Medical electronics deal in medical applications like diagnosis, treatment, cardiac control, surgery, and research. The market is propelled to grow at a significant rate due to the growing initiatives for providing exceptional healthcare services to the patients at the global level.
According to the report, the Medical Electronics Market is projected to increase at a CAGR of 6.21% over the forecast period 2019-2025.
The growing global geriatric population is propagating the market growth over the next five years
The growing elderly population at the international level is predicted to surge the market demand in the forecast period. This is mainly due to the fact that this group of the population requires special healthcare facilities due to the prevalence of age-associated diseases, co-morbidity, or multi-morbidity. However, it is difficult for medical professionals to treat the multimorbidity condition, but, using sophisticated medical devices may help them in providing effective monitoring. Furthermore, the growing trend of home-healthcare facilities is further providing an impetus in fueling the market demand in the forecast period. This is due to the fact that with the incorporation of medical electronics, the patients and doctors are well-informed about the health condition and hence appropriate measures can be taken at the time of an emergency. Additionally, the growing miniaturization is fueling the market demand, due to the ease in the implantation in a patient’s body without affecting his or her normal lifestyle in addition, these are biocompatible and non-toxic providing accuracy in the treatment or monitoring of a patient’s immediate health condition.
Geographically, North America and Europe is estimated for holding a significant market share over the next five years. On the other hand, the Asia Pacific is estimated to be the fastest-growing
North America and Europe are projected to hold a significant market share owing to the growing health expenditure of the countries in the region. These regions are also early technology adopters; hence the medical electronics industry is predicted to boom during the forecast period. Also, technological innovations with the introduction of AI will further propel the market demand in the future. The prevalence of chronic diseases is propagating the market growth in the forecast period. Furthermore, the growing trend of volume-based to value-based care is further augmenting the market demand in the forecast period. The Asia Pacific region, on the other hand, is poised to hold high growth prospects with the rising government initiatives for providing better healthcare facilities to patients, also, the high geriatric population of Japan is further providing favourable growth prospects for the market to proliferate in the forecast period.
The major players covered as part of the report are Abbott, Boston Scientific Corporation, General Electric Company, and Koninklijke Philips N.V. among others.
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This report has segmented the medical electronics marketon the basis following terms
By Product Type
- Implantable Cardioverter-Defibrillators
- Neurostimulation Devices
- Respiratory Care Devices
- Surgical Robots
- CT Scanners
- MRI Scanners
- Patient Monitoring Devices
- PET/CT Devices
- Ultrasound Devices
- X-Ray Devices
By End-Use Industry
- Ambulatory Surgical Centers
- United States
Middle East and Africa
- Saudi Arabia
- United Arab Emirates