Reportlinker.com announces the release of the report “Medical Electronics Global Market Report 2022: Ukraine-Russia War Impact”, First Sensor AG, General Electric Company, Vucomp, Hitachi High Technologies Corporation, Hologic Inc., TE Connectivity, and Boston Scientific Corporation.
The global medical electronics market is expected to grow from $73.82 billion in 2021 to $83.10 billion in 2022 at a compound annual growth rate (CAGR) of 13.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The market is expected to grow to $135.99 billion in 2026 at a CAGR of 13.1%.
The medical electronics market consists of sales of medical electronics products by entities (organizations, sole traders, and partnerships) that are used in a variety of medical procedures, including surgery, anaesthetic management, therapy, research, and heart control, with the help of medical electronic instruments and equipment. Medical electronics refers to the study of electronic tools and equipment used in medical diagnosis and treatment.
The main components of medical electronics are sensors, batteries, displays, MPUs, or MCUs, and memory chips. A sensor refers to a device that responds to and detects some type of input from the physical environment.
The various device classifications include class I, class II, and class III used in non-invasive, minimally invasive, and invasive medical procedures for medical imaging, clinical, diagnostic, and therapeutics, patient monitoring, flow measurement, cardiology, and other applications. The various end-user products include diagnostic and imaging devices; patient monitoring devices; medical implantable devices; ventilators; and RGM equipment.
North America will be the largest region in the medical electronics market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this medical electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rise in the geriatric population and increasing life expectancy are expected to propel the growth of the medical electronics market going forward. The geriatric population refers to the elderly population aged 65 and above.
Medical electronics help the geriatric population by supporting their healthcare needs to live longer, healthier lives. For instance, in October 2021, according to the report shared by the World Health Organization, a Switzerland-based specialised agency of the United Nations, the share of the population aged 60 years and over increased from 1 billion in 2020 to 1.4 billion. And by 2050, the world’s population of aged people 60 years and older will double (2.1 billion). The population aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Therefore, the rise in the geriatric population and the growing probability of life extension are driving the growth of the medical electronics market.
Innovations in medical electronics are a key trend gaining popularity in the medical electronics market. Major companies operating in the medical electronics market are developing new products to strengthen their position in the market.
For instance, in November 2021, according to the FDA Center for Devices and Radiological Health, a branch of the United States Food and Drug Administration responsible for the premarket approval of all medical devices, CDRH Innovation is developing activities to support medical device innovators to increase patient access to innovative medical devices developed by small businesses and start-ups through its own Small Business Innovation Research (SBIR) grant program.It encourages domestic small businesses to engage in research and development with the potential for product commercialization.
CDRH is partnering with various innovation groups and accelerators to support early-stage companies in the development of this medical device.
In May 2022, Medtronic plc, a US-based medical device company, acquired Intersect ENT for an undisclosed amount. Through this acquisition, Medtronic is expanding the company’s comprehensive ear, nose, and throat (ENT) portfolio with innovative products used in sinus procedures to improve postoperative outcomes and to treat nasal polyps, such as Intersect ENT’s PROPEL and SINUVA (mometasone furoate) sinus implant product lines and technology, intellectual property, and Menlo Park, Calif., facility. Intersect ENT is a US-based medical device manufacturing company operating in the medical electronics market.
The countries covered in the medical electronics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The medical electronics market research report is one of a series of new reports that provides medical electronics market statistics, including medical electronics industry global market size, regional shares, competitors with a medical electronics market share, detailed medical electronics market segments, market trends and opportunities, and any further data you may need to thrive in the medical electronics industry. This medical electronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
(Source: GLOBE NEWSWIRE)
