The need for medical electronics is growing at a rapid pace due to the increasing need for providing exceptional healthcare services at the global level. The equipment are utilized for diagnostic, therapeutic, surgery, research, and monitoring applications.
The market is predicted to surge during the course of the forecast period with the growing medical device industry. The medical device manufacturing deals in the development of equipment that range from a simple bandage to complicated devices like a programmable pacemaker, electro-medical equipment, an in-vitro diagnostic equipment and many more. The soaring medical device industry is based on the various factors influencing the demand and supply of medical devices for varied procedures in the healthcare industry. The aging population in the world is contributing to increasing the market growth due to the rising demand for dedicated healthcare facilities well-equipped with electronic instruments for monitoring the health conditions of the elderly individuals.
This has further given rise to the home healthcare services as well in order to take care of older people. As per the United States Census Bureau, the geriatric population, aged 65 years or more, in the country is predicted to increase in order to attain 95 million by the end of 2060 from a population size of around 49 million in 2016. This will further represent around 23% of the total population in 2060. Additionally, the high healthcare expenditure of the United States along with the shift from volume-based care to value-based care is further providing an impetus in fueling the market growth during the forecast period, 2020-2025.
Source: The U.S. Census Bureau, Elderly Population, 65 years or older, in million
The growing global healthcare expenditure is further offering strong growth prospects for medical electronics market during the course of the forecast period. According to the World Health Organization, the global health spending will continue to increase, it grew from 7.6 trillion in 2016 to achieve a size of 7.8 trillion by the end of 2017. Based on the geography, North America is predicted to hold a significant market share in the global medical device industry, putting a strong impact on the medical electronics market growth. While, the Asia Pacific and European regions are projected to expand at a rapid pace, further promoting robust market growth prospects over the next five years.
Source: WHO, Global Health Spending, in trillion
The inflow of medical electronics has strengthened the present healthcare infrastructure in a variety of ways from digitizing the medical test, diagnostic and treatment procedures to advancing the healthcare via telemedicine and health information technology. Hence, with the growing innovations along with the introduction of state-of-the-art technologies like artificial intelligence, the market is projected to grow at a significant pace during the forecast period. This has further helped the doctors and patients with real-time information, thus provides assistance in taking timely decisions and aid in reducing medical errors as well. The growing prevalence of chronic diseases is further providing an opportunity for the market to thrive in the forecast period. The rise in chronic diseases is attributed to the evolving lifestyle conditions of the individuals affecting health. The middle-class population is increasing and with the growing urbanization people are adopting sedentary lifestyles. This has further led to rise in diseases like obesity. As per the World Health Organization, the prevalence of chronic diseases is predicted to rise by around 57% by the ned of 2020. Emerging economies of the world is projected to contain maximum population of individuals suffering from chronic conditions that include cardiovascular diseases and diabetes. Hence, there is high demand for effective healthcare systems with advanced technologies for chronic disease management. The growing adoption of wearable medical devices in order to keep a constant check on vital parameters are further contributing to surging the medical electronics market growth in the forecast period.
The growing demand for personalised treatments is further augmenting the market demand in the forecast period. With advances in precise detection providing a better understanding of the disease is helping in reducing the treatment costs as well, further propelling the market demand. Furthermore, new entrants in the healthcare industry are increasing and are redesigning the system. There is a greater emphasis laid on the preventive health solutions and patient-centric care. This has further created opportunities for industries like telecommunications, technology, wellness and fitness to bring in unique and innovative solutions for addressing disease prevention and management challenges, propagating the market growth.
The advent of semiconductor technology in medicine field is further propagating the market growth in the forecast period. The utilization of semiconductors in medical field is replacing manually-operated processes for more sophisticated equipments. Hence, medicine is being constantly equipped with improved mechanisms enabling diagnosis and treatment of initially untreatable diseases. By the use of chips and sensors in the advanced medical devices, today medical procedures are possible at a faster and reliable pace through the cutting-edge technologies. The prime goal of incorporating medicine with semiconductor technology is to provide faster and more practical approach in disease management. Observing the current trends and technological advances, it is being realized that the goal is being accomplished, which was not possible before by the use of traditional methods.
Due to the current novel coronavirus scenario, the healthcare facilities that were once freely available for device clinical trials are now being offered for coronavirus patient care. Hence, this has severely impacted the market growth, further contributing to delaying the sales of the medical equipment in 2020. Certain changes in the medical device regulations were also made keeping in view the current pandemic situation. The European Commission recently, on 3rd April, 2020, adopted a proposal in order to postpone the application date of the medical device regulation (MDR) for one year. Some of the major changes observed under the EU MDR include increased requirements for clinical evaluation, digital and physical labelling, post-market surveillance (PMS), and total life cycle traceability. Additionally, the European Commission adopted the revised harmonized standards for speeding up the production of medical face masks, gloves, containers, intravenous injections, sterilization devices, disinfectants, and change the specific requirements for emergency and transport ventilators. The EC in partnership with the European Committee for Standardization (CEN) and the European Committee for Electrotechnical Standardization, agreed for making numerous harmonized standards readily available.
ABOUT THE AUTHOR:
Vibha Saklani is a Market Research Analyst at KSI, working on the estimates and global reports on multiple industries spanning from IoT to food and beverages, with a special knack for healthcare, medical devices, and related markets. With the addition of her formal education in Biotechnology and having a research background, she is able to shed more light on the detailed analysis of the story. To read more articles by her, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.