United States Medical Electronics Market to Witness 8.9% CAGR
Published | 20 July 2022
United States Medical Electronics Market is flourishing owing to the expanding significance of medical electronics and rapid technological advancements along with the rising population as well as increased interest in wellness…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Medical Electronics Market is forecast to grow at a CAGR of 8.9% during 2018 - 2028. The United States Medical Electronics Market is booming because of the expanding healthcare industry. Moreover, increased health awareness, greater living standards, and income levels are key factors influencing the rapid expansion of the medical electronics market, which consists of medical electronic devices and other medical supplies like pacemakers, electronic aspirin, electronic infusion devices, etc., are the aging population trend in developed countries and the improvement of healthcare infrastructure in developing nations. Furthermore, the United States Medical Electronics Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, it has revealed cybersecurity flaws in medical equipment. Certain medical electronic gadgets are vulnerable to hacking since they are connected, therefore businesses must follow strict guidelines to protect patient privacy and safety.
Rapid Technological Advancements and Increased Healthcare Awareness
In medical electronics engineering, medicine and environmental science are combined with engineering methods and theories. Because of their low cost, semiconductors have become an essential component of medical electronics equipment, changing the equipment's affordability. The benefits of using medical electronic technologies include remote health data availability, precise billing mechanisms, improved health care quality, increased output correctness, ease of updating patient information, and improved patient experience. Moreover, rapid technological advancements and increased healthcare awareness have boosted the market potential for medical electronics. Advanced medical electronics can be found in the intensive care unit (ICU), emergency department (ED), hospital ward, and skilled nursing facility (SNF). Rapid advances in healthcare awareness and information technology have expanded the market for medical electronics.
Surging Demand for Medical Electronics
The need for medical electronics across various healthcare institutions is increasing due to the rising prevalence of various chronic diseases, expanding elderly population, increasing number of traffic accidents, and increasing number of hospital admissions across the country. The US medical electronics industry is expanding due to the ubiquity of digital technologies as well as the growing use of medical electronic devices to provide quick and improved diagnostic and treatment services. Additionally, it is anticipated that increasing demand for minimally invasive procedures and non-invasive diagnostic tools further fuel the demand for medical electronics globally.
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The Rise of Connected Medical Equipment Poses Security Threats
The fourth industrial revolution, or Industry 4.0, has led to digitization in the manufacturing sector thanks to cutting-edge technologies like AI, robots, machine learning, IoT, and many more. But digitization has also raised urgent cybersecurity concerns. Numerous businesses might gather medical data in one location thanks to the expansion of connected medical devices, but this has also made these devices more susceptible to cybersecurity threats. Certain medical gadgets are vulnerable to hacking since they are connected, therefore businesses must follow strict guidelines to protect patient privacy and safety. Additionally, sufficient funding and qualified staff should also be available to solve cybersecurity risks. A key factor in reducing cybersecurity threats is the use of consolidated reporting, high governance, precise security measures, highly experienced people, technological assistance, and strict standards. The US FDA has recently released specific regulatory measures to address vulnerabilities and manage cybersecurity risks in the wake of a wave of hacks.
Segmental Coverage
United States Medical Electronics Market – By Application
Based on application, the United States Medical Electronics Market is segmented into Hospitals, Ambulatory Services, Homecare, and Others. The hospital sector has the biggest market share of these. Hospital admissions are rising as a result of, among other things, an aging population, increasing prevalence of CVDs, neurological diseases, and traffic accidents. The increased investments in the construction of multi-specialty hospitals and their outfitting with cutting-edge medical technology are one noticeable factor that has significantly helped hospitals expand in the medical electronics market. On the other side, homecare is forecast to grow at the fastest rate during the projection period. Rising disposable income, rising healthcare expenses, and growing public awareness of hospital-acquired infections are all contributing to an increase in the usage of homecare healthcare services. Because of the growing preference for receiving healthcare services in the comfort of one's own home, the market for homecare medical electronics is rapidly expanding.
Impact of COVID-19 on United States Medical Electronics Market
Multiple fatalities and a health disaster have been brought on by COVID-19. The United States took the brunt of the pandemic's effects, making the United States one of the worst-affected continents. The healthcare system in the area had continued difficulties since it was not built to handle a crisis of this magnitude. Lockdowns, quarantines, border closures, and the cessation of economic activity across the region were brought on by the unexpected rise in diseases. As a result, there were issues with the supply of crucial medical devices to various nations. Lack of ventilators was another problem the United States experienced. However, unorthodox companies like Tesla (US) and General Motors (US) entered the market to offer low-cost ventilators that work well.
Competitive Landscape
The leading market players in the United States Medical Electronics Market are Renesas Electronics Corporation, GE Healthcare, Siemens AG, ON Semiconductor Corporation, Freescale Semiconductor Inc, Texas Instruments Incorporated, Teksan Inc, STMicroelectronics, Philips Healthcare Pvt Ltd, and other prominent players.
The United States Medical Electronics Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Medical Electronics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Medical Electronics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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