Medical Electronics Market Revenue to Hit USD 162.5 Bn by 2027

The global medical electronics market is expected to reach a value of $162.5 billion by 2027, driven by factors such as an aging population, rising health awareness, and increasing adoption of wearable electronics, according to Reports and Data.

The market is also being boosted by technological innovation and the ability to integrate with other medical equipment, and the growing importance of medical electronics for patient tracking and monitoring. Key drivers of growth in the market include dynamic power path management, remote patient tracking, integrated analog front ends, and tissue analysis of cancer cells. The market is being held back by stringent regulatory processes and high maintenance costs, but is being supported by favorable regulatory policies and a healthy reimbursement environment.

Key players in the market include FUJIFILM Medical Systems, Toshiba Medical Systems, Philips Healthcare, Medtronic, Analog Devices, and Hitachi High Technologies Corporation.

Further key findings from the report suggest

  • Based on application, patient monitoring segment is expected to witness lucrative growth at a CAGR of 5.2%. Adoption of telemetry and remote monitoring devices facilitate the monitoring of patients from long distances in the medical electronics market.
  • Europe is also contributing a good share in the global medical electronics market owing to the factor that there is good support from the government to improve the health sector within the region.
  • The component batteries for healthcare application is expected to grow at a high rate during the current forecast period owing to the increasing demand for wireless medical device, which has long battery life. High-density batteries in wearable medical devices are further driving the growth for the medical electronics market.
  • As of 2018, North America held the largest market share in the global medical electronics market. The market is driven by various factors such as improved healthcare infrastructure and increasing demand for medical electronics in the region.
  • Stringent regulatory process for product approval and high maintenance cost is likely to hinder the global medical electronics market growth during the forecast period.