Northbrook, IL-- (SBWIRE) -- 03/21/2022 -- The medical electronics market is estimated to be worth USD 6.3billion in 2021 and projected to reach USD 8.8 billion by 2026, at a CAGR of 6.9%. The aging population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens are some of the prominent factors for the growth of the medical electronics market globally.
Advances in sensors and digital technologies are creating new opportunities to enhance patient care platforms and improve development efficiency. Technological advances can also create competitive threats. The proliferation of smart medical devices equipped with advanced computing and communication technologies are expected to boost the medical electronics market growth in the coming years. Manufacturers of medical electronics are realizing the transformative nature of IoT technologies due to advances in computing and processing power, as well as in wireless technology. Similarly, miniaturization drives innovation in designing and developing connected medical devices. The rise in the number of connected medical devices and advances in medical systems and software that support the gathering and transmission of data has created new opportunities for medical electronics manufacturers.
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The medical electronics market in the APAC region is expected to witness a high growth as compared to the other regions during the forecast period 2021 to 2026. The adoption of the medical devices in the countries like India, China, South Korea, Australia and several other South Asian countries is on the rise owing to the rising geriatric population, rise of medical tourism, and financial assistance by governments for senior citizens. Moreover the large population in the region provide a huge market for the companies in the medical electronics market.
Growing geriatric population, rising prevalence of chronic diseases, rapid transition from hospital to home care services, increasing demand for improved healthcare, and surging demand for laboratory automation are the other key factors impacting the medical sensor market growth. The reduction in the size of sensors and the adoption of MEMS technology have opened new application areas for pressure sensors, thereby surging the demand for these sensors. The market for flow sensors is projected to grow at the significant CAGR during the forecast period owing to the rising demand for ventilators, respiratory systems, and other life support systems due to COVID-19.
Several opportunities such as a large untapped potential in developing countries such as India, China, Brazil, etc., the advancements in sensors and digital technologies, the positive growth outlook in healthcare sector owing to the increased expenditure towards healthcare sector by the government and by the public, as well as the advent of IoT which leading way for remote connectivity are lying in front of the players in the medical electronics market.
COVID-19 Impact on the Global Medical Electronics Market
COVID-19 has led to severe health crisis across the world and several casualties. North America was one of the worst affected regions in the world, and the US was hit the most due to this pandemic. It caused ongoing challenges for the region's healthcare system as the health systems were not designed to deal with such a crisis. The sudden rise in the infections led to lockdowns, quarantines, border closures, and halting of economic activities across the region. This led to disruptions in the supply chain which negatively affected the supply of essential medical devices to several countries. The shortage of ventilators was another challenge which was faced by countries such as the US, Canada, and Brazil; however, non-conventional companies such as General Motors (US) and Tesla (US) stepped in to manufacture low-cost and efficient ventilators.