Driven by rising number of elderly people worldwide, increasing prevalence of lifestyle diseases, escalating demand for personalized and advanced healthcare devices, expanding adoption of wearable technologies, among other favourable factors, the world's medical electronics market is forecast to enjoy rapid growth through 2022, registering a 5.4% CAGR. By 2022, the value of the global market for medical electronics is predicted to go beyond USD 4.4 billion.
Key barriers for the further market growth include high refurbishment and maintenance costs and also stringent regulatory process for product approval. Legislation and initiatives like rising clinical trial requirements for novel products from the regulatory and governments authorities have a great impact on the medical electronics market. In order to minimize errors connected with medical devices the approval guidelines and regulations worldwide have become more stringent over the years.
Amid all the regions, North America holds the biggest share of the world's medical electronics market. Growth in this regional market is spurred by improved healthcare infrastructure, the presence of well-structured distribution channels in the North American region coupled with enhancing local demand for medical electronics and remarkable technological advancements.
Meantime, the APAC medical electronics market is anticipated to enjoy the highest growth rates through 2022. The adoption of medical electronics in the APAC region will likely be driven by the increasing utilization of medical devices in different clinical monitoring, diagnosis and therapeutic procedures.
New research report "Medical Electronics Market by Component, Application, Product, and by Geography - Global Forecast to 2022" worked out by MarketsandMarkets (M&M) has been recently added at MarketPublisher.com.
This new research contains a detailed assessment of the global medical electronics market on the basis of geography, applications, products and components. It offers a detailed analysis of the key market growth hinders and drivers, challenges and opportunities; sheds light on the market dynamics, covers top development trends and also identifies lucrative growth areas. The report touches upon the important industry aspects, discusses buzz topics, reviews competitive pressures and profiles top players. In addition, it contains forecasts for the world's medical electronics market up till 2022.
Other in-demand research reports by the publishers are provided in the MarketsandMarkets catalogue.