A branch of electronics that deals with use, design, and implementation of electronic equipment and devices for medical use such as research, examination, diagnosis, treatment, etc. is known as medical electronics.
A major factor driving growth of the global medical electronics market is increasing demand for advanced medical equipment across the globe. In addition, increasing investment towards development of healthcare infrastructure in developing countries, rising prevalence of chronic diseases, and ageing population are other factors further driving growth of the global medical electronics market. A major factor hampering growth of the global medical electronics market is high maintenance cost of the devices. In addition, stringent approval process is another factor hampering growth of the global market to a certain extent.
The global market is segmented on the basis of product type, application, and region. On the basis of product type, the global market is segmented into invasive and non-invasive. The non-invasive segment is expected to witness highest growth over the forecast period.
On the basis of application, the global market is segmented into imaging, therapeutics, patient monitoring, and homecare/handheld products. The homecare/handheld products segment is expected to witness significant growth in terms of revenue during the forecast period.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for highest share in terms of revenue in the global market. This dominance can be attributed to presence of major manufacturers and developed healthcare infrastructure in this region. The market in Asia Pacific is expected to witness highest growth over the forecast period.
Key players in the global market are EDDA Technology, Inc., Philips Healthcare, FUJIFILM Medical Systems, Hitachi High Technologies Corporation, Toshiba Medical Systems Corporation, McKesson Corporation, GE Healthcare, Inc., Hologic Inc., Siemens Healthcare, Medtronic Plc., NXP Semiconductors N.V., Texas Instruments, and other prominent players.