Medical Electronics Market by Component (Sensors, Batteries, MPUs, Displays, Memory Chips), Equipment (Diagnostic and imaging, Patient Monitoring, Medical implantable, Ventilators & RGM, Medical Robots) Device Classification - Global Forecast to 2029
[264 Pages Report] The global medical electronics market is expected to be valued at USD 11.1 billion in 2024 and is projected to reach USD 15.7 billion by 2029; it is expected to grow at a CAGR of 7.2% from 2024 to 2029. In the global medical electronics market, key drivers include The rise in healthcare expenditures, which is fueling the growth of the medical electronics market. Furthermore, the increasing popularity of telemedicine offers a significant opportunity to boost the demand for telehealth and remote monitoring devices. Nonetheless, the market is encountering challenges from cybersecurity threats due to heightened connectivity, which poses risks to sensitive medical information and equipment.
Medical Electronics Market Forecast to 2029
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Medical Electronics Market Dynamics
Driver: Booming automotive sector to fuel market growth
The average life expectancy has been increasing worldwide for decades. The UN estimates that in 2018 it was 71 years, and by 2023, this number has risen to 73.3 years. In some countries such as Japan, Germany, or Denmark, where more than 15% of the population belongs to elderly people (those aged 60 years or more), there are even higher proportions of such individuals – in Japan alone, they account for over 30%. According to the UN’s predictions, there were about 610 million seniors (aged 65+) globally, or 8 percent of the total population back in 2015; however, these figures are expected to reach 1.2 billion (14 percent) by 2030 and could grow further to 1.8 billion around 2060 (18%). Such growth in the elderly population is expected to propel the growth of medical devices and equipment and positively the development of the medical electronics market.
Restraint: High cost of developing medical devices
The high cost of developing medical devices can pose a barrier to the growth of the medical electronics market up to a certain extent. The research and development process, such as conceptualization, prototyping, testing, and regulatory compliance, requires a large amount of financial investments. Furthermore, specialized equipment, a skilled workforce, and adherence to stringent regulatory standards are necessary elements in the development of medical devices. Small-scale companies have limited financial resources, and owing to this lack of resources, the growth of the medical electronics market could be potentially hampered.
Opportunity: Increasing adoption of telemedicine and remote patient monitoring
The growth in telemedicine adoption is expected to boost the development of the medical electronics market. Telehealth consultation and remote patient monitoring require IoT-based and technologically advanced medical devices. Companies are focusing on developing such devices for enhanced accuracy and connectivity in reading patients' vitals. The increasing trend of telemedicine helps to manage several chronic diseases and improve healthcare services in urban and rural areas of multiple nations across the globe. This trend is expected to create a need for advanced medical devices and significantly propel the medical electronics market.
Challenge: Threat of cyber attacks in advanced medical devices
Health-based technology is facing a critical problem regarding hackers and other cyber threats. This is because these machines and gadgets have become part of a web system that uses digital platforms. Unauthorized people may view patients' personal information and shut down critical medical procedures, among other significant threats. Patient privacy and lives are endangered due to potential tampering with the settings of such devices. Healthcare currently depends too much on old IT systems, which usually do not have strong enough security defenses that could worsen these weak points. Much must be done to ensure medical devices are safe from hacking.
Medical Electronics Market Ecosystem
The medical electronics market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. Leading players in the market include Analog Devices, Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), and NXP Semiconductors (Netherlands), among others.
The sensors segment in the medical electronics market is anticipated to grow with the highest CAGR
Based on the component, the sensors segment is expected to grow with the highest growth rate over the forecast period. Advanced medical devices are highly dependent on medical sensors such as temperature, pressure, blood glucose, blood oxygen, ECG, image, motion, heart rate, and flow sensors, among others. These sensors are deployed in various medical devices and equipment to perform their function and provide the output on these devices. Furthermore, the advancements in sensors, including MEMS-based sensors, are expected to fuel their adoption in the healthcare vertical. The growth of the sensor segment is fuelled by these factors, which complement the revenue growth of the medical electronics market.
The patient monitoring device to dominate the medical electronics market over the forecast period
There is a need to constantly monitor patients' vital signs to detect and record changes in patient well-being and fuel the growth of patient monitoring devices. These devices include Blood Glucose Monitors, Cardiac Monitors, Hemodynamic Monitors, Respiratory Monitors, Multi-parameter Monitoring Devices, Neuromonitoring Devices, and Digital Thermometers. These devices are most commonly used across multiple medical facilities and in-home healthcare settings. Growing demand for these devices is expected to fuel the growth of the medical electronics market soon. Moreover, the rising prevalence of chronic diseases is boosting the demand for patient monitoring devices. Thus, it is positively influencing the medical growth of the electronics market.
The non-invasive procedures hold largest share in the medical electronics market
The medical electronics market's non-invasive procedures segment dominates over the forecast period. Compared to invasive procedures, non-invasive procedures have multiple benefits, including lower complications in critical surgeries, a shorter time of recovery, and better patient comfort. Furthermore, healthcare professionals anticipate practicing non-invasive medical procedures to achieve a sophisticated level of diagnostic and therapeutic medical methods and devices used during the practice. Non-invasive equipment or devices include blood glucose monitors, wearable health monitors, and imaging systems such as MRI, CT, and ultrasound scanners. These factors are increasing investments in non-invasive medical devices and fostering the revenue growth of this segment in the medical electronics market.
North America region in medical electronics market to dominate the market growth
The North American region holds the largest share of the medical electronics market, owing to the high healthcare expenditure coupled with robust growth in medical infrastructure. The US accounts for the most significant healthcare spending country in the world. Also, countries such as Canada and Mexico are witnessing substantial increases in the healthcare industry. Both public and private organizations are investing in the advancement of medical facilities. In addition, the presence of major manufacturers of medical devices and services across the region boosts the economic development of the medical electronics market in North America.
Medical Electronics Market by Region
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Key Market Players
The medical electronics companies is dominated by players such as Analog Devices, Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), and NXP Semiconductors (Netherlands).
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Report Metric |
Details |
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Market size available for years |
2020-2029 |
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Base year considered |
2023 |
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Forecast period |
2024-2029 |
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Forecast units |
Value (USD Million/Billion) |
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Segments Covered |
By Component, By Medical Equipment/ Device Type, By Medical Procedure, By Medical Device Classification, By Medical Facility |
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Geographies covered |
North America, Europe, Asia Pacific, and Rest of the world (RoW) |
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Companies covered |
The major market players include Analog Devices, Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US) |
Medical Electronics Market Highlights
The study categorizes the medical electronics market based on the following segments:
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Segment |
Subsegment |
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By Component |
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By Medical Equipment/ Device Type |
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By Medical Procedure |
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By Medical Device Classification |
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By Medical Facility |
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By Region |
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Recent Developments
- In February 2024, Analog Devices, Inc. (ADI) partnered with Taiwan Semiconductor Manufacturing Company (TSMC) through its subsidiary Japan Advanced Semiconductor Manufacturing, Inc. to secure long-term wafer capacity for advanced technology nodes, strengthening ADI's hybrid manufacturing network and enhancing its ability to meet customer demands. This collaboration aims to help ADI secure a reliable supply of advanced technology nodes, enhancing its ability to meet the high precision and performance requirements of the medical electronics market, thereby supporting innovations in medical devices and healthcare solutions.
- In November 2023, STMicroelectronics and DuPont collaborated to develop the DuPont Liveo Smart Biosensing Patch prototype, a smart wearable device for remote biosignal monitoring. This innovative patch integrates ST's multifunctional microsensors and control electronics into DuPont's flexible design to enhance patient-centric healthcare solutions and outcomes. This collaboration enhanced STMicroelectronics' medical electronics offerings by integrating their advanced microsensors and control electronics into DuPont's flexible patch design, enabling precise and reliable remote biosignal monitoring.
- In June 2023, care.ai partnered with SAMSUNG to integrate its AI-powered patient monitoring platform into SAMSUNG's healthcare grade displays, aiming to create smarter, more responsive care environments in hospitals and care facilities. This collaboration enabled SAMSUNG to expand its presence in the medical electronics market by offering high-fidelity virtual visits and smart care automation through integrating care.ai's innovative technology with SAMSUNG DISPLAYS.
- In May 2023, Infineon Technologies AG (Germany) acquired the Stockholm-based startup Imagimob AB, a leading platform provider for machine learning solutions for edge devices. This enhances its AI capabilities, augmenting pressure sensor offerings with advanced machine learning for predictive maintenance and optimized performance, enabling tailored and adaptive functionalities for specific applications and environments.
- In January 2023, SAMSUNG developed the world's first touch-integrated OLED display and started using touch-integrated panels in place of plastic touch film. It has developed OCTA (On-Cell Touch AMOLED) technology, which integrates the touch sensor directly into the panel, eliminating the need for separate touchscreen panels.
Frequently Asked Questions:
What are the medical electronics market's major driving factors and opportunities?
The major driving factors for medical electronicss include global rise in elderly population, Increasing healthcare expenditure are the major driving factors to this market and growing investments in healthcare sector in developing countries is anticipated to fuel market growth of medical devices.
Which region is expected to hold the highest market share?
North America region is expected to hold the highest share in the medical electronics market due due to advancements in healthcare infrastructure coupled with increasing adoption of novel medical technologies.
Who are the leading players in the global medical electronics market?
Companies such as Analog Devices, Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), and NXP Semiconductors (Netherlands) are the leading players in the market. Moreover, these companies rely on several strategies, including new product launches and developments, collaborations, partnerships, and acquisitions. Such methods give these companies an edge over other players in the market.
What are some of the technological advancements in the market?
Recent technological advancements in medical electronics technology include miniaturization for integration into wearables and IoT devices, the development of wireless sensors enabling remote monitoring, and utilization of MEMS technology for improved performance and cost efficiency.
What is the size of the global medical electronics market?
The global medical electronics market was valued at USD 11.1 billion in 2024 and is anticipated to reach USD 15.7 billion at a CAGR of 7.2% during the forecast period.
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The study involved four major activities in estimating the current size of the medical electronics market—exhaustive secondary research collected information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Various secondary sources have been referred to in the secondary research process to identify and collect information important for this study. The secondary sources include annual reports, press releases, and investor presentations of companies; white papers; journals and certified publications; and articles from recognized authors, websites, directories, and databases. Secondary research has been conducted to obtain critical information about the industry’s supply chain, the market’s value chain, the total pool of key players, market segmentation according to the industry trends (to the bottom-most level), regional markets, and key developments from market- and technology-oriented perspectives. The secondary data has been collected and analyzed to determine the overall market size, further validated by primary research.
List of major secondary sources
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Source |
Web Link |
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Semiconductor Industry Association (SIA) |
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AMA Association for Sensors and Measurement |
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Global Semiconductor Alliance |
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Taiwan Semiconductor Industry Association |
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International Medical Device Manufacturers Association |
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World Health Organization (WHO) |
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Food and Drug Administration (FDA) |
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Organization for Economic Co-operation and Development (OCED) |
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European Confederation of Medical Devices Association (EUCOMED) |
Primary Research
Extensive primary research was conducted after gaining knowledge about the current scenario of the medical electronics market through secondary research. Several primary interviews were conducted with experts from the demand and supply sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data was collected through questionnaires, emails, and telephonic interviews.
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Market Size Estimation
In the complete market engineering process, top-down and bottom-up approaches and several data triangulation methods have been used to estimate and forecast the overall market segments and subsegments listed in this report. Key players in the market have been identified through secondary research, and their market shares in the respective regions have been determined through primary and secondary research. This entire procedure includes the study of annual and financial reports of the top market players and extensive interviews for key insights (quantitative and qualitative) with industry experts (CEOs, VPs, directors, and marketing executives).
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the parameters affecting the markets covered in this research study have been accounted for, viewed in detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report. The following figure represents this study’s overall market size estimation process.
Bottom-Up Approach
The bottom-up approach was used to determine the overall size of the medical electronics market from the revenues of the key players and their shares in the market. The overall market size was calculated based on the revenues of the key players identified in the market.
- Identifying entities in the supply chain influencing the entire medical electronics industry
- Analyzing each entity, along with related major companies
- Identifying technology providers for deployment of components
- Estimating market for medical electronics end users
- Tracking ongoing and upcoming implementation of medical electronic components developments by various companies and forecasting market based on these developments and other critical parameters
- Arriving at market size by analyzing medical electronics companies based on their countries and combining it to obtain market estimates by region
- Verifying estimates and crosschecking them through a discussion with key opinion leaders, including chief experience officers (CXOs), directors, and operation managers
Top-Down Approach
In the top-down approach, the overall market size has been used to estimate the size of individual markets (mentioned in the market segmentation) through percentage splits from secondary and primary research.
The most appropriate immediate parent market size has been used to implement the top-down approach to calculate the market size of specific segments. A top-down approach was implemented for the data extracted from the secondary research to validate the market size obtained.
Each company’s market share has been estimated to verify the revenue shares used earlier in the top-down approach. This study has determined and confirmed the overall parent market and individual market sizes by the data triangulation method and data validation through primaries. The data triangulation method in this study is explained in the next section.
- Focusing initially on topline investments by market players in the medical electronics ecosystem
- Calculating market size based on revenue generated by market players through sales of medical electronics
- Mapping the use of medical electronics in different equipment/ device types
- Building and developing information related to revenue generated by market players through key products
- Estimating geographic split using secondary sources considering factors such as number of players in a specific country and region, role of key players in developing innovative products, and adoption and penetration rates for various components and end uses in a particular country
Data Triangulation
After arriving at the overall market size from the above estimation process, the market has been split into several segments and subsegments. The data triangulation procedure has been employed wherever applicable to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the market size has been validated using top-down and bottom-up approaches.
Market Definition
The term medical electronics refers to components such as sensors, memory devices, microcontrollers/microprocessors, batteries, and displays that are deployed in medical devices, and these components support multiple wireless and wired medical imaging, monitoring, and implantable devices.
Key Stakeholders
- Original equipment manufacturers (OEMs)
- Original device manufacturers (ODMs)
- Component suppliers
- Semiconductor component and device manufacturers
- Product manufacturers
- Component and device suppliers and distributors
- Medical technology providers
- Standardization and testing firms
- Government bodies such as regulatory authorities and policymakers
- Associations, organizations, forums, and alliances related to semiconductor, electronics, and medical equipment industries
- Research institutes and organizations
- Market research and consulting firms
- End Users
Report Objectives
- To describe and forecast the size of the medical electronics market, in terms of value, by component, medical equipment/device type, medical procedure, medical device classification, medical facility, and region
- To estimate the size of the medical electronics market, in terms of volume, by medical sensor type
- To forecast the market, in terms of value, for various segments with regard to four main regions: North America, Europe, Asia Pacific, and RoW
- To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the medical electronics market
- To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To study the complete supply chain and allied industry segments and perform a value chain analysis of the medical electronics landscape
- To strategically analyze the regulatory landscape, tariff, standards, patents, Porter's Five Forces, import and export scenarios, trade values, and case studies pertaining to the market under study
- To analyze the opportunities in the market for various stakeholders by identifying the high-growth segments of the medical electronics market
- To profile the key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing the competitive landscape for market leaders
- To analyze competitive developments, such as product launches, acquisitions strategies, partnerships, and expansions, in the medical electronics market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to 5)
- Additional country-level analysis of the medical electronics market
Product Analysis
- Product matrix provides a detailed comparison of the product portfolio of each company in the medical electronics market.
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