From imaging to digital devices, the medical electronics market is growing. Global Market Insights spoke to SciTech Europa about the rise of medical devices.
Medical electronics market size is expected to witness 13% CAGR from 2019 to 2025. In what can only be construed as an innovation that may impact India medical electronics industry to quite an appreciable extent, Philips, a renowned brand across the electronics sector, has recently launched two new diagnostic instruments, namely, MobileDiagnost Opta and BV Vectra in India.
The former, a digital X-ray system, has been designed to find extensive applications in intensive care units and operation theatres. BV Vectra, on the other hand, is a mobile C-arm system that is anticipated to be used in orthopaedic surgeries. With the presence of three major electronic equipment manufacturers – Siemens, GR, and Philips, and their objective to manufacture the contemporary ‘Made-in-India’ medical devices, it is anticipated that India medical electronics market will experience a lucrative growth in the years ahead.
Bringing forth a slew of product innovations in the market has been touted as major growth strategy for businesses, particularly in the medical electronics industry, given the robust requirement of the healthcare space to enhance operational efficiency and lower medical care expenditure.
Kinpo Electronics Incorporation, has recently received the EU certificate that approves its newly launched wearable ECG monitor, called the BC1 patch that apparently helps in the prevention of cardiovascular disease. The medical certification allows the firm to promote BC1 within the European Union. Kinpo is expected to commence the product marketing in key European countries by the third quarter of 2017 under its own brand referred as XYZlife. The device provides real-time monitoring, data pertaining to medical history, and authentic medical reports, in addition to encompassing an exceptional function that helps users to contact physicians during emergencies. Experts cite that the BC1 patch is likely to prompt industry rivals to introduce similar products in the market, that would undeniably impel the product landscape of medical electronics industry.
Recently, 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 minimising 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 sizeable impact on US 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.
US 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.
Some of the firms partaking in medical electronics market share include Toshiba Corporation, Siemens, GE Healthcare, Medtronic Public Limited Company, and Phillips. Most companies have been reported to be adopting new strategies to expand their business scope, contributing extensively towards medical electronics market revenue. Considering the developments that medical electronics industry is replete with, it comes as no surprise that medical electronics market is slated to hit a revenue margin of over €151.7bn by 2025.