Global Medical Electronics Market (2021 to 2026) - Advances in Sensors and Digital Technologies Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Medical Electronics Market with Covid-19 Impact Analysis by Component (Sensors, MCUs/MPUs, Displays), Device Classification (Class I, Class II, Class III), Application (Diagnostic, Cardiology, Flow Measurement), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The medical electronics market is estimated to be worth USD 6.3 billion in 2021 and projected to reach USD 8.8 billion by 2026, at a CAGR of 6.9%.

The ageing population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens are some of the prominent factors for the growth of the medical electronics market globally.

The market for sensors could grow at the highest CAGR during the forecast period

The medical electronics market is expected to witness strong growth in the next 5 years mainly due to the rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population. The miniaturization of sensors and the adoption of MEMS technology have opened new application areas for sensors, thereby surging the demand for these sensors. The rising demand for ventilators, respiratory systems, and other life support systems due to COVID-19 has facilitated the growth of various sensors.

The market for non-invasive medical procedure is estimated to account for the largest share between 2021 and 2026 in medical electronics market

The market for the non-invasive medical procedure in the medical electronics market. The several factors such as the rising government subsidies on medical devices, increasing adoption of IoT-based medical devices, surging demand for digital radiography systems, and growing use of flat-panel detectors (FPDs) contribute to the augmented demand for non-invasive medical electronics.

Medical electronics market in the APAC region is expected to witness robust growth during 2021-2026

The medical electronics market in APAC is projected to grow at the highest CAGR during the forecast period. Factors such as the rise in the geriatric population, presence of advanced healthcare infrastructure, and high healthcare expenditure are supporting the growth of the medical electronics market in the Americas. Growing medical tourism in developing APAC countries, such as China and India, is likely to provide new market opportunities for advanced and sophisticated medical electronics during the forecast period. Further, surging demand for quality medical care in APAC is expected to propel the medical electronics market growth in this region.

Market Dynamics

Drivers

• Aging Population and Increasing Life Expectancy
• Rising Healthcare Spending and Ever-Changing Healthcare Landscape
• Increasing Adoption of IoT-Based Smart Medical Devices
• Escalating Demand for Portable Medical Devices and Wearable Electronics
• Growing Use of Radiation Therapy in Diagnosis and Treatment of Diseases
• Existing Favorable Healthcare Reforms and Financial Assistance by Governments for Senior Citizens

Restraints

• Designing Compatible Medical Electronics and Establishment of Connected Ecosystem
• Rising Maintenance and Refurbishment Costs of Medical Electronics
• Ensuing Disruptions Caused by COVID-19 in Supply Chain

Opportunities

• Untapped Potential in Developing Countries
• Advances in Sensors and Digital Technologies
• Positive Growth Outlook in Healthcare Sector
• IoT Leading Way for Remote Connectivity

Challenges

• Stringent Regulatory Processes and Increased Testing Requirements for Product Approval
• Cybersecurity Risks Posed by Proliferation of Connected Medical Devices

Companies Mentioned

• AMS
• Analog Devices
• Cirtec Medical Corp (Cactus Semiconductor)
• Cypress Semiconductor Corporation
• First Sensor
• Innovative Sensor Technology (IST AG)
• Keller America (Subsidiary of Keller AG Druckmesstechnik)
• Maxim Integrated Products
• Medtronic plc
• Merit Medical Systems
• Microchip Technology
• Monebo
• NXP Semiconductors
• Renesas Electronics Corporation
• Sensirion
• St Microelectronics
• TE Connectivity
• Tekscan
• Texas Instruments
• Semiconductor Corporation

For more information about this report visit https://www.researchandmarkets.com/r/2vqe8v