The global medical electronics market has currently crossed the billion-dollar mark and is predicted to advance at a CAGR of 6.6% during 2022-2032.
Availability of small-sized medical devices are available for monitoring blood sugar levels, insulin, blood pressure and blood coagulation levels at home to send periodical reports to a doctor in a connected environment leads to a conducive ecosystem for the medical electronics market.
Increase in income levels, higher standard of living, rising health awareness rise in aging population in developed countries and development in health facilities in developing countries are key factors driving the rapid growth of the medical electronics market that consists medical electronic devices and other medical supplies such as pacemaker, electronic aspirin, electronic infusion device, etc.
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What Governs the Adoption of Medical Electronics?
High availability of electronic components such as microcontrollers, memory devices, display technologies etc., has contributed majorly to the development of biomedical devices and equipment.
The acceptance of electronic medical devices is difficult for the users as well as the doctors due to its high prices. Conventional medical devices have evolved over time, which is obvious with the advent of handheld smart phone-sized ultrasound systems, digital stethoscopes and digital X-ray systems.
Even consumer devices such as toothbrushes have become modernized enough to send periodic information to dentists in a similar connected environment. The potential benefits associated with this technology includes improved quality of healthcare, increased output accuracy, remote health data availability, precise billing mechanism, easy to update patient electronic records and increase in level of patient experience.
On other hand, there are some negative aspects such as decrease in productivity of medical professionals, lack of standard terminologies, significant learning difficulties and issues related to violation of patient data security.
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How is the Global Medical Electronics Market Classified?
The global medical electronics market is segmented on the basis of type, components, application and geography. Medical electronic device types vary depending on size, from handheld devices to heavy base devices, wearable gadgets to wireless connected devices, and from RFID-based health tracking device to RADAR technology-based ultrasound machines.
On the basis of components, the market is segmented into sensor, battery, display, processors and memory. On the basis of application, the market is segmented into imaging, health monitoring, digital assistance, digital diagnostic, medical therapy, fitness and wellness and healthcare and products like pacemaker, electronic aspirin, and electronic infusion device help there.
On the basis of geography, the market is segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe and the Middle East & Africa.
Which Region Is Likely to Dominate the Medical Electronics Market?
North America leads the global medical electronics market, owing to advancements dynamic power path management, remote patient tracking, integrated analogue front ends, and tissue analysis of cancer cells.
Some of the innovative products are still in the developmental stage, which are to be introduced in the future, include needle-free diabetic care, robotic check-ups and touchscreen systems for treatment rooms. The opportunity for handheld wireless monitoring devices is high. In addition to this, Covid-19-induced medical emergency is enabling end users to home smart portable medical devices to keep a track of their temperature and oxygen levels, which is likely to provide significant boost to the modestly growing market.
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