Medical Electronics Market to be Dominated by North America with a Share of 37.12% in 2020
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
electronics 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 electronics 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 electronics 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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