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Jun 2020 | Report Format: Electronic (PDF)
• The global medical electronics industry is anticipated to be worth USD 219 billion by the year 2024, according to a recent report by Grand View Research, aided by rapid advancements in healthcare technology along with increased investments from prominent market players in the past few years.

• There are a number of implantable medical electronics devices currently being used in medical institutions, such as pacemakers, implantable cardioverter defibrillators and neurostimulators, which are used for managing and treating various physiological conditions, such as chronic pain, Parkinson’s and profound deafness. There has been a great demand for medical electronics devices in the past few years, owing to patient demands for an improved quality of life.

• The continued rise in the ageing population in both developed and emerging economies has resulted in higher incidences of diseases such as respiratory and cardiac issues, as well as gastrointestinal disorders. The population of this demographic is expected to cross 2 billion by the year 2050, which is expected to create huge demand for medical electronics, especially for life-supporting devices such as ventilators and dialysis devices. This is expected to satisfy the need for long term critical care for them, thus justifying the demand for medical electronics. Another factor driving the industry is the high awareness among people in emerging and developed countries regarding early diagnosis of diseases, and the subsequent treatment and cure.

A sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/medical-electronics-market
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• The growth in healthcare spending in developed nations has meant for a sustained positive environment for medical electronics market. According to a 2018 report by Fitch Solutions, the healthcare spending in US stood at USD 3.5 trillion in 2018, while Medicare spending accounted for 3.7% of the country’s GDP in 2018, and is expected to rise to 5.9% by 2038. Additionally, the healthcare spending in UK was budgeted to be £162 billion as of March 2019.

• The rise in the number of chronic diseases such as Alzheimer’s, cancer, asthma and diabetes around the globe has increased the focus on development of treatments and devices that can lead to early detection and prevention of such diseases. According to the CDC’s National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), 6 out of 10 adults in the US suffer from a chronic disease, while a further 4 out of 10 have 2 or more simultaneously. These diseases are the leading causes of deaths and disabilities in the country, while also being responsible for a large share of the overall annual healthcare costs. This presents a huge opportunity to medical electronics market players to launch innovative products.

• In terms of application, the market has been segmented into imaging, therapeutics, patient monitoring and home healthcare/handheld products. The imaging segment, which consists of MRI, CT, X-ray devices, ultrasound and nuclear imaging equipment, holds a substantial share in the market, as it is necessary for the early disease diagnosis. Moreover, MRI and ultrasound are anticipated to be the most in-demand technologies, the former due to the rising number of neurological and musculoskeletal disorders, and the latter due to the rising birth rates across the globe.

• Handheld products, such as ultrasounds, oximeters, glucometer, and thermometers, have witnessed appreciable growth in recent years, owing to their patient-friendly, inexpensive and safe nature. Homecare has become a popular option for the elderly population, on account of the rising hospital stay costs, as well as for hospitals, where the rising pressure with regards to patient admissions has provided a huge opportunity for handheld device makers to develop this segment.

• North America accounts for the highest market share for medical electronics market, followed by Europe, on account of continued innovations in the industry, as well as availability of a huge target population, presence of major companies, as well as positive initiatives from governments to develop this space. Major economies in Asia Pacific such as Japan and China are also expected to significantly contribute to the market in the coming years, with companies such as Siemens and Toshiba being on the forefront of positive developments.

Recent Development
• In May 2020, the US FDA gave approval to Philips regarding the use of their ultrasound systems for managing lung and cardiac complications related to coronavirus, due to the various advantages such as their imaging capabilities, portability and ease of disinfection. The FDA clearance applies to the company’s EPIQ series, Affiniti series, Lumify, CX50 and Sparq diagnostic ultrasound systems, as well as off-cart solutions like QLAB advanced quantification software.

• In December 2019, Fujifilm announced that it had entered into an agreement with Hitachi, Ltd regarding the acquisition of Hitachi’s Diagnostic Imaging-related Business. The development is expected to put Fujifilm in a strong position with respect to the healthcare industry.

• In October 2019, Canon Medical completed the acquisition of Toshiba’s Imaging Systems division. The Video Sensing Division is expected to complement Canon’s history as a video camera technology leader by focusing on serving the health technology market as an OEM supplier in surgical imaging robotics and clinical microscopy.