

8.6.1. Japan

8.6.2. China

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Thailand

8.6.7. Taiwan

8.6.8. Others

 

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

 

10. COMPANY PROFILES

10.1. Abbott

10.2. Allengers Medical

10.3. Boston Scientific

10.4. Carestream Health

10.5. FUJIFILM Corporation

10.6. GE Healthcare

10.7. Hitachi High Technologies Corporation

10.8. Medtronic

10.9. Philips Healthcare

10.10. Shimadzu Corporation

10.11. Siemens Healthcare

10.12. Stryker

Abbott

Allengers Medical

Boston Scientific

Carestream Health

FUJIFILM Corporation

GE Healthcare

Hitachi High Technologies Corporation

Medtronic

Philips Healthcare

Shimadzu Corporation

Siemens Healthcare

Stryker

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