Medical Electronics Market Analysis

Based on the product, the medical electronics market value from the therapeutics segment exceeded USD 69 billion in 2022, on account of the increasing elderly population susceptible to chronic infectious diseases. According to data from the WHO, by 2030, 1 in 6 people will be aged 60 years or above worldwide. The requirement for neurostimulation devices, pacemakers, and respiratory devices will therefore accelerate. In addition, the integration of artificial intelligence and other advanced technologies in medical devices will boost the production of therapeutic medical electronics.

Medical electronics market share from the clinics end-use segment is projected to be worth over USD 45.5 billion by 2032, considering the high preference for cost-effective and innovative medical electronic systems. To deliver quality healthcare services, 3D and 4D technologies have been integrated with ultrasound systems and MRI scanners. Since clinics leverage advanced medical devices to deliver therapeutic and diagnostic services, the rise in healthcare spending will contribute to product development.

North America medical electronics market is expected to record revenue worth more than USD 112 billion by 2023, given the mounting healthcare expenditure and the high chronic disease burden. As per data from the Centers for Medicare & Medicaid Services, in 2021, U.S. healthcare spending rose by 2.7%, to reach USD 12,914 per person. Furthermore, the high awareness of the benefits of early disease diagnosis and lab automation will boost the usage of medical electronics equipment across the region.