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Medical Electronics Market Size
Medical Electronics Market size was valued at USD 154.5 billion in 2022. The industry is anticipated to register over 6.5% CAGR through 2023-2032, due to the rapid introduction of advanced equipment for cardiovascular disease treatment.
As a specialized discipline, medical electronics integrate engineering with clinical practice and biomedical sciences. Electronic device miniaturization trends are leading to the development of advanced medical electronics for use in the monitoring of physiological variables. To enhance the accuracy and efficacy of treatment and diagnostic procedures, innovative devices have been introduced.
The introduction of effective cardiovascular disease treatment devices, alongside the increased funding for healthcare R&D projects, will create lucrative growth prospects for medical electronic system developers. To ensure adequate safety, regulatory agencies and organizations have developed strict guidelines for the manufacturing of oxygen concentrators and other equipment. This strict regulatory landscape and the lack of skilled healthcare professionals for chronic disease treatment may, however, impeded industry expansion to some extent over the forecast period.
What is the size of the North America medical electronics industry?
North America medical electronics market is expected to be valued at more than USD 112 billion by 2032, given the mounting healthcare expenditure and the high chronic disease burden.
Why is the adoption of medical electronics increasing in clinics?
Clinics end-use segment is set to be valued at over USD 45.5 billion by 2032, considering the high preference for cost-effective and innovative electronic systems.
Who are the leading providers of medical electronics?
Key participants in the market include Toshiba Medical Systems Corporation, Boston Scientific Corporation, Medtronic, Abbott Laboratories, Koninklijke Philips N.V., Samsung Electronics Co. Ltd., and Siemens Healthineers AG, among others
How big is the medical electronics market?
Global market for medical electronics was valued at USD 154.5 billion in 2022 and will register over 6.5% CAGR through 2023-2032, due to the introduction of advanced equipment for cardiovascular disease treatment.