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According to The Business Research Company’s research report on the medical electronics market, 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 health care 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 industry.
The global medical electronics market size 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, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The medical electronics market is expected to grow to $135.99 billion in 2026 at a CAGR of 13.1%.
Innovations in medical electronics are gaining popularity among the medical electronics market trends. 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.
Major players in the medical electronics market are Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics, Mouser Electronics, Cypress Semiconductor Corporation, Semiconductor Components Industries, Digi-Key Electronics, Tekscan Inc., 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 segmented by component into sensors, batteries, displays, MPUs or MCUs, memory chips; by device classification into class I, class II, class III; by medical procedure into non-invasive, minimally invasive, invasive; by application into medical imaging, clinical, diagnostic, and therapeutics, patient monitoring, flow measurement, cardiology, other applications; by end user products into diagnostic and imaging devices, patient monitoring devices, medical implantable devices, ventilators and RGM equipment.
In 2021, North America will be the largest region in the medical electronics market. Asia-Pacific is expected to be the fastest-growing region in the medical electronics market during 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.
Medical Electronics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide medical electronics market forecast size and growth, medical electronics market segments and geographies, medical electronics market trends, medical electronics market drivers and restraints, medical electronics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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