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Demand for medical electronics is soaring right now and innovative manufacturers are working to meet this demand. The global medical electronics market size will be valued at $248.4 billion by 2030, up from just $81.6 billion in 2020. The market is expanding at a compound annual growth rate (CAGR) of nearly 12% right now and on track to triple in size over the next eight years, according to Precedence Research.
The firm says that the rising prevalence of various chronic diseases, a growing geriatric population, an uptick in road traffic accidents and higher hospital admissions are all contributing to the high demand for medical electronics across various healthcare units.
“The proliferation of digital technologies coupled with the rising adoption of medical electronic devices to offer quick and enhanced patient care diagnostic and therapeutic services is propelling the growth of the global medical electronics market,” Precedence Research points out. “Moreover, rising demand for minimally-invasive surgeries and non-invasive diagnostic devices is expected to drive the demand for medical electronics across the globe.”
Key Benefits of Medical Electronics
A branch of electronics in which medical equipment and instruments are used for medical applications such as research, diagnosis, therapy, anesthesia control, surgery and cardiac control, medical electronics integrates medicine and environmental science with engineering practices and theories. According to BioSpace, these electronic devices are increasingly used for therapy, diagnosis and rehabilitation in the field of medicine.
“Medical electronic equipment is indispensable for providing better services to patients in hospitals. In medical electronics by using precise and sophisticated equipment, medical science examines, cures and treats almost all diseases,” the company points out. The key benefits of using this technology include:
- Remote health data availability
- A more precise billing mechanism
- Improvement in the quality of health care
- Increased output accuracy
- Easy-to-update patient records
- A better patient experience overall
Tracking Demand Geographically
Breaking the market down geographically, Precedence Research says North America dominated the global medical electronics market in 2020, garnering a market share of about 45%. “North America is characterized by increased healthcare expenditure and the presence of a strong healthcare infrastructure,” it notes, “[and], the increased prevalence of chronic diseases among the US population and increased demand for the various diagnostic services has fueled the growth of the market.”
Other key market drivers right now include the more than 40% of U.S. adults who are forecasted to be affected with hypertension by 2030 and the 60% of the U.S. population that suffers from at least one chronic disease.
Outside of the U.S., Precedence Research says Asia Pacific will be the most “opportunistic market” between now and 2030. The market will be boosted by rising government and corporate investments in the development of smart and advanced healthcare units, it says, plus the region’s rising geriatric population and increased number of hospital admissions in the region.
Challenges and Opportunities
Going forward, Precedence Research expects demand for the portable, efficient and cost-effective electronic devices to grow exponentially across the healthcare sector. As the industry continues to post double-digit growth year over year, it will also face its own share of challenges to innovation and growth.
“With the rising miniaturization of electronic medical devices, the manufacturers are facing difficulties in designing the small and portable medical electronics that can also offer cost-effectiveness,” the research firm notes. “These growing complications in medical electronic devices may present a more challenging and complicated manufacturing process in the upcoming future.”
