Report Overview

United States Medical Electronics Market is flourishing owing to the growing number of lifestyle diseases and the expansion of healthcare facilities is expected to create more opportunities...

United States Medical Electronics Market - Industry Trends & Forecast Report 2028

United States Medical Electronics Market is predicted to grow at a CAGR of 8.9% during the forecast period (2022-2028). A few of the key drivers for the growth of the US Medical Electronics Market include the aging population and rising life expectancy, rising adoption of IoT-based smart medical devices, and rising demand for portable medical devices and wearable electronics. Also, the rising use of radiation therapy in the diagnosis and treatment of diseases, already-existing favorable healthcare reforms, and financial assistance provided by governments for senior citizens. Moreover, countries' geriatric population growth and increased prevalence of many chronic diseases. The main causes of the rising use of medical electronics include chronic illnesses like diabetes, cancer, cardiovascular conditions, and COPD. Additionally, the global market for medical electronics is expanding due to the increase in ICU admissions. Many ICU admissions, according to the research, call for ventilators, which encourages the development of medical electronics. A prominent growth driver of the market is the availability of a broader variety of diagnostic and therapeutic devices along with increased government and corporate investments to outfit hospitals with digital and electronic equipment worldwide.

Medical Electronics - Overview

Medical electronics is a specialized field that combines engineering with fields like clinical practice and biomedical sciences. Medical electronics, as opposed to paper records, provide more advantages. It not only allows an individual to track information over time but also improves the quality of patient care. Furthermore, demand for advanced healthcare solutions has played a significant role in the market's global expansion. The growing importance of medical electronics, particularly in patient care and monitoring, has also kept market prospects bright. The growing population and increased awareness of wellness have also contributed to the market's expansion. Furthermore, the growing number of lifestyle diseases and the expansion of healthcare facilities are expected to create more opportunities.

United States Medical Electronics Market Forecast and Trends

Growth Drivers

Increasing Healthcare Costs and a Constantly Evolving Healthcare Environment

A rising per capita disposable income, an aging population, and better lifestyles all directly correlate with higher healthcare costs. The cost of healthcare per person is significantly higher for those over the age of 60 than it is for those between the ages of 15 and 30. Due to the country's elderly population's unstoppable growth, life expectancy has grown but comes with several comorbidities. Medical device penetration within the great majority of the population is hampered by pricing and accessibility issues, even though healthcare infrastructure across the nation is expanding and improving. Spending on healthcare must be increased to address the issues of low accessibility and affordability. Healthcare spending is likely to increase overall. Better access to medical equipment and increased spending on R&D and innovations by medical electronics firms are likely to follow an increase in overall healthcare spending.

Improvements in Digital and Sensor Technologies

Digital and sensor technology advancements are opening up new possibilities for improving patient care platforms and increasing development effectiveness. Competitive risks can also be caused by technological advancements. In the upcoming years, the market for medical electronics is anticipated to rise due to the expansion of smart medical devices that are outfitted with cutting-edge computer and communication technologies. Due to advancements in computing, processing power, and wireless technology, manufacturers of medical equipment are becoming more and more aware of the revolutionary impact of IoT technologies. In a similar vein, miniaturization spurs innovation in the creation of connected medical devices. Medical professionals now have more chances because of the increase in linked medical devices and improvements in the systems and software that facilitate data collection and transmission.

Expanding Applications of Diagnostic Tools Fuels Medical Electronics

The key drivers in the US Medical Electronics Market growth are the expanding applications of diagnostic tools including ultrasound equipment, CT scanners, and X-ray machines in the diagnosis of various diseases and bone-related problems. Additionally, growing research investments have enabled the integration of cutting-edge technology like artificial intelligence (AI) with a variety of medical devices. Technology improvements enable healthcare facilities to provide better patient care services, increase patient convenience, and enhance patient experiences across the board. Growing public desire for early disease detection and treatment, together with the growing acceptance of less invasive surgery, is driving the demand for various medical electronics that support growth. All these factors boost the growth of the US Medical Electronics Market during the forecast period (2022-2028).

Restraints

Creating a Connected Ecosystem and Designing Compatible Medical Electronics

In the current medical period, there is an increasing demand for medical devices that are more compact, lighter, and portable as well as of higher quality and cost-effectiveness. Medical electronics' electromagnetic compatibility must also be guaranteed by manufacturers. This comprises design-related procedures for electromagnetic compatibility as well as emission and immunity against transmitted electromagnetic disturbances approaches. Medical electronics must be made so that their operation does not interfere with that of medical equipment. In the realm of cutting-edge medical science, the use of the Internet of Medical Things (IoMT) is growing in popularity. It is difficult to integrate connected medical devices into the traditional healthcare system and requires extensive cooperation from numerous stakeholders within the IoMT ecosystem. IoMT is a networked infrastructure of health systems, services, software applications, and medical devices. To assist elderly people, the medical electronics ecosystem needs the cooperation of many service providers and must operate in unison. However, in serving the end consumers, these service providers and other stakeholders frequently run into problems. It is one of the variables that can hinder the system's overall performance and cause a complete breakdown of the system.

Impact of COVID-19 on United States Medical Electronics Market

COVID-19 has caused a health crisis and several deaths. The United States was one of the worst-affected regions in the world, with the United States, bearing the brunt of the consequences of the pandemic. It posed ongoing challenges for the region's healthcare system, which was not designed to handle such a crisis. The sudden increase in infections resulted in lockdowns, quarantines, border closures, and the halting of economic activity throughout the region. This caused supply chain disruptions, affecting the supply of essential medical devices to several regions. Another issue that country faced was a lack of ventilators. However, unconventional businesses like General Motors (US) and Tesla (US) entered the market to provide inexpensive and effective ventilators.

United States Medical Electronics Market - By Product

Based on the product, the United States Medical Electronics Market is segmented into Therapeutics (Implantable Medical Devices, Surgical Robots, Pacemakers, Neuro Stimulation Devices, Respiratory Care Devices, and Others), Diagnostics (CT/PET Devices, Patient Monitoring Devices, Ultrasound Devices, X-Ray Devices, MRI Devices, CT Devices, and Others). Among these, the Therapeutics segment holds the largest market share. This is because there is such a high demand for therapeutic devices like pacemakers, surgical robots, and respiratory care devices. During the forecast period, the rising prevalence of neurological illnesses, chronic respiratory diseases, and cardiovascular diseases is anticipated to further drive the segment's rise. Moreover, the diagnostics segment, on the other hand, is anticipated to be the most opportunistic section throughout the projected period. The population's growing understanding of the advantages of early disease detection is accelerating the development of this market. The demand for diagnostic medical electronics including ultrasound equipment, X-Ray devices, and MRI scanners is anticipated to increase due to the increasing penetration of diagnostic centers and hospitals as well as the rising prevalence of various ailments.

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. Among these, the hospital's segment holds the largest market share. The expanding prevalence of CVDs, neurological illnesses, traffic accidents, and an aging population, among other things, are contributing to an increase in hospital admissions. One notable reason that has considerably helped the expansion of hospitals in the medical electronics market is the rising investments in the creation of multi-specialty hospitals and their outfitting with cutting-edge medical equipment. Moreover, homecare, on the other hand, is anticipated to experience the fastest growth during the projection period. An increase in the use of homecare healthcare services is being brought on by rising disposable income, rising healthcare costs, and expanding public awareness of hospital-acquired infections. The market for homecare medical electronics is significantly increasing because of the growing preference for getting healthcare services in the convenience of one's own home.

 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.

Scope of the Report

By Product

• Therapeutics

1. Implantable Medical Devices
2. Surgical Robots
3. Pacemakers
4. Neuro Stimulation Devices
5. Respiratory Care Devices
6. Others

• Diagnostics

1. CT/PET Devices
2. Patient Monitoring Devices
3. Ultrasound Devices
4. X-Ray Devices
5. MRI Devices
6. CT Devices
7. Others

By Application

• Hospitals
• Ambulatory Services
• Homecare
• Others