Market Trends of Medical Electronics Industry
This section covers the major market trends shaping the Medical Electronics Market according to our research experts:
MRI Segment Expected to Hold Significant Market Share in the Medical Electronics Market Over the Forecast Period
The magnetic resonance imaging (MRI) segment is expected to witness significant growth in the medical electronics market over the forecast period owing to factors such as the introduction of advanced MRI systems and the rising adoption of MRI systems in emerging markets. Most of the emerging economies are densely populated countries with developing healthcare infrastructures, and the adoption of MRI systems in these regions is expected to increase over the years due to the high burden of diseases such as cancer, musculoskeletal and neurological disorders, and others, coupled with the growth in the aging population.
The growing development of technologically advanced systems and their increasing adoption and product launches increase the availability of these systems in the market and are expected to increase the market segment growth over the forecast period. For instance, in February 2021, Insightec received market approval from the Brazilian HRA, ANVISA, for its Exablate 4000 (Exablate Neuro) platform, which uses MR-guided focused ultrasound to precisely ablate tissue deep within the brain without incisions and will enable treatment for essential tremor and tremor-dominant Parkinson's disease. Similarly, in October 2021, Esaote launched a total body magnetic resonance imaging system called Magnifico Open, which is an open MRI system with cutting-edge technology to satisfy not only clinical needs but also address operational and financial demands.
Furthermore, the rising company's focus on adopting various key strategies, such as expansion, collaborations, and others, is also contributing to the market segment's growth. For instance, in November 2021, a sophisticated MRI facility was launched at the NBRC in Haryana, India. Also, in July 2021, a new magnetic resonance imaging (MRI) scanner facility opened in Leicester for EUR 3.1 billion (USD 3.28 billion), which will increase the current imaging capacity of researchers from 500 cardiovascular research participants a year to 1500. The new scanner facility has been funded by a EUR 1 million (USD 1 million) grant from the BHF.
Therefore, owing to the aforementioned factors, such as the rising number of product launches and increasing company activities, the studied segment is expected to grow over the forecast period.
North America is Expected to Have the Significant Market Share Over the Forecast Period
North America is expected to dominate the market over the forecast period owing to factors such as the rising burden of chronic diseases among the population, the increasing use of advanced technology in healthcare systems, the presence of a well-established healthcare infrastructure, and high healthcare spending. In addition, the growing demand for minimally invasive therapies and rising technological advancements in medical electronics are also expected to increase market growth over the forecast period.
The increasing prevalence and burden of chronic diseases is the key factor driving the demand for medical electronics in the region. For instance, as per the data published by the CDC, in April 2022, an estimated 35 million adults in the United States were expected to suffer from arthritis by 2040. This is expected to increase the demand for medical electronics that provide detailed images of the joint and surrounding tissues that aid in the early detection of the condition, hence boosting the market growth. Also, as per the 2022 statistics published by the ACS, over 1.9 million new cancer cases and 11,030 new cancer cases are expected to be diagnosed in the United States and New Mexico, respectively, in 2022. Also, as per 2022 statistics published by the Canadian Cancer Society, about 233,900 new cancer cases are expected to be diagnosed in Canada in 2022. With the growing burden of cancer cases, the demand for medical electronics such as MRIs, CT scans, and others is increasing, which helps in the early detection of tumors in the body. This is anticipated to fuel market growth over the forecast period.
Furthermore, the rising company activities in developing products and increasing product launches are also contributing to market growth. For instance, in February 2022, the FDA approved Esaote's Magnifico Open MRI, a new open whole-body MRI system in the United States. Also, in July 2021, the USFDA approved Medtronic's two AccuRhythm artificial intelligence (AI) algorithms for use with the LINQ II insertable cardiac monitor (ICM).
Therefore, owing to factors such as the high burden of arthritis and cancer among the population as well as growing company activities in the region, the studied market is anticipated to grow over the forecast period.
