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Medical Electronics : Trending Facts & Insights
The market for medical electronics covers the process of creating, improving, and putting into use electronic devices and gadgets that are meant specifically for medical purposes. These gadgets find application in diagnostic imaging, patient monitoring, operations, and healthcare information technology systems.
Medical electronics markets projected to reach a value of $310 billion by the year 2030 are prompted by the following key factors.
A large number of healthcare facilities are getting appropriate wearable medical devices and their remote monitoring systems.
The worldwide population is getting older, creating a market for minimally invasive surgeries that are also on the rise.
Governments are taking an array of actions to facilitate digital transformation.
The journey involves expansion into, among other regions, previously unexplored territories such as Asia-Pacific.
North America, with globalization, has the most demand for these devices, while Europe comes in second, and Asia Pacific is such a fast-developing region owing to increasing development systems in the health sector.
Medical Electronics Industry
Overview
The market for medical electronics covers the process of creating, improving, and putting into use electronic devices and gadgets that are meant specifically for medical purposes. These gadgets find application in diagnostic imaging, patient monitoring, operations, and healthcare information technology systems.
Medical electronics markets projected to reach a value of $310 billion by the year 2030 are prompted by the following key factors.
A large number of healthcare facilities are getting appropriate wearable medical devices and their remote monitoring systems.
The worldwide population is getting older, creating a market for minimally invasive surgeries that are also on the rise.
Governments are taking an array of actions to facilitate digital transformation.
The journey involves expansion into, among other regions, previously unexplored territories such as Asia-Pacific.
North America, with globalization, has the most demand for these devices, while Europe comes in second, and Asia Pacific is such a fast-developing region owing to increasing development systems in the health sector.
Types & Definition
The medical electronics industry revolves around the research and production of electronic components that play the role of improving the quality of healthcare given to patients in terms of treatment, diagnosis, and hospitalization. These solutions integrate electronics and medicine into the healthcare industry in a creative way.
1. Devices are used for diagnostics: diagnostic sensors, ECG, and imaging systems.
2. Monitoring devices: Wearable, multi-variance, or already ICU equipment.
3. Healthcare support devices: ventilators, infusion pumps, as well as devices that could ever fit in the human body.
4. Health Information Technology: M-health applications, telehealth, and health platforms that are based on the cloud.
5. Homecare medical devices: monitors of the blood pressure, glucose meters, and also oxygen concentrators that can be equally portable.
Industry Trends
1. AI & machine learning: It enhances precise diagnosis while using prediction and enhancing treatment plans.
2. Wearables: We anticipate a boom in smart watches and fitness bands with biomedical sensors.
3. Reduction in size: portable instruments for home diagnostics as well as point-of-care diagnostics.
4. E-health & The Internet of Things - Toward the Realization of a Virtual Health Professional: Application of the Internet of Things for the sharing of information among medical gadgets.
5. Green Reports: Medical electronics are adopting non-toxic materials and reducing energy consumption.
Facts & Insights
We expect the wearables segment of those medical devices to record a CAGR of more than 15%.
The primary integration of artificial intelligence in medical devices is independent of patient monitoring and diagnosis.
Telehealth became highly adopted in the post-pandemic era; hence, the need for connected gadgets increased drastically.
Globally, the aging population is another driver of the expansion of the medical electronics sector.
For example, primary markets like India and China are heavily investing in upgrading their existing medical infrastructure.
Market Segment
1. Type of Device: Diagnostic, due monitoring, therapeutic, home care, and health IT.
2. Industry as a finished product producer: health, diagnostics, and home health care.
3. Industry assistant components: sensors, displays, microcontrollers, battery technology, and others.
4. Country: United States, Canada, Germany, United Kingdom, France, India, Japan, China.
Industry Leader
1. Medtronic: A multinational company specializing in remedial solutions and implantable devices.
2. Philips Healthcare: It is known to produce diagnostic imaging and health management systems.
3. GE Healthcare: It is widely known for providing imaging systems and health information technology products.
4. Siemens Healthineers: The best-known organization in the field of supportive imaging and laboratory operations.
5. Abbott Laboratories: A known provider of ‘near patient’ diagnostics and glucose test systems.