Knowledge Sourcing Intelligence announces the publication of a new report on “Medical Electronics Market - Forecasts from 2020 to 2025” to their offering.
Increasing adoption of IOT-based smart medical devices coupled with the rising healthcare spending is expected to drive the growth of the market during the forecast period.
As per the report, the market pertaining to the Medical electronics Market is expected to grow at a significant pace.
Medical electronic instruments and equipment are increasingly adopted by various health care service points and due to the rising preference of cost-effective, patient-friendly, and safe minimally invasive surgical procedures is expected to be one of the prime drivers driving the growth of the market during the forecast period. In addition, increasing investment by major market players on integrating advanced technology within the devices coupled with the aging population and rising life expectancy in various parts of the world further boost the demand for medical electronics.
By the end-user industry, hospitals are projected to hold a significant market share owing to the funding facilities which allow them to have highly technical equipment, by both private and public institutes. Governments are also actively increasing investments towards the development of newer units and upgrading the current public hospitals, further supplementing the demand for medical electronic systems. Besides, due to the increasing number of cases of brain-related medical conditions such as traumatic brain injury and concussions, and the availability of highly specialized medical and nursing staff, have led to an increase in the number of hospital visits for brain monitoring diagnostics, and will, in turn, lead to an increase in the demand for these systems by the segment in the coming years. According to the Cancer Research Institute UK, the Brain, Other CNS, and Intracranial Tumors prevalence in the United Kingdom, combined with both males and females, increased by 15%. Furthermore, surgical centers specialize in diagnostics and treatments of critical conditions and with the rise in the number of neurological medical conditions worldwide over the last decade, the demand for specialized centers for such conditions has witnessed a significant rise, which is expected to continue during the forecast period. For instance, according to the World Health Organization, the number of disability-adjusted life years (DALYs) for neurological disorders is projected to increase to 103,335 thousand cases by 2030, from 94,608 thousand in 2015. Thus, with this rise, the demand for medical electronics by these centers is also projected to witness good growth in the coming years.
Understanding the Asia Pacific region which is projected to grow at the fastest rate in the market owing to its rising investments in healthcare and favorable practices towards the adoption of patient monitoring systems. For instance, China’s per capita current healthcare expenditure has been on a constant rise, increasing from US$42.354 in 2000 to US$398.332 in 2016 (source: The World Bank). This burgeoning healthcare expenditure has enabled the country to rapidly advance its healthcare industry leading to innovations and augmenting the demand for medical equipment solutions within the country. Also, favorable policies and initiatives by key players and governments in the country are further projected to boost the market in the coming years. In April 2018, British software developer Medopad, in collaboration with its Chinese partners started seeking investors to launch a pilot program offering monitoring systems designed to remotely collect biometric data on hospital outpatients suffering from chronic diseases. In addition, rapid innovations in the telecommunications industry within the region are also projected to amplify the demand for advance medical monitoring solutions within the region. Innovations such as 5G communication technology are projected to enable faster data transfer improving the remote monitoring services, thus positively impacting the overall market in countries like India and Indonesia during the forecast period. In May 2019, recently established a 5G remote ultrasound clinic for the army personnel and residents on the islands in the South China sea, allowing them to get timely medical treatment via 5G technology. Japan is also projected to hold a noteworthy share in the market owing to the rising geriatric population in the region and favorable initiatives by key players. South Korea and India are projected to have a relatively smaller share in the region, however, are projected to have extremely high market potential and multiple growth opportunities.
As a part of the report, the major players operating in the medical electronics market, which have been covered are GE Healthcare, FUJIFILM Corporation, Abbott, Allengers Medical, Philips Healthcare, Boston Scientific, Siemens Healthcare, Medtronic, Shimadzu Corporation, Hitachi High Technologies Corporation, Carestream Health, and Stryker.
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This report segmented the Medical electronics market on the basis following terms