In a recently published report, Impact of COVID-19 on Medical Electronics Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Impact of COVID-19 on Medical Electronics Market products.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
With Covid-19 infections increasing worldwide, there is also expanding concern about a lack of essential life-saving equipment and other vital medical resources to prevent the spread of this pandemic and provide optimal treatment to those affected. Additionally, for COVID-19 patients, who may need critical care, ventilators serve as a crucial medical choice before a pharmacological therapy is established. In addition, a wide variety of test-kits (antibody samples, self-administered, and others) require a fast acceleration in the manufacturing process. The rising demand for diagnostics tests, personal protective equipment (PPE), ventilators, and other critical medical supplies has further increased the demand for medical electronics over the forecast period (2020-2027). Consumption of respiratory care products is rising dramatically due to the growing aging population, high incidence of respiratory disorders, and improvements in lifestyle that are projected to improve the therapeutic market. In addition, the introduction of portable and handheld devices also boosted growth.
It is also anticipated that the growing implementation of therapeutic devices such as Cardiac Rhythm Management (CRM), Continuous Positive Airway Pressure (CPAP), and oxygen concentrators attributable to ageing population would fuel the segment ‘s market. Moreover, increasing demand for portable medical devices with high capacity, such as cardiac monitors, respiratory monitors, hemodynamic monitors, and implantable devices, is the key force driving the growth of batteries in the medical electronics market. The number of battery-powered medical devices is proliferating as most medical devices are being computerized for improved diagnosis and tracking. Unexpected battery loss or exhaustion will stop the system from functioning properly and prevent it from providing a lifesaving therapy. Hence there is a tremendous need for safe and efficient emergency equipment batteries.
The regional analysis of Impact of COVID-19 on Medical Electronics Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. In terms of value, the North America is expected to account for the majority of the market owing faster pace of technology replacement and continuous innovations.
Major market player included in this report are:
FUJIFILM Medical Systems
Toshiba Medical Systems Corporation
Hitachi High Technologies Corporation
EDDA technology, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 20198
Forecast period – 2020 to 2026
Target Audience of the Impact of COVID-19 on Medical Electronics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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