Medical Electronics Market Size, Share & Trends Analysis Report By Application (Imaging, Therapeutics, Patient Monitoring, Homecare/Handheld Products), Segment Forecasts, 2018 - 2024

Report Overview

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 the 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 growth. The increasing adoption of therapeutic equipment such as Cardiac Rhythm Management (CRM), Continuous Positive Airway Pressure (CPAP), and oxygen concentrators due to the aging population is also expected to spur the demand of the segment.

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

According to the CDC, the total healthcare expenditure of the 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 rates, loss of productivity, and increased taxes. The use of medical electronics aids in faster diagnosis and treatment, thus, is anticipated to boost the 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 a 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 the 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 the trend of miniaturization of medical devices. Handheld ultrasounds, oximeters, glucometers, and thermometers are gaining popularity in the home care industry. The patient-friendly, inexpensive, and safe nature of these devices is contributing to their growing popularity.

Mounting hospital costs and the chronic nature of diseases make 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 chipmaker technology.

Medical Electronics Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth and provides an analysis of 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 global medical electronics market on 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

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • France

  • Asia Pacific

    • Japan

    • China

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa