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Medical Electronics Market worth over $169bn by 2025

  • Published Date: February 14, 2019

Medical Electronics Market size is set to surpass USD 169 billion by 2025, according to a new research report by Global Market Insights.

Availability of medical equipment and devices on lease will escalate its demand among healthcare professionals thereby positively influencing the market growth. Most of the medical electronics available in market are expensive due to integration of advanced technology. Hospitals, diagnostic centers and individual medical practitioners are reluctant to buy them owing to the huge investment required, and it takes good amount of time to recover the cost. The direct purchase cost of technologically advanced medical devices is high, and the cost of entire healthcare setup can rise steeply. In contrast, leased equipment are considered as tax-deductible and cost deductions are certain to reduce net medical electronic devices cost that positively impacts the market expansion.

Rising usage of technologically advanced medical electronic devices in emerging economies such as India and China will significantly boost the market progression during the forecast period. Although the medical electronic devices are expensive, several government initiatives and favorable FDI policies will trigger the acceptance of these devices among the healthcare professionals. However, stringent regulations enforced on the companies involved in manufacturing of medical electronic devices will restrain the industry growth in the coming years.

U.S. Medical Electronics Market Size, By Product

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Respiratory care devices segment in the medical electronics market valued at USD 6 billion in 2018 led by the increasing prevalence of respiratory diseases such as COPD and asthma. According to Global Asthma Network, asthma kills around 1000 people everyday globally that surges the demand for respiratory care devices thereby propelling the segment growth during the forecast timeframe.

Browse key industry insights spread across 210 pages with 73 market data tables & 7 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-ray Devices, CT Scanners]), By End Use (Hospital, Ambulatory Surgical Centers, Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:

Clinics segment is estimated to attain 13.2% growth rate through 2025 impelled by the high adoption rate for medical electronic equipment due to the advent of innovative and cost-effective devices. For instance, ultrasound equipment typically designed for hospitals are now being deployed at clinics. The portable ultrasound machine cost less than full sized equipment. Cost containment pressure from regulatory authorities is driving innovation aimed at introducing cost effective devices with improved performance that will foster the segment expansion.

China medical electronics market is expected to expand at a CAGR of 13.4% till 2025 driven by the growing geriatric. According to China News Service, by the end of 2017, there were around 241 million people in the age group of 60 years and above. Majority of the elderly population base suffers from chronic ailments that raises the demand for medical electronics accelerating the industry expansion.      

Germany medical electronics market accounted for 27.6% of revenue share of European region in 2018. Technological integrations by the local leaders operational in market have ensured country share. Additionally, the regulations raise entry barriers for the new industry player to establish themselves in Germany that is beneficial for the local players for earning sustainable profits. Furthermore, government plays an important role in framing regulations and trade policies that favor the demand for diagnostic and therapeutic devices possessing high accuracy and efficiency.

Key companies operational in the market include Allengers Medical, Boston Scientific, Carestream Health, FUJIFILM Medical Systems, GE Healthcare, Hitachi High Technologies, Corporation Maxim Integrated, Medtronic, Olympus Corp., Philips Healthcare. These participants implement several strategic initiatives such as collaborations, new product launch, mergers and acquisitions to acquire potential market share. Also, receiving FDA approvals for medical electronics enhances company’s revenue generation.

Authors: Sumant Ugalmugle, Rupali Swain