Rising healthcare spending and ever-changing healthcare landscape are key factors driving medical electronics market revenue growth
— Emergen Research
VANCOUER, BC, CANADA, June 22, 2022 /EINPresswire.com/ — The global medical electronics market size was USD 6.20 Billion in 2021 and is expected to register a revenue CAGR of 6.90% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of numerous chronic illnesses such as diabetes, cancer, cardiovascular illness, and chronic obstructive pulmonary disease (COPD) is the leading cause of increased usage of medical electronics, which is driving market revenue growth.
The latest study unravels the unfavorable impacts of the COVID-19 pandemic on the global Medical Electronics business sector. According to our expert team, the coronavirus outbreak has had an overwhelming impact on the global economic landscape, and consequently, on this business vertical. The pandemic is expected to contribute to the potential downturn of the Medical Electronics industry substantially. Reportedly, this sector has been financially beleaguered since the COVID-19 lockdown restrictions were put into effect. Hence, the report highlights the financial obstacles that have slowed numerous businesses’ progress in this sector and disrupted the global supply chains.
Some Key Highlights From the Report
The medical imaging segment accounted for a significant revenue share in 2021. Rising incidences of cancer, neurological, and musculoskeletal diseases, as well as improved awareness and diagnosis, have increased need for medical imaging in global health systems. Medical imaging grew rapidly to play an important role in medicine, aiding in diagnosis and treatment of disease.
The cardiology segment accounted for a moderate revenue share in 2021. Increasing clinical connections are offering cardiologists easy access to ECG data at their fingertips, whether they are at home, at office, or in hospitals. They are also getting connected with hospitals’ electronic medical records as it helps to receive maximum benefit from digital ECG systems. This interface allows cardiologists to access patients’ ECG histories, as well as other cardiology-based or generic medical data, to provide full detailed clinical information about patients and thus assist in decision-making.
The sensors segment accounted for a significant revenue share in 2021. Sensors are becoming increasingly important in medical technology to make medical equipment more effective, safer, and easier to use. In medical electronics, sensors are used to convert a variety of stimuli into electrical impulses for inspection. Sensors may enhance intelligence of medical devices, such as life-sustaining implants, to provide bedside and remote monitoring of vital signs and other health factors.
The North America market accounted for largest revenue share in 2021 due to rising rate of technology replacement and continued progress. In addition, the medical electronics industry has a greater profit margin than other end-use industries such as computers and telephones. Cardiology and cardiac patient care are among the expensive sectors of public healthcare system in the U.S. Approximately USD 1.5 million cardiovascular events, such as heart attacks and strokes, occur annually in the country, resulting in total annual economic losses of USD 300 billion. Cardiovascular diseases affect almost 650,000 Americans annually. According to an update issued by the American College of Radiology on March 11, 2020, there is a growing interest in applicability and acceptability of chest radiographs and computed tomography for screening, diagnosis, and treatment of patients with suspected or confirmed COVID-19 infection.
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Emergen Research has segmented the global medical electronics market based on component, procedure, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019-2030)
Heart Rate Sensors
Zinc Air Batteries
TFT LCD Displays
Procedure Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
Clinical, Diagnostic & Therapeutics
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Diagnostic Imaging Devices
Nuclear Imaging System
Patient Monitoring Devices
Medical Implantable Devices
The global Medical Electronics market report closely studies the functioning mechanisms of the key companies participating in the global market. These companies are said to be following a slew of business expansion strategies to reinforce their financial positions in this market. As per the report, these companies account for a major portion of the overall Medical Electronics market share. Therefore, this section of the report emphasizes the principal strategic initiatives led by these companies, including mergers & acquisitions, joint ventures, new business deals, new product launches, collaborations, technological upgradation, and several others.
Key Market Players:
Renesas Electronics Corporation, Siemens, General Electric Company, Semiconductor Components Industries, LLC., Texas Instruments Incorporated, STMicroelectronics, Koninklijke Philips N.V., Tekscan, Inc., NXP Semiconductor, and Medtronic.
Geographical Terrain of the Medical Electronics Market:
North America (the U.S., Canada, and Mexico)
Europe (the U.K, Germany, France, Russia, and Italy)
Asia Pacific (China, Japan, Korea, India, and Southeast Asia)
Latin America (Brazil, Argentina, Colombia, etc.)
Middle East & Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
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Key highlights of the report:
The latest report performs an in-depth study of the potential opportunities and risks associated with the global Medical Electronics market, alongside studying the recent innovations and major events.
The report underlines the niche segments/regions that exhibit potential growth over the forecast timeframe.
The report analyzes numerous business expansion strategies adopted by the contending companies in this market.
A detailed synopsis of the market includes the rapidly changing market dynamics and accurate prediction of the current, historical, and forecast market sizes in terms of volume and value.
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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