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 mainly driven by the rising incidence of various chronic diseases and the growing aging population across the world. Chronic diseases such as diabetes, cancer, cardiovascular diseases, and COPD are the major factors responsible for the increasing adoption of medical devices. The aging population is more sensitive to various chronic diseases and hence boosts the demand for various diagnostics and therapeutics medical electronic devices such as CT scanners, ultrasound, patient monitoring systems, medical implantable devices, pacemakers, and respiratory care devices. According to the Society of Critical Care Medicine, over 40 to 50% of ICU patients need a ventilator, which increases the demand for medical electronics. So, the rising number of ICU patients is increasing the growth of global medical electronics market.

The adoption of medical electronic devices such as patient monitors and other diagnostic devices is particularly high in minimally invasive surgeries. Minimally invasive surgeries are safe, comfortable for patients, and cost-effective. Hence, these techniques are being adopted in various healthcare sectors which have positively impacted the demand for medical electronic devices. Furthermore, regulations imposed on manufacturers of medical electronic devices ensure the high quality of technologically advanced medical devices that increase their acceptance in surgical procedures by increasing market expansion during the forecast period. Technological advancements in medical electronic devices will drive market expansion during the forecast period. Major players in the market constantly focus on advanced technology within the devices that enable accurate and efficient diagnosis as well as treatment. However, strict regulations and trade policies associated with medical electronic devices will hamper the growth of the market.

US Medical Electronics Market is poised to grow at a sustainable CAGR for the next forecast year.