Global medical electronics market expected to reach USD 219.0 billion by 2024
The global medical electronics market is estimated to reach USD 219.0 billion by 2024, stated a new report published by Grand View Research. Technological innovations have boosted the reach of electronics in diagnostics, the therapeutics and wellness sector. Rising geriatric population, along with sedentary lifestyle, adds to chronic cardiovascular, gastrointestinal and respiratory disorders. Diagnostic applications of medical electronics are increasing owing to rising cognizance about healthcare. People in developed countries opt for early diagnosis for efficient treatment. Increasing acceptance of new technology in diagnostics is expected to fuel the market growth in the future. The largest application area of medical electronics is diagnostics, especially imaging. Increasing significance of early disease diagnosis is driving the growth of this segment. Magnetic resonance imaging (MRI) is the most common method used for diagnosis of growing neurological and musculoskeletal disorders. Considering home healthcare medical electronics, a device such as glucometer is used by diabetic patients owing to the ease of use and cost-effectiveness. Currently, North America is leading the market. Asia Pacific is considered to be the fastest growing region.