What Has Been the Growth of the Medical Electronics Market So Far?
The medical electronics market has seen considerable growth due to a variety of factors.
• The market size of medical electronics has seen a fast expansion in recent times. The growth projects an increase from $109.51 billion in 2024 to $124.13 billion in 2025, with a compound annual growth rate (CAGR) of 13.3%.
The expansion during the historical period can be attributed to factors such as an aging population, the management of chronic illnesses, regulatory compliance, personalized healthcare, and global health preparedness.
What Are the Future Growth Projections for the Medical Electronics Market?
The medical electronics market is expected to maintain its strong growth trajectory in upcoming years.
• In upcoming years, the medical electronics market is predicted to experience extensive growth, ballooning to $218.23 billion by 2029 with a compound annual growth rate (CAGR) of 15.1%.
This expected upturn during the forecast window is believed to stem from increased healthcare spending, a patient-centric approach, the emergence of telehealth services, the digital health revolution, and cost-efficiency. Predominant trends projected for the forecast period encompass device miniaturization and wearability, advancements in artificial intelligence (AI) and machine learning, the presence of Internet of Things (IoT)-connected gadgets, the utilization of sustainable materials, and the adoption of patient engagement tools.
What Factors Are Driving Growth In The Medical Electronics Market?
The increasing number of the elderly population and the expansion of life expectancy are anticipated to fuel the growth of the medical electronics market. The term geriatric population refers to individuals aged 65 and over. Medical electronics cater to the health care needs of this age group, aiding them to lead more extended, healthier lives. For example, a report from the World Health Organization (WHO), a Switzerland-based agency committed to global public health, indicated in October 2022 that by 2030, one in six individuals globally is projected to be aged 60 or more. Further, by the year 2050, the global population of individuals aged 60 and above is expected to reach 2.1 billion. Hence, the surge in the geriatric population coupled with the increasing likelihood of living longer is fostering the growth of the medical electronics market.
What Are The Main Segments Of The Global Medical Electronics Market?
The medical electronics market covered in this report is segmented –
1) By Component: Sensors, Batteries, Displays, MPUs or MCUs, Memory Chips
2) By Device Classification: Class I, Class II, Class III
3) By Medical Procedure: Non-Invasive, Minimally Invasive, Invasive
4) By Application: Medical Imaging, Clinical, Diagnostic, and Therapeutics, Patient Monitoring, Flow Measurement, Cardiology, Other Applications
5) By End User Products: Diagnostic and Imaging Devices, Patient Monitoring Devices, Medical Implantable Devices, Ventilators and RGM Equipment
Subsegments:
1) By Sensors: Temperature Sensors, Pressure Sensors, Biosensors, Motion Sensors
2) By Batteries: Lithium-Ion Batteries, Nickel-Metal Hydride (NiMH) Batteries, Rechargeable Batteries, Non-Rechargeable Batteries
3) By Displays: LCD Displays, OLED Displays, LED Displays
4) By Microprocessors or Microcontrollers (MPUs or MCUs): 8-bit Microcontrollers, 16-bit Microcontrollers, 32-bit Microcontrollers
5) By Memory Chips: RAM Chips, Flash Memory Chips, EEPROM Chips
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What Emerging Trends Are Influencing The Growth Of The Medical Electronics Market?
The emergence of advancements in medical electronics is a notable trend gaining traction in the medical electronics market. Leading companies in this market are introducing novel products to solidify their market standing. For instance, MediThinQ, a medical technology firm based in South Korea, unveiled the XR Wearable Surgical Displays for surgeons in February 2024. This XR solution from MediThinQ presents crucial information directly in the surgeon's view, eliminating the need to divert attention to external screens. These innovative solutions, with superior image clarity, negligible latency, high dependability, and smooth equipment compatibility, are revolutionizing the way medical data is accessed during live surgeries.
Who Are the Key Players in the Medical Electronics Market?
Major companies operating in the medical electronics market include:
• Analog Devices Inc.
• Texas Instruments Incorporated
• STMicroelectronics
• Mouser Electronics
• Cypress Semiconductor Corporation
• Semiconductor Components Industries LLC
• Tekscan Inc.
• First Sensor AG
• General Electric Company
• Vucomp Inc.
• Hitachi High Technologies Corporation
• Hologic Inc.
• TE Connectivity Ltd.
• Boston Scientific Corporation
• Abbott Laboratories
• Becton Dickinson and Company (BD)
• Stryker Corporation
• Cardinal Health Inc.
• Koninklijke Philips N.V.
• EssilorLuxottica SA
• Danaher Corporation
• Johnson & Johnson.
• Novartis AG.
• Medtronic plc
• Baxter International
What Is The Most Dominant Region In The Medical Electronics Market?
North America will be the largest region in the medical electronics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical electronics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
