Increasing growth in geriatric population, rising incidents of chronic diseases, and adoption of medical imaging are the various factors shaping the medical electronics market value over the estimated period between 2019 and 2025.
Further, increasing adoption of therapeutic equipment like CRM, CPAP, and oxygen concentrators due to aging population is another factor positively impacting the market growth.
Technological developments in sensors and digital technologies, rising medical expenditure across developed nations, and utilization of radiation therapy are attributing to opportunities for market growth.
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However, cybersecurity threats associated with connected medical devices, high maintenance and procurement cost of medical devices with tariff charges imposed by government as well as stringent regulations for product approvals are challenging the medical electronics market growth.
Human machine interface (HMI) is set to account for major percentage of market share during the forecast period
By Medical Device, the medical electronics market is analyzed as human machine interface (HMI), medical devices connectivity, display controller, and embedded controller. Human machine interface (HMI) segment growth is driven by increasing imaging and monitoring applications across the healthcare industry.
As most of the medical devices are being computerized for better diagnosis the number of battery-powered and portable medical devices is growing rapidly in medical electronics market.
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Emergence of key applications is set to open huge market opportunities over the long term
Strong growth in imaging and diagnosis application drives the increased introduction of handheld/homecare products. Medical electronics rendering accurate diagnosis results are set to grow at faster rates and gain popularity in homecare industry.
Accordingly, key OEMs are focusing on better treatment options for chronic patients and are launching innovative products with advanced technologies driven by customers’ need to reduce healthcare expenditures.
Medical Electronics remains a prominent sector across Americas, while developers in emerging economies are in the nascent stage
The medical electronics market growth across North America is driven by presence of advanced healthcare infrastructure, increasing geriatric population, and high healthcare expenditures.
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Whereas, government initiatives and favorable FDI policies to support adoption of advanced medical electronic devices are set to trigger market growth across emerging economies. Further, smart manufacturing OEMs across technology-driven Asian countries are empowering engineers to bring their designs from concept to prototype more quickly, thus enabling them to experiment and innovate.
Participation of key players in growth strategies is set to shape market size over the forecast period
New product launches and upgrades are among the key strategies implemented by major companies to gain competitive advantage. For instance, in 2019, ARC-tronics is set to build electronics for the medical device industry. In addition, Digicom Electronics Inc., recently upgraded its Medical Quality Device Certification to ISO 13485, to ensure the quality, safety, and effectiveness of the medical devices they manufacture.
Further, medical electronics have been introduced with latest connectivity technology to aid medical practitioners in performing surgeries and procedure with micro precision. For example, in 2017, Olympus corporation launched its ORBEYE Surgical Microscopeto incorporate the latest advances in 3K and 4K technology in America and Japan.
Key vendors operating in the Medical electronics market include EDDA Technology, Inc., FUJIFILM Medical Systems, Hitachi High Technologies Corporation, Hologic Inc, iCAD, Inc., McKesson Corporation, Philips Healthcare, Siemens Healthcare, Toshiba medical systems corporation, and Vucomp Inc. among others.
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