Medical Electronics Market to Reach $23.0 Billion, Globally, by 2032 at 6.73% CAGR: Allied Market Research

The medical electronics market is driven by factors such as rise in demand for efficient healthcare solutions globally coupled with technological advancements and increase in healthcare demands.

WILMINGTON, Del., Feb. 7, 2024 /PRNewswire/ -- 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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• 320– Pages
• 182– Tables
• 60– Charts

Prime determinants of growth 

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.

Report coverage & details:

The sensors segment to maintain its leadership status during the forecast period.

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.

The medical imaging segment to maintain its leadership status during the forecast period.

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.

The hospitals segment to maintain its leadership status during the forecast period.

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.

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North America to maintain its dominance by 2032.

On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global medical electronics market revenue. North America dominates the medical electronics market due to its advanced healthcare infrastructure, early adoption of innovative medical technologies, and a proactive approach to integrating digital health solutions, fostering sustained market leadership. In addition, Asia-pacific is projected to attain the highest CAGR of 8.31% from 2023 to 2032.

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:

• 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
• Cardinal Health

The report provides a detailed analysis of these key players in the global medical electronics market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical electronics market analysis from 2022 to 2032 to identify the prevailing medical electronics market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities along with the medical electronics market share by company.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the medical electronics market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global medical electronics market trends, key players, market segments, application areas, and market growth strategies.

Medical Electronics Market Key Segments: 

By Components:

• Sensors
• Batteries
• Displays
• MPUs/MCUs
• Others

By Application:

• Medical imaging
• Clinical, diagnostic, and therapeutics
• Patient monitoring
• Flow measurement
• Cardiology
• Others

By End User:

• Hospitals
• Ambulatory surgical centers
• Home care
• Others

By Region:

• North America (U.S., Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)

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