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Medical Electronics Market to Witness a Phenomenal Growth| $169 Bn by 2025

Author : Rahul Sankrityayan | Published Date : 2019-03-28 

Global Medical Electronics Market is set to exceed USD 169 billion by 2025; according to a new research report by Global Market Insights. Availability of medical equipment and devices on lease will escalate its demand among healthcare professionals thereby positively influencing the industry growth. Most of the medical electronics available in market are expensive due to integration of advanced technology. Hospitals, diagnostic centers and individual medical practitioners are reluctant to buy them due the huge investment required, and it takes good amount of time to recover the cost. The direct purchase cost of technologically advanced medical devices is high, and the cost of entire healthcare setup can rise steeply. In contrast, leased equipment are considered as tax-deductible and cost deductions are certain to reduce net medical electronic devices cost that positively impacts the industry growth.

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Rising adoption of technologically advanced medical electronic devices in emerging economies such as India and China will significantly boost the industry growth during the analysis period. Although the medical electronic devices are expensive, several government initiatives and favorable FDI policies will trigger the adoption of these devices among the healthcare professionals. However, stringent regulations enforced on the companies involved in manufacturing of medical electronic devices will restrain the Medical Electronics Market growth in the forthcoming years.

Recently in 2017, Mackenzie Health, a renowned healthcare service provider based in Canada, had collaborated with Epic systems corporation, a U.S. based software developing firm, to introduce a new end-to-end electronic medical record system in Canada. The innovative tool assists medical practitioners in the decision-making process and facilitates speedy access of medical health records, in addition to providing improved medication safety and minimizing error occurrences related to closed loop medication administration & bar code authentication. This medical system is the first of its kind launched across the country and is predicted to have a sizable impact on U.S. medical electronics industry, which apparently held more than 90% of the overall revenue share in 2016.

The competitive landscape of medical electronics market has witnessed numerous M&As since the last few years. In fact, recently, Becton, Dickinson and Company, a leading player across medical technology industry, has declared the acquisition of Caesarea Medical Electronics, a key Israel based player across infusion pump systems industry.  The acquisition will help the former expand its infusion pumps product portfolio, thereby facilitating the firm to strengthen its position across medical electronics market.

U.S. has been singled out as one of the most profitable growth avenues across North America medical electronics industry, subject to the large presence of major manufacturers in the region and the extensive deployment of advanced technology. The wide insurance coverage provided under the Affordable Care Act and the appreciable improvements in healthcare infrastructure facilities across the region are certain to provide a positive impetus to U.S. medical electronics market.

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Key industry players operational in medical electronics market include Allengers Medical,  Boston Scientific, Carestream Health, FUJIFILM Medical Systems, GE Healthcare, Hitachi High Technologies, Corporation Maxim Integrated, Medtronic, Olympus Corp., Philips Healthcare and others. These players implement several strategic initiatives such as collaborations, new product launch, mergers and acquisitions to acquire potential market share. Also, receiving FDA approvals for medical electronics enhances company’s revenue generation. For instance, in April 2014, Boston Scientific Corporation received FDA approval for quadripolar cardiac resynchronization therapy-defibrillators (CRT-Ds) such as Dynagen X4 and Inogen X4 offering advanced care for heart failure patients. FDA approvals for new products will ensure profitable scenario for the company.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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