OCEAN VIEW, DE – The medical electronics market is poised to surpass $148 billion by 2024, up 12%, says Global Market Insights.
An increasing number of healthcare practitioners and a rising number of community healthcare centers, along with increasing adoption of better technologies for diagnosis and treatment, will propel medical electronics demand, the research firm says.
Increasing technological advancement will drive medical electronics market growth over the forecast period. Furthermore, growing disposable income levels in developing economies, along with the introduction of innovative products, will surge industry expansion.
Favorable regulatory policies for expansion of medical electronics industry and healthy reimbursement environment will propel business growth. However, high-costs associated with medical electronics will impede industry expansion, the firm says.
Lucrative return on investment and the ability to save considerable time compared to conventional methods will fuel increasing demand for surgical robots over the forecast period.
Respiratory care devices will witness significant revenue growth, owing to an increasing geriatric population and increasing prevalence of COPD, asthma and other respiratory diseases. Technological advances aimed at developing more efficient and cost-effective respiratory care devices will further propel market growth.
Hospitals are adopting innovative medical electronic devices to provide improved healthcare facilities to patients. Rising healthcare costs and growing disposable income levels will spur business growth over the forecast years.
The US medical electronics market will witness significant growth, owing to a favorable regulatory scenario and presence of leading regional business players. Growing disposable income and rising adoption of technologically advanced products will stimulate business growth over the forecast period.
Domestic medical device companies such as Siemens, Baxter General Electric, and Philips dominate the Russian medical electronics market. A favorable business environment and increasing adoption of technologically advanced products will fuel industry expansion over the forecast years, says Global Market Insights.
Some of the prominent players include Phillips, Siemens AG, GE Healthcare, Maxim Integrated, Carestream Health, and Allengers Medical.
The smart medical device market is projected to experience significant growth from 2017 to 2024. The size of the smart medical device market is likely to witness momentous growth because of soaring adoption of smartphones across the globe, surging demand for smartphone-compatible and wireless medical devices, rising awareness and focus on health and fitness, says the firm.
The Biochip market is projected to witness significant growth from 2017 to 2024. Wide-ranging applications in the fields of proteomics, genomics, genotyping, and drug discovery, coupled with rising adoption of personalized medicines, are major factors driving growth.