The medical electronics market has been forecast to reach a value of US$372.4 billion by 2018 predominantly driven by the application sectors monitoring & surgical systems, imaging systems, diagnostics and medical therapeutics.
Electronic devices are increasingly being seen in the field of medicine for diagnosis, therapy and rehabilitation. Medical electronics and electromechanical equipment have become indispensable for the better service of patients not only in hospitals but also outside the hospitals.
According to a recent market report, 'Medical Electronics - Global Trends, Estimates and Forecasts, 2011-2018,' among the application sectors, monitoring & surgical systems account for the largest share of the entire market, driving a compound annual growth rate (CAGR) of 13.4% through 2018.
Imaging Systems have been forecast to represent the fastest growing application with a forecast CAGR of approximately 16.9% by 2018.
Many healthcare industry leaders are eager to test new technologies and medical devices hitting the market that aim to help hospital operations align with and achieve the goals laid out in the healthcare reform law.
As new solutions are tested and perfected, healthcare leaders must adjust day-to-day operations to include the new technologies for increased efficiency and productivity. Staying behind the curve will only lead to costly errors or lack of revenue for most hospitals.
One advancement that is expected to keep growing in significance is the use of remote, wireless medical devices to monitor patients remotely.
The capabilities of wireless technology continues to evolve, providing clinicians with more options for treating patients while reducing costs.
Furthermore, many experts predict in-home monitoring devices will also gain momentum as an aging baby boomer population threatens to drain the industry of resources.
Geographical analysis shows that the highest CAGR of 17.2% is anticipated to come from the Asia-Pacific region during the next seven years.
For more information on the medical electronics market, see the latest research: Medical Electronics Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.