CHICAGO, March 2, 2021 /PRNewswire/ -- According to the new market research report "Medical Electronics Market with Covid-19 Impact Analysis by Component (Sensors, MCUs/MPUs, Displays), Device Classification (Class I, Class II, Class III), Application (Diagnostic, Cardiology, Flow Measurement), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is expected to reach USD 8.8 billion by 2026 from USD 6.3 billion in 2021, at a CAGR of 6.9% during 2021-2026 period. The rapid growth of the global medical electronics market is attributed to the some of the driving factors such as the aging population and increasing life expectancy , increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens.
Sensors to hold largest market share during forecast period in the medical electronics market
Sensors accounted for the largest market size for different components in the medical electronics market. The reduction in the size of sensors and the adoption of MEMS technology have opened new application areas for sensors, thereby surging the demand for these sensors. The market for flow sensors is projected to grow at the significant rate during the forecast period owing to the rising demand for ventilators, respiratory systems, and other life support systems due to COVID-19.
Minimally invasive medical devices is expected to witness the highest growth rate during the period 2021 and 2026
The minimally invasive medical devices are expected to show the highest growth rate during the forecast period. Minimally invasive medical devices have transformed surgical procedures by reducing the size of the incision, shortening or eliminating hospital stays, and improving recovery time and overall outcome of the patients. Minimally invasive procedures involve the use of laparoscopic, endoscopic, or catheter-based solutions, which are becoming more common.
Americas to hold largest share of medical electronics market during forecast period
The Americas holds the largest share in the global medical electronics market. The major factors driving market growth include the increasing adoption of connected medical devices, the growing use of technologically advanced medical imaging devices, the rising influence of disruptive technologies such as IoT and AI in the healthcare sector. Factors such as the rise in the geriatric population, presence of advanced healthcare infrastructure, and high healthcare expenditure are supporting the growth of the medical electronics market in the Americas.
The report profiles key players such as Analog Devices (US), Texas Semiconductor (US), TE Connectivity (Switzerland), Medtronic (Ireland), ST Microelectronics (Switzerland), NXP Semiconductor (Netherlands),Cypress Semiconductor Corporation (US),Maxim Integrated Products (US),ON Semiconductor Corporation (US),Renesas Electronics Corporation (Japan),and Microchip Technology (US)
Medical Sensors Market by Sensors Type (Pressure, Temperature, Blood Oxygen, Blood Glucose, Ingestible), Application (Monitoring, Diagnostic Imaging, Medical Implants), Product (Invasive, Non-Invasive), and Geography - Global Forecast to 2025
Biosensors Market by Type (Sensor patch and embedded device), Product (Wearable and nonwearable), Technology (Electrochemical and optical), Application (POC, Home Diagnostics, Research Lab, Food & Beverages), and Geography - Global Forecast to 2024
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