Increase in Adoption of IoT Based Smart Medical Devices Expected to Drive Medical Electronics Market: Ken Research
Medical electronics can be considered as a specialized discipline, which integrates engineering with fields such as clinical practice and biomedical sciences. With Covid-19 infection rising around the world, there is expanding concern about lack of essential life-saving equipment and other basic medical resources to prevent the spread of this pandemic and give optimal treatment to those influenced. Moreover, for COVID-19 patients, who may require basic consideration, ventilators serve as a fundamental medical choice before a pharmacological therapy is established. Additionally, a wide assortment of test-kits such as antibody samples and self-administered require a fast acceleration in the manufacturing process. The increasing demand for diagnostics tests, ventilators, personal protective equipment (PPE), and other critical medical supplies has further augmented the demand for medical electronics over the forecast period 2020 to 2027.
According to study, “Impact of COVID-19 on Medical Electronics Market to reach USD XX million by 2026” some of the key companies operating in the medical electronic market are FUJIFILM Medical Systems, Philips healthcare, Toshiba Medical Systems Corporation, Vucomp, McKesson Corporation, Hologic, Inc., Hitachi High Technologies Corporation, Siemens Healthcare, EDDA technology, Inc. and iCAD, Inc.
Based on component type, medical electronic market is segmented as displays, batteries, memory devices, sensors, and microprocessors/microcontrollers. Displays segment is further sub-segmented as OLED displays, Tft-LCD displays and LED displays. Batteries segment is further sub-segmented as lead acid batteries, lithium-ion batteries, zinc air batteries and others. Memory devices segment is further sub-segmented as Eprom, Sdram, flash memory and Fram. Sensors segment is further sub-segmented as pressure sensors, temperature sensors, motion sensors, image sensors, blood glucose sensors, ECG sensors, blood oxygen sensors, touch sensors and heart rate sensors. Additionally, microprocessors/microcontrollers segment is further sub-segmented as microcontroller units, microprocessor units, field programmable gate arrays and application specific integrated circuits. Based on product type, market is segmented as invasive products and non-invasive products. Invasive products are further sub-segmented as implantable cardioverter defibrillators, endoscopes, implantable loop recorders, pacemakers, gastric electric stimulators and spinal cord stimulators. Additionally, non-invasive products are further sub-segmented as monitoring devices (hemodynamic monitors, multipara monitors, cardiac monitors, digital thermometer, and respiratory monitors), imaging devices (x-ray scanners, MRI scanner) and others. In addition, based on application, market is segmented as patient monitoring, diagnostic radiology and medical implants & endoscopy.
The medical electronic market is driven by rise in healthcare spending & ever-changing healthcare landscape, followed by increase in aging population & surge in life expectancy throughout the world, rise in demand for portable medical devices & wearable electronics, increase in adoption of IoT based smart medical devices and rise in use of radiation therapy in diagnosis & treatment of diseases. However, high maintenance and refurbishment costs of medical electronics and cybersecurity risks posed by proliferation of connected medical devices may impact the market. Moreover, growth in advancement in sensors and digital technologies and increase in developing countries are key opportunities for market.
Based on geographical analysis, Impact of COVID-19 on medical electronics market is considered for the key regions such as Europe, Asia Pacific, North America, Latin America and Rest of the World. In terms of value, the North-American region is projected to account for the majority of the market owing to rise in demand for portable medical devices with high capacity and growth in implementation of therapeutic devices in the region. It is predicted that future of the global medical electronic market will be optimistic as a result of high incidence of respiratory disorders during the forecast period.
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Ankur Gupta, Head Marketing & Communications