The medical electronics market is estimated to be worth USD 5.1 billion in 2019 and is projected to reach USD 6.6 billion by 2025, at a CAGR of 4.6% from 2019 to 2025. The medical electronics industry is expected to witness substantial growth in the next six years mainly due to the rising incidents of chronic diseases; increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population. Increasing demand for early disease diagnosis and widening scope of clinical applications, technological advancements in diagnostic imaging modalities, and rising investments, funds, and grants by public-private organizations are some of the other factors driving the growth of this market.
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The medical electronics market in APAC is expected to grow at the highest CAGR from 2019 to 2025. Major factors driving the medical electronics market in the APAC are the rapidly increasing population and improving healthcare infrastructure in developing countries such as India and China. Increasing aging population and strong government support to provide improved healthcare services by the government of China and India are other factors contributing to the growth of the medical electronics market in Asia Pacific.
The government in APAC countries such as Australia, China, and India have invested heavily in the healthcare infrastructure and the provision of basic health insurance for all of its citizens. Moreover, an increase in discretionary income and a population that is aging faster are the other crucial factors propelling the medical electronics market in the Asia Pacific region.
The medical electronics market for sensors is expected to grow at the highest CAGR between 2019 and 2025. Increasing demand for IoT-based medical devices, such as cardiac monitors, respiratory monitors, hemodynamic monitors, and implantable devices, is the major factor accelerating the medical sensor market growth. The market is propelled by substantial investments in the R&D activities for the development of new advanced sensors, and the extensive uses of sensor technology in the diagnosis, prognostic treatments, and drug delivery.
The market for medical implants and endoscopy is expected to grow at the highest CAGR during the forecast period. The increasing use of high-resolution technologies in medical electronics, such as 3D systems, capsule endoscopy, and miniaturized endoscopic systems, is expected to offer substantial growth opportunities during the forecast period. Medical implants are used in the case of heart failure, cardiac arrhythmia, ventricular tachycardia, valvular heart disease, angina pectoris, and atherosclerosis. Implants can be placed permanently, or they can be removed once they are no longer needed.
The market for invasive products is expected to grow at the highest CAGR during the forecast period. Factors accelerating the invasive product market growth include the rising demand for implantable cardioverter defibrillators, pacemakers, implantable loop recorders, and endoscopes and an increasing number of training and awareness programs across the world to present the benefits of invasive devices. Technological advancements and breakthroughs in the field of endoscopy are expected to propel the growth of this segment during the forecast period.
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The major players in the medical electronics market have executed acquisitions, partnerships, and product launches and developments to grow in the market. For instance, in May 2019, TE Connectivity announced the acquisition of Alpha Technics (US). This acquisition establishes TE connectivity as a leader in the medical sensors market. Similarly, in May 2019, Analog Devices launched a new front end sensor interface IC that enables the next generation of intelligent electrochemical sensors for industrial and medical applications. In December 2018, Medtronic announced the acquisition of Israel-based Mazor Robotics. This acquisition strengthened Medtronic’s position as a global innovator in enabling technologies for spine surgery.