The Global medical electronics market size is estimated to be worth USD 6.3 billion in 2021 and projected to reach USD 8.8 billion by 2026; it is expected to reach at a CAGR of 6.9% from 2021 to 2026.

The aging population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens are some of the prominent factors for the growth of the medical electronics market globally.

The major medical electronics companies in the market are Analog Devices(US), Texas Instruments(US), TE Connectivity(Switzerland), Medtronic(Ireland), and ST Microelectronics(Switzerland).

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Driver: Rising healthcare spending and ever-changing healthcare landscape:

Healthcare expenditure has a direct relationship with an increasingly aging population, rising per capita disposable income, and improving lifestyle. The medical expenditure per person for the age group 60 years and above is much higher than that of the people within the age group of 15–30 years.

The world’s older population is continuously increasing at an unprecedented rate, which means increased life expectancy but with multiple comorbidities. Although healthcare infrastructure across the world is growing and improving, affordability and accessibility barriers cause hindrance to the penetration of medical devices within the vast majority of the population. Healthcare spending needs to be increased to overcome the challenge of poor accessibility and affordability.

Growth in overall healthcare expenditure is likely to result in better access to medical devices and encourage manufacturers of medical electronics toward spending on R&D and innovations. Global healthcare spending is projected to grow from USD 7.1 trillion in 2015 to USD 8.7 trillion by 2020, at a CAGR of 4.2%.

Opportunity: Advances in sensors and digital technologies:

Advances in sensors and digital technologies are creating new opportunities to enhance patient care platforms and improve development efficiency. Technological advances can also create competitive threats.

The proliferation of smart medical devices equipped with advanced computing and communication technologies are expected to boost the medical electronics market growth in the coming years. Manufacturers of medical electronics are realizing the transformative nature of IoT technologies due to advances in computing and processing power, as well as in wireless technology. Similarly, miniaturization drives innovation in designing and developing connected medical devices. The rise in the number of connected medical devices and advances in medical systems and software that support the gathering and transmission of data has created new opportunities for medical electronics manufacturers.

Challenge: Cybersecurity risks posed by proliferation of connected medical devices:

The industrial revolution or Industry 4.0 has brought in digitization in the field of manufacturing with emerging technologies such as AI, robotics, machine learning, IoT, and several other state-of-the-art technologies.

This digitization has also introduced a pressing concern for cybersecurity, especially after the cyberattack on National Healthcare Service in 2017 which paralyzed the UK healthcare computer systems. With the proliferation of connected medical devices, many companies could collect medical information in one place; however, it has exposed medical devices to cybersecurity vulnerabilities. The connected nature of medical devices makes certain medical devices prone to hacking; therefore, companies need to adhere to stringent standards to ensure patient privacy and safety. Also, there should be enough budget and expert staff to address cybersecurity issues.

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