- The market for sensors could grow at a highest CAGR during the forecast period
- Medical electronics market in the APAC region is expected to witness a robust growth during 2021-2026
The medical electronics market is estimated to be worth $ 6.3 billion in 2021 and projected to reach $8.8 billion by 2026, at a CAGR of 6.9 per cent as per a report by ReportLinker. The market for sensors could gorw at a highest CAGR during the forecast period.
The medical electronics market is expected to witness strong growth in the next 5 years mainly due to the rising incidents of chronic diseases, increasing adoption of medical imaging, monitoring, and implantable devices; rising expenditure on healthcare across the world; and a growing elderly population.
The report added that the miniaturisation of sensors and the adoption of MEMS technology have opened new application areas for sensors. This has increased the demand for these sensors. The rising demand for ventilators, respiratory systems, and other life support systems due to COVID-19 has facilitated the growth of various sensors.
Surging demand for digital radiography systems
The market for non-invasive medical procedure is estimated to account for the largest share between 2021 and 2026 in medical electronics market. The report said, “The several factors such as the rising government subsidies on medical devices, increasing adoption of IoT-based medical devices, surging demand for digital radiography systems, and growing use of flat-panel detectors (FPDs) contribute to the augmented demand for non-invasive medical electronics.”
Medical electronics market in the APAC region is expected to witness a robust growth during 2021-2026. This is due to the rise in the geriatric population, presence of advanced healthcare infrastructure, and high healthcare expenditure are supporting the growth of the medical electronics market in the Americas.
The report added, “Growing medical tourism in developing APAC countries, such as China and India, is likely to provide new market opportunities for advanced and sophisticated medical electronics during the forecast period. Further, surging demand for quality medical care in APAC is expected to propel the medical electronics market growth in this region.”
