Medical Electronics Market Size By Product (Therapeutics[Pacemakers, Implantable Cardioverter-Defibrillators, Neurostimulation Devices, Surgical Robots and Respiratory Care Devices], Diagnostics[Patient Monitoring Devices, PET/CT Devices, MRI scanners, Ultrasound Devices, X-rays Devices, CT Scanners, Diagnostics] and Others), By End Use (Hospital, Ambulatory Surgical Centers, Clinics and Others), Regional Outlook (U.S., Canada, Germany, UK, Russia, Italy, France, China, Japan, India, Australia, South Korea Brazil, Mexico), Technology Development, Competitive Landscape & Forecast, 2017 – 2024
Published Date: September 2017 | 160 Pages | Report ID: GMI284 Report Format: PDF
Medical Electronics Market size was valued around USD 60 billion in 2016 with expectations to witness 12% CAGR from 2017 to 2024.
Germany Medical Electronics Market Value, By Therapeutics
Healthcare service providers are opting for innovative medical technologies to improve healthcare delivery. Growing demand to collect, integrate and analyse healthcare data will reduce overall healthcare cost and improve operational efficiency.
Increasing adoption of minimally invasive surgeries is an emerging trend over the latest years. Surgical robots enable surgeons to perform extremely precise operations through very small incisions. Such medical interventions are performed for orthopaedic, cardiothoracic, vascular, urological, and neurological procedures and other specialties.
Advances in technology and favorable regulations will act as the growth rendering factors for medical electronics market. Presence of friendly regulations will encourage local manufacturers to compete with international players using the uniform rules and regulations.
Medical Electronics Market, By Product
Diagnostics account for over 60% of medical electronics market share in 2016. Rise in awareness for preventive healthcare check-ups, diagnostic tests coupled with adoption of novel electronics for disease diagnosis will stimulate industry growth over the forecast period.
Therapeutic also held significant revenue share and is anticipated to witness considerable growth over the forecast years. Growing geriatric population, increasing chronic disease prevalence, soaring number of smokers and rising industrial pollution will fuel business growth.
Medical Electronics Market, By End Use
Ambulatory surgical centers deliver specialized care and treat patients at a reduced healthcare cost. It is highly regulated segment which ensures the safety and efficacy of the medical procedures. For instance, the rates of nosocomial infections in ambulatory surgical centers are far less than in hospitals.
Hospital are striving to gain operational efficiencies to cub the overall healthcare cost. It utilizes innovative medical electronic devices to offer quality service at a reasonable cost. Furthermore, competition among the hospitals is continuously increasing for providing better quality services at low prices. These factors are predicted to stimulate steady business growth over the coming years.
Medical Electronics Market, By Region
U.S. Medical Electronics Market accounted for over 90% of regional revenue in 2016, owing to early technology adoption and regional presence of major established players. Rising healthcare expenditure and extensive coverage under the Affordable Care Act will stimulate forecast growth. Introduction of new innovative products to address various disease conditions will also fuel regional expansion.
Germany medical electronics market held the largest regional revenue share in 2016. Presence of favorable import policies and growing trend towards use of technologically advanced product will stimulate the industry growth over the forecast years.
Competitive Market Share
Some of the leading companies in medical electronics market include GE Healthcare, Phillips, Siemens, Medtronic, 3M, Fujifilm, Hitachi, Samsung and Toshiba. Other notable players include Boston Scientific, Olympus, On Semiconductor, Angiotech Pharmaceuticals, Carestream Health, Allengers Medical and Maxim Integrated.
Moderate level of competition is observed among the companies as they target specific areas with their unique product offering. New product launches, product differentiation by innovation, geographic expansion along with mergers, acquisitions and partnerships are some of the strategies strategically adopted by the companies to gain competitive advantage.
Medical Electronics Industry Background
The medical electronics is mature market undergoing rapid transformation. Although it has changed drastically in terms of product development and coverage of broad array of diseases that affect general population. The industry has been consistently dominated by already established medical electronics companies. However, existence for locally manufactured medical electronics can be good source revenue for companies eyeing to venture in the regional medical devices market.
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