Medical Electronics Market to Reach $23.0 Billion, Globally, by 2032 at 6.73% CAGR
Allied Market Research published a report, titled, "Medical Electronics Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Sensors, Batteries, Displays, MPUs/MCUs, Others), by Application (Medical imaging, Clinical, diagnostic, and therapeutics, Patient monitoring, Flow measurement, Cardiology, Others), by End Use (Hospitals, Ambulatory surgical centers, Home care, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, The global medical electronics market was valued at $11.8 billion in 2022, and is projected to reach $23.0 billion by 2032, growing at a CAGR of 6.7% from 2023 to 2032.
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The medical electronics market is expected to witness notable growth owing to technological advancements and increase in healthcare demands. Moreover, the rise in demand for wearable health devices is expected to provide a lucrative opportunity for the growth of the market during the forecast period. However, regulatory challenges limit the growth of the medical electronics market.
Medical Electronics Market Key Segments:
The medical electronics market report is segmented into Component, Application, End Use, and Region.
On the basis of components, the sensor segment held the highest market share in 2022, accounting for nearly one-third of the global medical electronics market revenue and is anticipated to sustain its leading position during the forecast period. The significance of sensors lies in their pivotal role within the medical electronics domain, encompassing tangible components crucial for monitoring and communication in medical devices. This includes sensors facilitating real-time data collection, communication devices, and various embedded technologies.
On the basis of application, the medical imaging segment held the highest market share in 2022, accounting for nearly two-fifth of the global medical electronics market revenue and is estimated to maintain its leadership status during the forecast period. However, the patient monitoring segment is projected to attain the highest CAGR of 8.85% from 2023 to 2032. The patient monitoring application is characterized by its essential role in continuous health surveillance, providing real-time data on vital signs and health parameters. Its critical importance in diverse healthcare settings contributes to its sustained market dominance.
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On the basis of end use, the hospitals segment held the highest market share in 2022, accounting for nearly two-third of the global medical electronics market revenue and is estimated to maintain its leadership status during the forecast period. In addition, the home care segment is projected to attain the highest CAGR of 9.11% from 2023 to 2032, owing to rise in preference for personalized healthcare solutions and rise of telehealth initiatives, allowing individuals to manage their health conveniently from the comfort of their homes.
Key Industry Development:
- In December 2023, Medtronic made a major strategic move by announcing the planned spin-off of its Patient Monitoring and Respiratory Interventions businesses. This significant transaction is expected to be completed within the next 12-18 months, creating a new independent company focused on connected care solutions.
- In November 2023, the FDA approved two renal denervation devices, one from Medtronic and another from Recor, used against high blood pressure. These devices aim to lower blood pressure by disrupting nerve signals around the kidneys.
Leading Market Players:
Competitive analysis and profiles of the major medical electronics companies profiled in this report include Medtronic, Johnson & Johnson (U.S.), Abbott, Koninklijke Philips N.V, Fresenius Medical Care AG & Co. KGaA, GE Healthcare, Becton Dickinson & Company, Siemens Healthineers AG, Stryker, and Cardinal Health are provided in this report. Product launch and acquisition business strategies were adopted by the major market players in 2022.
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