Medical Electronics Market size is slated to surpass USD 298 billion by 2032, according to a new research report by Global Market Insights Inc.
Increasing prevalence of chronic and infectious diseases will drive the demand for medical electronic devices. As per data from the European Kidney Health Alliance, in Europe, chronic kidney disease affects close to 100 million people. With the growing awareness about the benefits of effective disease diagnosis and management, the consumption of healthcare electronics will further rise. These factors, alongside the increasing number of surgical procedures, are also expected to proliferate the development of medical electronic systems.
Increase in cancer prevalence to augment medical electronics sales for early disease diagnosis
Medical electronics market share from the diagnostics segment is projected to register over 6% CAGR by 2032. This expansioncan be credited to the increasing knowledge about early disease detection and other diagnostic advantages of advanced medical electronics.
According to a study conducted by researchers at Brigham and Women’s Hospital, the incidence of early onset cancers such as colon, kidney, and pancreas has surged dramatically worldwide. This high cancer burden is likely to bolster the production of medical electronic equipment for chronic disease diagnosis applications.
High convenience & cost-effectiveness will fuel usage of medical electronics in ASCs
Medical electronics market size from the ambulatory surgical centers end-use segment will cross 1 million in unit sales by 2032, as a result of the cost-effectiveness, convenience, and other advantages associated with medical treatment at these facilties. Over recent years, the reliance on ASCs for surgical procedures has risen considerably, mainly due to the convenience they offer over hospitals.
These centers also offer shorter stays and enhanced operational efficiencies compared to other healthcare settings. The report further says that the delivery of cost-saving opportunities for surgical care will thus escalate the installation of medical electronics across ASCs over the forecast period.
Browse key industry insights spread across 440 pages with 710 market data tables & 16 figures & charts from the report, “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” In detail along with the table of contents:
Rise in cardiovascular disease burden to hasten medical electronics development in Europe
Europe medical electronics industry value will be worth over USD 79 billion by 2032, given the growing incidence of cardiovascular diseases. Based on the European Alliance for Cardiovascular Health, CVD mortality has declined over the last 50 years; however, cardiovascular events including strokes and heart attacks remain the leading cause of death in the EU.
These factors will boost the gains for implantable defibrillators and pacemakers among CVD patients. Furthermore, the strong demand for advanced medical treatments will complement regional industry trends over the forthcoming years.
Business expansion initiatives by industry players to influence the competitive landscape
The strategic landscape of the medical electronics market is inclusive of Toshiba Medical Systems Corporation, Abbott Laboratories, Fujifilm Holdings Corporation, Hitachi High Technologies Corporation, Olympus Corp., Carestream Health, Boston Scientific Corporation, Medtronic, Koninklijke Philips N.V., and Siemens Healthineers AG, among other companies.