The global medical electronics market is expected to be valued at USD 11.1 billion in 2024 and is projected to reach USD 15.7 billion by 2029; it is expected to grow at a CAGR of 7.2% from 2024 to 2029.
In the global medical electronics market, key drivers include The rise in healthcare expenditures, which is fueling the growth of the medical electronics market. Furthermore, the increasing popularity of telemedicine offers a significant opportunity to boost the demand for telehealth and remote monitoring devices. Nonetheless, the market is encountering challenges from cybersecurity threats due to heightened connectivity, which poses risks to sensitive medical information and equipment.
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The sensors segment in the medical electronics market is anticipated to grow with the highest CAGR
Based on the component, the sensors segment is expected to grow with the highest growth rate over the forecast period. Advanced medical devices are highly dependent on medical sensors such as temperature, pressure, blood glucose, blood oxygen, ECG, image, motion, heart rate, and flow sensors, among others. These sensors are deployed in various medical devices and equipment to perform their function and provide the output on these devices. Furthermore, the advancements in sensors, including MEMS-based sensors, are expected to fuel their adoption in the healthcare vertical. The growth of the sensor segment is fuelled by these factors, which complement the revenue growth of the medical electronics market.
The patient monitoring device to dominate the medical electronics market over the forecast period
There is a need to constantly monitor patients’ vital signs to detect and record changes in patient well-being and fuel the growth of patient monitoring devices. These devices include Blood Glucose Monitors, Cardiac Monitors, Hemodynamic Monitors, Respiratory Monitors, Multi-parameter Monitoring Devices, Neuromonitoring Devices, and Digital Thermometers. These devices are most commonly used across multiple medical facilities and in-home healthcare settings. Growing demand for these devices is expected to fuel the growth of the medical electronics market soon. Moreover, the rising prevalence of chronic diseases is boosting the demand for patient monitoring devices. Thus, it is positively influencing the medical growth of the electronics market.
The non-invasive procedures hold largest share in the medical electronics market
The medical electronics market’s non-invasive procedures segment dominates over the forecast period. Compared to invasive procedures, non-invasive procedures have multiple benefits, including lower complications in critical surgeries, a shorter time of recovery, and better patient comfort. Furthermore, healthcare professionals anticipate practicing non-invasive medical procedures to achieve a sophisticated level of diagnostic and therapeutic medical methods and devices used during the practice. Non-invasive equipment or devices include blood glucose monitors, wearable health monitors, and imaging systems such as MRI, CT, and ultrasound scanners. These factors are increasing investments in non-invasive medical devices and fostering the revenue growth of this segment in the medical electronics market.
North America region in medical electronics market to dominate the market growth
The North American region holds the largest share of the medical electronics market, owing to the high healthcare expenditure coupled with robust growth in medical infrastructure. The US accounts for the most significant healthcare spending country in the world. Also, countries such as Canada and Mexico are witnessing substantial increases in the healthcare industry. Both public and private organizations are investing in the advancement of medical facilities. In addition, the presence of major manufacturers of medical devices and services across the region boosts the economic development of the medical electronics market in North America.
The medical electronics companies is dominated by players such as Analog Devices, Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), and NXP Semiconductors (Netherlands).