The global market for medical electronics is anticipated to be worth US $ 10 billion by 2030, expanding at a CAGR of 7% between 2023 and 2031. 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 favorable healthcare reforms and financial assistance by governments for senior citizens are some of the major factors driving the global medical electronics market.
Expenditures on healthcare are directly related to an aging population, increased disposable income per capita, and an improved lifestyle. The medical expenditures per person for those aged 60 and older are significantly greater than those for those aged 15 to 30. The world's elderly population is growing at an unprecedented rate, resulting in an increase in life expectancy accompanied by many comorbidities. The penetration of medical devices among the great majority of the population is hindered by constraints of affordability and accessibility, notwithstanding the expansion and improvement of the global healthcare infrastructure. In order to address the issue of inadequate accessibility and affordability, healthcare spending must increase. Increases in overall healthcare expenditure are anticipated to improve access to medical devices and encourage medical electronics producers to invest in research and development.
The growth of sensors and digital technologies is generating new opportunities to enhance patient care platforms and increase the efficacy of product creation. Moreover, technological improvements can pose competitive risks. In the future years, the proliferation of intelligent medical devices equipped with modern computer and communication technologies is anticipated to stimulate the growth of the medical electronics industry. Due to developments in computer and processing capacity, as well as wireless technology, manufacturers of medical equipment are recognizing the revolutionary potential of IoT technologies. Miniaturization similarly fosters innovation in the design and development of linked medical equipment. The increase in connected medical devices and advancements in medical systems and software that facilitate the collection and transfer of data has provided new opportunities for makers of medical electronics.
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