Rising geriatric populations coupled with growing technological advancements to drive global medical electronics market through 2026
According to TechSci Research report, “Global Medical Electronics Market By Product Type (Therapeutic and Diagnostics), By End-User (Hospitals, Ambulatory Surgical Centers, Clinics & Others), By Region, Competition, Forecast & Opportunities, 2026”, global medical electronics market stood at USD71.93 billion in 2020 and is projected to grow at a steady rate of around 7.17% and reach USD94.86 during the forecast period on account of surging demand for easy to use, personalized and advanced healthcare devices.
Moreover, rising adoption of advanced technologies for diagnosis and treatment backed by surging community healthcare centers is further propelling growth in global medical electronic market. Additionally, growing preference for minimally invasive surgical procedures is further expected to create lucrative opportunities for the market growth through 2026. However, high cost of therapeutic devices such as pacemakers and costs incurred with diagnostic procedures such as MRI, PET/SPECT and CT Scan can hamper the market growth through 2026.
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Global medical electronics market can be segmented based on product type and end user. Among end users, hospitals acquired the market share of around 36.66% in 2020 and the segment is expected to continue its dominance during forecast period as well owing to increasing prevalence of diseases which have resulted in rising number of hospital admissions. Moreover, hospitals in the developing and developed economies are well equipped with highly efficient medical electronic devices, thereby contributing to the growth of hospital segment in global medical electronic market.
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“North America dominates global medical electronics market owing to favorable reimbursement policies, advanced healthcare technology and supportive regulations by the governments of various economies in the region. However, Asia-Pacific is expected to grow at impressive CAGR during forecast period owing to surging cases of respiratory diseases and rising geriatric population in the region especially India and China is expected to spur the market growth over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Medical Electronics Market By Product Type (Therapeutic and Diagnostics), By End-User (Hospital, Ambulatory Surgical Centers, Clinics & Others), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of global medical electronic market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global medical electronics market.
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