Global Medical Electronics Market Research Report: Forecast (2023-2028)

Market Definition

Medical electronics comprises electric components used in the diagnosis of medical conditions in a patient. It incorporates microcontrollers, sensors, power supplies, memory devices, etc. These electronic components are mainly driven by surging demand for home & hospital patient monitoring devices & higher investment in the expansion of medical infrastructure.

Market Insights & Analysis: Global Medical Electronics Market (2023-28)

The Global Medical Electronics market is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2023-28. Several chronic diseases have grown across the globe due to numerous factors such as sedentary lifestyles, aging population, genetic factors, and various other environmental factors such as pollution, exposure to toxins, climate change, etc. According to the World Health Organization (WHO), non-communicable diseases & chronic diseases accounted for 71% of all deaths globally in 2020, and it is estimated that by 2030, the number of deaths from chronic diseases would rise by around 17%. These chronic diseases lead to complications & fatal outcomes and are responsible for several death cases across the globe. For instance:

• According to the Grattan Institute report, chronic disease accounted for almost 85% of the total burden of deaths in Australia in 2022.

Owing to this, chronic diseases such as cardiovascular disease, diabetes, cancer, and respiratory diseases require continuous monitoring & management. As a result, the demand for medical devices for monitoring and diagnosis purposes rose, the medical electronics such as sensors, microcontrollers, and wireless connectivity devices also witnessed a surge during the historical period. Moreover, in course of the pandemic, the demand for devices such as X-rays, CT scanners, Electrocardiograms, MRI machines, etc., upsurged for regular monitoring of the patients suffering from COVID-19.

In addition to this, the market has also witnessed a spark during the pandemic due to the need for remote monitoring of individuals suffering from chronic disease, as they avoided visiting hospitals concerning the rapid spread of the virus. Hence, this increased requirement for medical electronic components like high-performance sensors, Ics, and high-speed data converters. Furthermore, the encroachment in medical technology is leading to the development of new advanced medical devices that can monitor vital signs & detect early signs of medical problems. Henceforth, the development of new surgical & minimally invasive procedures is also influencing the advancement of specialized devices, thus supplementing the revenue growth of the market in the following years.

Global Medical Electronics Market Key Driver:

Rising Healthcare Expenditures to Influence the Growth - Many Countries across the globe such as US, Germany, France, Japan, etc., had high healthcare spending during the past few years. As per Centre for Disease Control and Prevention, the healthcare expenditure of the US reached approximately USD3,453 billion in 2019 from USD2,658 billion. Along with this, Germany has highest level of current healthcare expenditure among European Union (EU) Members valued at approximately USD493 billion in 2020, followed by France which healthcare expenditure of almost USD320 billion. Moreover, the growing investment in the healthcare industry by the countries such as the US, Germany, Japan, etc., has increased the number of medical facilities owing to which the demand for medical electronic has risen, which consequently is driving the demand for medical electronic components such as sensors, microcontrollers, and power supplies.

As healthcare expenditure is increasing, focus on improving patient outcomes is also surging and medical devices play a critical role in providing these solutions, and the demand for these devices is expected to increase in the coming years which subsequently would support the growth of the medical electronics component market.

Global Medical Electronics Market Possible Restraint:

Miniaturization of Medical Devices Posing New Challenge to the Market - Medical devices such as blood glucose monitors, insulin pumps, pulse oximeters, etc., are now getting more compact, due to which there is limited space to integrate electronic components. Owing to this, medical electronic component manufacturers need to create smaller components to enhance the complexity of manufacturing processes & simultaneously leading to increased production costs. Moreover, the development of miniaturized electric components requires significant investment research, which restricts the entry of small & medium players in the market.

Global Medical Electronics Market Growth Opportunity:

Expansion of Internet of Medical Things (IoMT) to Open New Windows for the Market Players - The Internet of Medical Things (IoMT) is growing across the globe due to several factors, including advancements in technology, increased adoption of connected devices, and the growing demand for remote healthcare services. The IoMT involves the usage of connected medical devices & sensors to collect & share patient data. The growth of IoMT would provide new opportunities for the market as manufacturers can forge new products compatible with IoMT devices, hence maximizing growth potential during the forecast period.

Global Medical Electronics Market Key Trend:

Surging Adoption of Compact Electronic Components in Rechargeable Wearable Devices to Wave New Tides - The popularity of wearable devices such as fitness bands, smart watches, health monitors, etc., is advancing as individuals across the globe are using them for heart rate monitoring, sleep tracking, and tracking physical activities. The use of these devices helps to diagnose & monitor a variety of medical conditions, such as heart disease, diabetes, sleep disorders, etc. These devices require electronic components such as sensors, batteries, etc., owing to which production of electronic components for a wearable device is a trend in the Global Medical Electronics market.

Furthermore, medical device manufacturers are trying to make more flexible, lightweight, low-profile, and comfortable smart wearable devices, owing to which the demand for more miniaturized electric components would increase. Thus, the trend of producing medical electronics for wearable devices is presumed to continue to compel the market in the coming years.

Global Medical Electronics Market (2023-28): Segmentation Analysis

The Global Medical Electronics Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Component, and End-user Product the market has been further classified as:

Based on Component:

• Sensor
• Batteries
• Memory Chips
• Displays
• Microprocessors/Microcontrollers

Sensors have showcased significant growth due to their increased integration into medical devices. The devices such as pulse oximeters, heart rate monitors, blood pressure monitors, etc., have showcased substantial sales due to increasing awareness among individuals regarding the benefits of vital monitoring & rising chronic diseases like heart ailments, diabetes, etc. The telemetric monitoring devices are integrated with sensors like pressure sensors, blood glucose sensors, blood oxygen sensors, heart rate sensors, etc., which expanded the market for sensors.

Moreover, the use of rechargeable wearable devices in the healthcare sector is evolving as various new devices have been introduced that can monitor physical activities, behaviors, and physiological & biochemical parameters rather than just heart rate & blood pressure. Owing to this, the requirement for rechargeable wearable devices would surge, subsequently increasing the demand for sensors.

Based on End-user Product:

• Diagnostic Imagining
• Patient Monitoring Devices
• Medical Implantable Devices
• Ventilators & RGM Equipment
• Other Devices (Patient Position Monitor, Coagulation monitors, etc.)

Electronic components for diagnostic imaging devices have showcased a considerable growth rate owing to the high demand for these devices. The increasing number of diagnostic imaging centers, surging prevalence of chronic diseases, and a growing geriatric population are major factors that have increased the demand for medical imaging devices such as MRI Scanners, X-Ray Scanners, CT Scanners, Ultrasound Scanners, Nuclear Imaging Systems, etc.

Moreover, countries like Saudi Arabia, Qatar, Kuwait, etc., are planning to expand their healthcare infrastructure. Owing to this, healthcare facilities offering specialized medical services would supplement & subsequently augment the demand for specialized devices for the detection & diagnosis of complex medical conditions such as cancer & heart ailments. Therefore, the procurement of medical electronic components by imaging device manufacturers would uplift the growth of the market in the forthcoming years.

Global Medical Electronics Market Regional Projection

Geographically, the market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North American region has exhibited significant growth during the historical period in the Global Medical Electronics market due to high demand for diagnosis devices & medical implantable devices. The amplifying number of chronic diseases & the large geriatric population across the region led to a surge in the need for diagnostic testing, which accelerated the adoption of diagnostic & implantable devices by the healthcare sector. Medical electronics components like sensors, microcontrollers, displays, microchips, etc., are essential parts of these devices that facilitated the market growth. Furthermore, with the advancement of treatment against growing cases of chronic diseases in the region, the need for medical implants & diagnostic devices would also arise during the forthcoming period.

Global Medical Electronics Industry Recent Developments 

• 2023: Analog Devices, Inc. introduced LTM8080, a super low noise dual output DC/DC μModule regulator with patented silicon, layout, and packaging innovations. It is a power management module that operates with an input voltage of up to 40 volts. The module also includes two distinct low dropouts (LDO) regulators that operate quietly and with minimal voltage loss.
• 2023: Onsemi and Ampt LLC, a DC optimizer company for large-scale photovoltaic (PV) solar & energy storage systems, today announced their collaboration to meet the high demand for DC string optimizers.

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