Medical electronics market to reach $56.5bn

With an increase in the levels of urbanisation and improvement in healthcare facilities, the need for medical electronics is set to grow, predicts research firm MarketsandMarkets. The firm expects the total value of the medical electronics market to reach $56.50 billion by 2020. 

Developing countries such as India and China are fuelling the growth of the medical sector. In emerging markets, the medical electronics industry is expected to benefit from investments that are lifting the standards of healthcare. The developed markets are expected to continue investing in more efficient medical electronic devices, systems and procedures, which offer better and more personalised healthcare. 

Medical monitoring devices such as cardiac monitors and haemodynamic monitors are gaining market share due to an increase in lifestyle diseases. According to MarketsandMarkets’ latest report, ‘Medical Electronics Market by Component (Sensor, Battery, Memory Device, Display, & Microprocessor/MCU), by Application (Imaging, Medical Therapeutics, Diagnosis, Monitoring, and Fitness & Wellness), and by Geography - Global Forecast to 2020’, the industry will grow at a CAGR of 5.5% from 2014 to 2020. The report’s detailed segmentation by component, application and geography covers all the existing and emerging technologies in the medical electronics market. This market is segmented by components such as sensors, batteries, memory devices, displays and microprocessors/microcontrollers. The report also covers all the major applications of the medical electronics market such as imaging, medical therapeutics, diagnosis, monitoring and fitness and wellness, with qualitative as well as quantitative industry insights.

One of the objectives of the report was to analyse the market trends for each of the medical electronics market segments and their respective growth rates. Apart from the market segmentation, the report also covers in-depth analyses such as Porter’s five-force analysis, supply chain with a detailed process flow diagram and market dynamics such as drivers, restraints and opportunities for the medical electronics market.