Medical Electronics Market Report

Medical Electronics Market Analysis By Application (Imaging, Therapeutics, Patient Monitoring, Homecare/Handheld Products) And Trend Analysis From 2013 - 2024

Published: September 2016  |  90 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-122-1

Increasing number of diagnostic imaging procedures is expected to drive the market expansion over the forecast period

The global medical electronics market was estimated to be around USD 94 billion in 2015 and is projected to grow at a CAGR of 7.9% over the next nine years. The high growth is anticipated on account of increasing demand for imaging systems in healthcare facilities and the dominance of healthcare therapeutics.

The consumption of respiratory care devices is significantly increasing due to the growing aging population, high prevalence of respiratory diseases, and lifestyle changes, which is expected to boost the therapeutic segment. Moreover, the introduction of portable and handheld devices has also accelerated the growth. The increasing adoption of therapeutic equipment such as Cardiac Rhythm Management (CRM), Continuous Positive Airway Pressure (CPAP), and oxygen concentrators due to aging population is also expected to spur the demand of the segment.

According to the CDC, the total healthcare expenditure of U.S. alone was USD 3 trillion in the year 2014, which accounts for almost 17.5% of the GDP of the country. In 2012, more than 117 million people suffered from at least one chronic disease and 40% have more the two chronic conditions. Moreover, around 13.6 million people suffer from chronic obstructive pulmonary disease. The burden of these diseases eventually falls on the country and results in higher insurance rate, loss of productivity, and increased taxes. Use of medical electronics aids faster diagnosis and treatment, thus, is anticipated to boost the market.

U.S. medical electronics market, by application, 2013 - 2024 (USD Million)

U.S. medical electronics market

Imaging equipment dominated the application segment in 2015

Imaging equipment held the largest share in 2015. The imaging industry is adopting diagnostic technologies to create visual representation of the internal human body for the purpose of treatment and diagnosis. With advanced technologies, industry players have introduced enhanced imaging systems that can provide information restricted to the area of examination.

In July 2016, Minister for Health, Chris Fearne, invested USD 2.12 million, with around 60% of the funding from the European Union, to launch an angio suite for the imaging department at Mater Dei Hospital. This new technology can be used for diagnosis of all body parts and allows cardiologists to view 3D images of vital organs and arteries.

Homecare/Handheld products is expected to be the fastest growing application segment

Handheld equipment is projected to grow at the fastest rate due to trend of miniaturization of medical devices. Handheld ultrasounds, oximeters, glucometer, and thermometers are gaining popularity in homecare industry. The patient-friendly, inexpensive, and safe nature of these devices is contributing to its growing popularity.

Mounting hospital costs and chronic nature of diseases makes homecare a better option, especially for the elderly population. The advancements and availability of homecare equipment have made it a preferred choice of healthcare. Its cost-effective nature also makes it feasible for patients in developing economies.

North America is the largest regional medical electronics market followed by Europe

North America dominated the market in 2015 owing to the faster pace of technology replacement and continuous innovations. Moreover, as compared to the other end-user industries, such as computing and telecommunications, the profit margin of medical electronics is higher.

Developing economies such as Japan and China are expected to spearhead the market during the forecast period.In September 2015, Siemens targeted another developing economy, China, where it started the companies Siemens X-Ray Vacuum Technology Ltd and Siemens Shenzhen Magnetic Resonance Ltd.

The medical electronics market is experiencing multiple mergers and acquisitions and hence is dynamic

Some of the top market players are FUJIFILM Medical Systems; Toshiba Medical Systems Corporation; Philips healthcare McKesson Corporation; Vucomp; Hitachi High Technologies Corporation Hologic, Inc.; EDDA technology, Inc Siemens Healthcare; and iCAD, Inc.

Moreover, the industry is experiencing consolidation as dominant players acquire other companies to explore newer applications. For instance, in July 2016, Analog Devices acquired Linear Technology for USD 14.8 billion. The acquisition is expected to give Analog access to chip maker technology.

Medical Electronics Market Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2013 - 2014

Forecast period

2016 - 2024

Market representation

Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America,& MEA

Country scope

U.S., Canada, UK, Germany, France, Japan, China, Brazil, Mexico, &South Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, &trends

15% free customization scope (equivalent to 5 analyst working days)

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Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the medicalelectronics marketon the basis of application and region:

  • Application Outlook (Revenue, USD Million; 2013 - 2024)

    • Imaging

    • Therapeutics

    • Patient Monitoring

    • Homecare/Handheld Products

  • Regional Outlook (Revenue, USD Million; 2013 - 2024)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • MEA

      • South Africa

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