Medical electronics market to be worth US$4.41bn by 2022

The market for medical electronics is expected to reach US$4.41 billion by 2022, according to market research firm MarketsandMarkets. The factors driving the market include rising ageing population and growing lifestyle diseases; rising demand for personalised, easy-to-use and advanced healthcare devices; and increasing adoption of wearable electronics.

The company’s report, ‘Medical Electronics Market by Component (Sensor, Battery, Memory Device, Display, and Microcontrollers), Application (Diagnosis and Monitoring), Product (Invasive, and Non Invasive), and by Geography - Global Forecast to 2022’, finds that the medical electronics market, in terms of value, is estimated to grow at a CAGR of 5.4% between 2016 and 2022. The market for non-invasive products accounted for the largest share in 2015 and is expected to grow at a particularly high CAGR between 2016 and 2022.

The market in APAC is expected to grow at the highest CAGR between 2016 and 2022, due to factors such as technological advancement and increasing awareness amongst the population. Other drivers include an ageing population and increasing incidences of respiratory diseases such as sleep apnoea.

The report also profiles the most promising players in the medical electronics market, including Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Medtronic (Ireland), Analog Devices (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), GE Healthcare (US) and Texas Instruments (US). These and other players are currently concentrating on manufacturing portable ECG devices which can be used at home by cardiac patients.

The report can be found here.