PUNE, INDIA – The global medical electronics market is expected to reach $4.41 billion by 2022, growing at a CAGR of 5.4% between 2016 and 2022, says RnR Market Research. North America will hold the largest market shares, while monitoring applications are expected to grow at the highest rate during the forecast period.
Expected growth is attributed to an aging population and growing lifestyle diseases; rising demand for personalized, easy-to-use, and advanced healthcare devices, and increasing adoption of wearable electronics. Major barriers to growth include a stringent regulatory process for product approval and high maintenance and refurbishment costs.
Monitoring devices are expected to grow at the highest rate because of the increasing use of patient monitoring devices in outpatient care departments, ambulatory care centers, and home care settings. Increasing market penetration rates of portable medical devices used in home healthcare establishments and an increasing trend toward remote patient monitoring are also expected to contribute to growth of patient monitoring applications.
Among all geographic regions, North America is considered the largest market for medical electronics, driven in part by an improved health care infrastructure. In addition, technological advancements in medical device technology have propelled the growth of the market in North America. Moreover, the rising demand for medical electronics in home treatment and the presence of well-structured distribution channels in the region are aiding market growth.
The market in APAC is expected to grow at the highest rate during the forecast. The greater utilization of medical devices in various clinical diagnosis, monitoring and therapeutic procedures is expected to drive the adoption of medical electronics among healthcare providers in the APAC region.
The global refurbished medical equipment market is expected to reach $11.91 billion by 2021, a CAGR of 12.7% from 2016 to 2021.