Medical Electronics Global Market Report 2024

Medical electronics encompasses the examination of electronic tools and apparatus employed in medical diagnosis and treatment. It finds applications in a diverse range of medical processes such as surgery, anesthetic management, therapy, research, and heart control, facilitated by the utilization of medical electronic instruments and equipment.

The fundamental constituents of medical electronics consist of sensors, batteries, displays, MPUs or MCUs, and memory chips. A sensor is a device designed to detect and respond to specific inputs from the physical environment. The classifications of devices, including class I, class II, and class III, are employed in non-invasive, minimally invasive, and invasive medical procedures for purposes like medical imaging, clinical diagnostics, therapeutics, patient monitoring, flow measurement, cardiology, and various other applications. End-user products span diagnostic and imaging devices, patient monitoring devices, medical implantable devices, ventilators, and RGM equipment.

The medical electronics market research report is one of a series of new reports that provides medical electronics market statistics, including medical electronics industry global market size, regional shares, competitors with a medical electronics market share, detailed medical electronics market segments, market trends and opportunities, and any further data you may need to thrive in the medical electronics industry. This medical electronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medical electronics market size has grown rapidly in recent years. It will grow from $97.47 billion in 2023 to $111.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth observed in the historical period can be credited to factors such as the aging population, the management of chronic diseases, adherence to regulatory standards, the emergence of personalized medicine, and the emphasis on global health preparedness.

The medical electronics market size is expected to see rapid growth in the next few years. It will grow to $193.18 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The anticipated growth in the forecast period can be ascribed to an increase in healthcare expenditure, the adoption of patient-centric care, the expansion of telehealth services, the ongoing digital health revolution, and a focus on cost-efficiency. Noteworthy trends in this period encompass the miniaturization and prevalence of wearable devices, the integration of artificial intelligence (AI) and machine learning, the connectivity of devices through the Internet of Things (IoT), the use of sustainable materials, and the incorporation of patient engagement tools.

The anticipated rise in the geriatric population and increasing life expectancy is set to drive the growth of the medical electronics market. The term 'geriatric population' refers to individuals aged 65 and above. Medical electronics play a crucial role in supporting the healthcare needs of the elderly, promoting longer and healthier lives. As reported by the World Health Organization in October 2021, the global population aged 60 and over is expected to double from 1 billion in 2020 to 1.4 billion by 2050. Additionally, the population aged 80 and older is projected to triple from 2020 to 2050, reaching 426 million. Hence, the upward trend in the geriatric population and the increasing likelihood of extended life expectancy are key drivers for the growth of the medical electronics market.

The anticipated increase in the prevalence of chronic diseases is expected to propel the growth of the medical electronics market. Chronic diseases, characterized by lasting for three months or more and potentially worsening over time, are effectively managed through continuous monitoring, early detection, and remote patient care facilitated by medical electronics. These technologies support data-driven healthcare, enhance medication management, and contribute to an improved quality of life for patients. The proactive role of medical electronics in preventing complications and reducing healthcare costs addresses the challenges posed by the escalating burden of chronic diseases, particularly in aging populations. According to projections from the National Center for Biotechnology Information (NCBI) in January 2023, the global population with chronic diseases is expected to reach 142.66 million by 2050, up from 71.522 million in 2020. Thus, the increasing prevalence of chronic diseases is a significant factor driving the growth of the medical electronics market.

Innovations in medical electronics represent a notable trend gaining traction in the market. Major companies operating in the medical electronics sector are actively developing new products to fortify their market positions. As reported in November 2021 by the FDA Center for Devices and Radiological Health, the CDRH Innovation initiative is actively supporting medical device innovators, particularly small businesses and start-ups, through its Small Business Innovation Research (SBIR) grant program. This initiative encourages domestic small businesses to engage in research and development with the potential for product commercialization. Collaborations with various innovation groups and accelerators are part of CDRH's strategy to support early-stage companies in the development of innovative medical devices.

Major companies in the medical electronics market are introducing innovative products to gain a competitive edge. For example, in January 2022, Esaote SpA, an Italy-based medical equipment manufacturing company, launched the Magnifico Open total body MRI system. This advanced system, designed to meet clinical, operational, and financial needs, incorporates state-of-the-art MR technology for excellent image quality. It features a permanent magnet for easy installation and cost-effectiveness, an open magnet design for patient comfort, and recent Esaote technologies like Speed Up and True-Motion for optimal image quality and reduced exam times, respectively.

In May 2022, Medtronic PLC, a US-based medical device company, acquired Intersect ENT to expand its comprehensive ear, nose, and throat (ENT) portfolio. The acquisition included innovative products used in sinus procedures, such as Intersect ENT's PROPEL and SINUVA (mometasone furoate) sinus implant product lines, technology, intellectual property, and its Menlo Park, Calif., facility. Intersect ENT is a US-based medical device manufacturing company operating in the medical electronics market.

Major companies operating in the medical electronics market include Analog Devices Inc., Texas Instruments Incorporated, STMicroelectronics, Mouser Electronics, Cypress Semiconductor Corporation, Semiconductor Components Industries LLC, Digi-Key Electronics, Tekscan Inc., First Sensor AG, General Electric Company, Vucomp Inc., Hitachi High Technologies Corporation, Hologic Inc., TE Connectivity Ltd., Boston Scientific Corporation, Abbott Laboratories, Becton Dickinson and Company (BD), Stryker Corporation, Cardinal Health Inc., Koninklijke Philips N.V., EssilorLuxottica SA, Danaher Corporation, Johnson & Johnson., Novartis AG., Medtronic PLC, Baxter International

North America will be the largest region in the medical electronics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this medical electronics Share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the medical electronics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The medical electronics market consists of revenues earned by entities by providing medical electronic services to design devices and measures that solve medical and health-related problems using knowledge of biology and medicine with engineering principles and practices. The market value includes the value of related goods sold by the service provider or included within the service offering. The medical electronics market also includes sales of medical electronics components such as semiconductors, amplifiers, transistors, transducers, anodes, and amplitudes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.