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Medical Electronics Market Size, By Product (Therapeutics [Pacemakers, Implantable Cardioverter-Defibrillators, Neurostimulation Devices, Surgical Robots, Respiratory Care Devices], Diagnostics [Patient Monitoring Devices, PET-CT Devices, MRI Scanners, Ultrasound Devices, X-rays Devices, CT Scanners]), By End Use (Hospital, Ambulatory Surgical Centers, Clinics), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI284
- Published Date: Feb 2023
- Report Format: PDF
Industry Statistics
Medical Electronics Market size was valued at USD 154.5 billion in 2022. The industry is anticipated to register over 6.5% CAGR through 2023-2032, due to the rapid introduction of advanced equipment for cardiovascular disease treatment.
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As a specialized discipline, medical electronics integrate engineering with clinical practice and biomedical sciences. Electronic device miniaturization trends are leading to the development of advanced medical electronics for use in the monitoring of physiological variables. To enhance the accuracy and efficacy of treatment and diagnostic procedures, innovative devices have been introduced.
The introduction of effective cardiovascular disease treatment devices, alongside the increased funding for healthcare R&D projects, will create lucrative growth prospects for medical electronic system developers. To ensure adequate safety, regulatory agencies and organizations have developed strict guidelines for the manufacturing of oxygen concentrators and other equipment. This strict regulatory landscape and the lack of skilled healthcare professionals for chronic disease treatment may, however, impeded industry expansion to some extent over the forecast period.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 154 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6.9% |
| 2032 Value Projection: | USD 298 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 440 |
| Tables, Charts & Figures: | 716 |
| Segments covered: | Product, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Growing elderly population prone to chronic diseases to drive sales of therapeutic medical electronics
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Based on the product, the medical electronics market value from the therapeutics segment exceeded USD 69 billion in 2022, on account of the increasing elderly population susceptible to chronic infectious diseases. According to data from the WHO, by 2030, 1 in 6 people will be aged 60 years or above worldwide. The requirement for neurostimulation devices, pacemakers, and respiratory devices will therefore accelerate. In addition, the integration of artificial intelligence and other advanced technologies in medical devices will boost the production of therapeutic medical electronics.
Clinics to emerge as key end-user of medical electronics to deliver advanced therapeutic services
| Segment | CAGR, 2023-2032 (%) |
|---|---|
| Hospital | 6.9% |
| Ambulatory Surgical Centers | 7% |
| Clinics | 7.1% |
| Others | 5.8% |
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Medical electronics market share from the clinics end-use segment is projected to be worth over USD 45.5 billion by 2032, considering the high preference for cost-effective and innovative medical electronic systems. To deliver quality healthcare services, 3D and 4D technologies have been integrated with ultrasound systems and MRI scanners. Since clinics leverage advanced medical devices to deliver therapeutic and diagnostic services, the rise in healthcare spending will contribute to product development.
Mounting healthcare spending fuels the adoption of medical electronics in North America
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North America medical electronics market is expected to record revenue worth more than USD 112 billion by 2023, given the mounting healthcare expenditure and the high chronic disease burden. As per data from the Centers for Medicare & Medicaid Services, in 2021, U.S. healthcare spending rose by 2.7%, to reach USD 12,914 per person. Furthermore, the high awareness of the benefits of early disease diagnosis and lab automation will boost the usage of medical electronics equipment across the region.
New product launches to emerge as key growth strategy for market players
The competitive landscape of the global medical electronics market comprises companies such as Toshiba Medical Systems Corporation, Fujifilm Holdings Corporation, Hitachi High Technologies Corporation, Olympus Corp., Allengers Medical, Boston Scientific Corporation, Medtronic, Abbott Laboratories, Koninklijke Philips N.V., General Electric Company (GE Healthcare), Samsung Electronics Co. Ltd., and Siemens Healthineers AG, among others. These companies are focusing on product range expansions and other strategies to reinforce their presence in the global market.
For instance, in September 2022, Samsung Electronics Co., Ltd. gained 510(k) clearance from the U.S. FDA and unveiled V7, a cutting-edge ultrasound system. This product was developed to enhance patient and user experiences, allowing the company to expand its product portfolio and strengthen its footprint in the industry.
Impact of COVID-19 pandemic on medical electronics market outlook
The COVID-19 outbreak resulted in unprecedented disruption to global healthcare and the economy, spurring the rate of digital transformation, mainly in the area of diagnosis. The adoption of digital surveillance and other solutions including telemedicine has therefore increased to tend to patient needs. For example, patches, event recorders, mobile cardiac telemetry devices, and other wearable cardiac arrhythmias devices have been widely used during the pandemic. The rise in acceptance of remote patient monitoring devices and digitalization will add impetus to industry expansion in the upcoming years.
The medical electronics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million and volume in Units from 2018 to 2032 for the following segments:
By Product
- Therapeutics
- Pacemakers
- Implantable cardioverter-defibrillators
- Neurostimulation devices
- Surgical Robots
- Respiratory care devices
- Diagnostics
- Patient monitoring devices
- PET-CT devices
- MRI scanners
- Ultrasound devices
- X-rays devices
- CT scanners
- Others
By End-use
- Hospital
- Ambulatory surgical centers,
- Clinics
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Poland
- Austria
- Slovakia
- Switzerland
- Czech Republic
- Norway
- Finland
- Sweden
- Denmark
- Benelux
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Taiwan
- Indonesia
- Vietnam
- Cambodia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE