Scope of the Study
Medical electronics, a segment of the commercial market that requires long-term reliability, along with dense circuitry. The broad field of medical electronics is a branch of electronics includes instrumentation for life support, patient monitoring, hearing aids, and pacemakers and others. In other words, Medical electronics examines treats and cures almost all the disease meeting the need of accuracy by the people by using sophisticated and precise equipments
The market study is being classified by Type (Invasive (Pacemakers, Implantable Cardioverter- Defibrillators (ICDs), Gastric Electric Stimulators and Others) and Non-Invasive ( Imaging Devices, Monitoring Devices)), by Application (Diagnosis, Monitoring and Treatment) and major geographies with country level break-up. According to AMA, the Global Medical Electronics market is expected to see growth rate of 5.1% and may see market size of USD5.09 Billion by 2024.
Analog Devices, Inc. (United States), GE Healthcare, Inc. (United States), Medtronic Plc. (Ireland), STMicroelectronics N.V. (Switzerland), Siemens Healthcare (Germany), Philips Healthcare (Netherlands), Texas Instruments (United States), NXP Semiconductors N.V. (Netherlands) and Siemens Healthcare (Germany) are some of the key players profiled in the study.
The Players having a strong hold in the market are Analog Devices, Inc. (United States) GE Healthcare, Inc. (United States) Medtronic Plc. (Ireland). Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Medical Electronics market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Medical Electronics market by Type, Application and Region.
On the basis of geography, the market of Medical Electronics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. If we see Market by Component Type, the sub-segment i.e. Batteries will boost the Medical Electronics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Demand for Personalized, Easy to Use, and Advanced Healthcare Devices
- Increasing Geriatric Population and Surging Use of Respiratory Care Devices
- Surging Use of Radiation Therapy in Treatments and Diagnosis of Diseases
- Growing Health Consciousness and Rising Number of Lifestyle Diseases
- Increasing Adoption of Wearable Electronics
- High Maintenance and Refurbishment Costs
- Stringent Regulatory Processes for Product Approvals
- Favourable Healthcare Reforms in the United States
- Increase in the Level of Income and Better Living Standards across the Globe
- Improving Healthcare Facilities Eases the Procedures of Reimbursements and Related Medical Procedures Worldwide
- Increasing Patient Safety Risks and Occurrence of Medication Errors Associated With Medical Devices
- Lack of Standard Terminologies and Issues Arising from Violation of the Patient Data Security
Commission Regulation (EU) 207/2012 on electronic instructions for use of medical devices (the Regulation) came into force in the European Union. The Regulation allows manufacturers of certain types of medical devices and accessories to replace paper form instructions of use with an electronic substitute. It aims to reduce environmental burden and improve the competitiveness of the medical devices industry by reducing costs, while improving safety.
Key Target AudienceOriginal Device Manufacturers (ODMs), Electronic Hardware Equipment Manufacturers, Semiconductor Component and Device Manufacturers, Component and Device Suppliers and Distributors, Software, Service, and Technology Providers, System Integrator, Hospitals and Medical Labs & Clinics, Assembly and Packaging Vendors and Government & Private Research Organisation
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