Global Medical Electronics Market Forecast 2026
Posted by Sonika on February 26th, 2021
Bharat Book Bureau Provides the Trending Market Research Report on “Global Medical Electronics Market, By Product Type (Therapeutic and Diagnostics), By End-user (Hospital, Ambulatory Surgical Center, Clinic & Others), By Region (North America, Europe, Asia-Pacific & Others), Competition, Forecast & Opportunities, 2026 ”under Medical Devices Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
Global medical electronics market stood at USD 71.93 billion in 2020 and is projected to grow at a steady rate of around 7.17% and reach USD 94.86 during the forecast period. This can be ascribed to the growing prevalence of chronic diseases such as cardiovascular diseases, diabetes, neurological disorders, respiratory disorders, among others. Additionally, the sudden outbreak and spread of pandemic COVID-19 has drastically increased the demand for various diagnostic procedures such as X-Ray and CT Scan thereby positively influencing the market growth through 2026. Furthermore, technological advancements and new product launches by major players operating in the market is expected to create lucrative opportunities for the market growth over the next few years.
Global medical electronics market is segmented based on product type and end-user. Based on the product type, the market can be bifurcated into diagnostics and therapeutics. Diagnostics product type includes patient monitoring devices, PET/CT devices, MRI scanners, ultrasound devices, X-ray devices, CT Scanners and others. The diagnostics segment acquires a market share of around 57.22% owing to increasing awareness regarding benefits of early diagnosis. While the therapeutic segment is anticipated to witness significant growth in the forecast period on account of increasing prevalence of cardiovascular and neurological diseases. This has in turn increased the demand for various devices including pacemakers, defibrillators, spinal cord stimulators, among others.
Regionally, the market for medical electronics is gaining traction and expanding to various regions including, North America, Europe, Asia-Pacific, South America and Middle East & Africa. North America is leading global medical electronics market owing to improved healthcare infrastructure and surging demand for medical electronics in the region.
The major players operating in global medical electronics market include Siemens Healthineers AG, Koninklijke Philips NV, Boston Scientific Corporation, Medtronic Plc., GE Healthcare Inc., Canon Inc., Johnson & Johnson, ZOLL Medical Corporation, MicroPort Scientific Corporation, Integer Holdings Corporation, among others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
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Objective of the Study:
• To analyze the historical growth in market size of global medical electronics market from 2016-2020.
• To classify and forecast global medical electronics market size based on product type, end-user and regional distribution, from 2021-2026.
• To identify drivers and challenges for global medical electronics market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global medical electronics market.
• To conduct pricing analysis for global medical electronics market.
• To identify and analyze the profile of leading players operating in the global medical electronics market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global medical electronics market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
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