$6.6 Billion Medical Electronics Markets, 2025 by Component (Sensors, MCUs/MPUs, Displays, Memory Devices, Batteries) & Application (Patient Monitoring, Diagnostic Imaging, Medical Implants) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 14, 2019--
The “Medical Electronics Market by Component (Sensors, MCUs/MPUs, Displays, Memory Devices, Batteries), Application (Patient Monitoring, Diagnostic Imaging, Medical Implants), Product (Invasive, Non-Invasive), and Region - Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The Medical Electronics Market worth USD 5.1 Billion in 2019 and Expected to Reach USD 6.6 Billion by 2025, at a CAGR of 4.6% from 2019 to 2025
The global medical electronics market exhibits a lucrative growth potential for the next several years. The major factors driving the growth of the medical electronics market are rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; increasing the contribution of public and private sectors’ funding toward healthcare and a growing elderly population.
“The market for sensors estimated to grow at the highest CAGR during the forecast period”
Increasing demand for IoT-based medical devices, such as cardiac monitors, respiratory monitors, hemodynamic monitors, and implantable devices, is the major factor accelerating the medical sensor market growth. The market for medical sensors is propelled by substantial investments in R&D activities for the development of new advanced sensors, and the extensive uses of sensor technology in the diagnosis, prognostic treatments, and drug delivery.
“The market for medical implants and endoscopy estimated to grow at highest CAGR during the forecast period”
The increasing use of high-resolution technologies in medical electronics, such as 3D systems, capsule endoscopy, and miniaturized endoscopic systems, is expected to offer substantial growth opportunities during the forecast period. Medical implants are used in the case of heart failure, cardiac arrhythmia, ventricular tachycardia, valvular heart disease, angina pectoris, and atherosclerosis. Implants can be placed permanently, or they can be removed once they are no longer needed.
“The market for invasive products estimated to grow at the highest CAGR during the forecast period”
Factors accelerating the invasive product market growth include the rising demand for implantable cardioverter defibrillators, pacemakers, implantable loop recorders, and endoscopes and an increasing number of training and awareness programs across the world to present the benefits of invasive devices. Technological advancements and breakthroughs in the field of endoscopy are expected to propel the growth of this segment during the forecast period.
“Medical electronics market in theAsia Pacific to grow at the highest CAGR between 2019 and 2025”
Major factors driving the medical electronics market in the APAC are the rapidly growing population and improving healthcare infrastructure in developing countries such as India and China. Increasing aging population and strong government support to provide improved healthcare services by the government of China and India are other factors contributing to the growth of the medical electronics market in the Asia Pacific.
The government in APAC countries such as Australia, China, and India have invested heavily in the healthcare infrastructure and the provision of basic health insurance for all of its citizens. Moreover, an increase in discretionary income and a population that is aging faster are the other crucial factors propelling the medical electronics market in the Asia Pacific region.
Key Industry Trends
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INDUSTRY KEYWORD: TECHNOLOGY HEALTH OTHER TECHNOLOGY MEDICAL DEVICES
SOURCE: Research and Markets
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PUB: 10/14/2019 08:07 AM/DISC: 10/14/2019 08:07 AM