Medical Electronics Market Size, Share, Growth Analysis, By Application(Therapeutics and Diagnostics), By End User(Hospitals, Homecare, and Clinics), By Region - Industry Forecast 2024-2031

Medical Electronics Market size was valued at USD 6.7 billion in 2022 and is poised to grow from USD 7.16 billion in 2023 to USD 12.21 billion by 2031, growing at a CAGR of 6.90% in the forecast period (2024-2031).

Global medical electronics market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global medical electronics market. 'Medtronic plc', 'General Electric Company', 'Siemens Healthineers AG', 'Koninklijke Philips N.V.', 'Abbott Laboratories', 'Becton, Dickinson and Company', 'Fujifilm Holdings Corporation', 'Johnson & Johnson', 'Hitachi, Ltd.', 'Canon Medical Systems Corporation', 'Stryker Corporation', 'Zimmer Biomet Holdings, Inc.', 'Smith & Nephew plc', 'Boston Scientific Corporation', 'ResMed Inc.', 'Varian Medical Systems, Inc.', 'Intuitive Surgical, Inc.', 'Hologic, Inc.', 'Thermo Fisher Scientific Inc.', 'Edwards Lifesciences Corporation', 'In January 2022, Promaxo Inc., a medical imaging, robotics, and artificial intelligence (AI) technology company, announced the sale of its in-office MRI system to Kasraeian Urology.', 'In November 2021, Philips expanded its artificial intelligence (AI) enabled CT imaging portfolio at the Radiological Society of North America (RSNA).', 'On August 21, 2022, Medtronic Plc., a leading US-based medical device company, partnered with BioIntelliSense, a remote care solution company in the medical category, to deliver multi-parameter wearable for continuous remote patient monitoring from the hospital to the home. The partnership will enable Medtronic to provide access to medical-grade devices that continuously monitor patients' vital signs while they are in the hospital and after they are discharged. It promotes automation workflows in care delivery, enables proactive clinical interventions, and helps address the effects of workforce shortages.', 'On July 13, 2022, Siemens Healthineers, a Germany-based medical device company, released Mobilet Impact, a revolutionary mobile X-ray system. The system combines all the advantages of full digital integration, affordable cost, and transportable x-ray equipment for imaging at the patient's bedside.'

Growing demand for medical electronics for healthcare automation and digitalization

Innovations in medical electronics are a key trend in the market. Major players in the market are introducing new products to increase their market position. In November 2021, the FDA Centre for Devices and Radiological Health, a branch of the United States Food and Drug Administration responsible for premarket approval of all medical devices, that 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 collaborating with various innovation organizations and accelerates to help early-stage entrepreneurs to develop medical devices.

On the basis of region, global medical electronics market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global market.  High disposable income, increased acceptance of electronic devices in the healthcare industry, high healthcare expenditure, and improved access to healthcare facilities are the primary factors driving the growth of global market in North America.