In 2023, the medical electronics market had a total size of USD 7,221.5 million, and it is projected to hit USD 11,144 million by 2030, advancing at a rate of 6.4%, during the projection period.
The position of wireless networks in the healthcare industry is rising constantly as many onsite and remote patient monitoring devices, including blood pressure trackers, cardiac monitors, pulse and regional oximeters, weight management devices, and sleep apnea devices, are now being given M2M and IoT connectivity. in order to provide quick health tracking to patients, high-performance tech, mainly 5G/6G, are required for transporting information to and from medical devices.
One of the key propellers for the industry is the growing aging populace throughout the globe. Such individuals fall sick more commonly and more severely in comparison to younger individuals, which is why they require more care and constant monitoring. Some popular medical devices utilized by them are heart rate trackers, oximeters, body temperature monitors, fall alert devices, and sleep monitors, all of which contain some kind of electronics.
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The growing medicinal tourism activities across Asian countries, mainly Thailand, India, and Vietnam, and also the rising adoption of wearable electronics for health and fitness, will provide chances for progressive medical devices in the years to come.
According to the Viet Nam National Tourism Authority, an average of 300,000 people visit Vietnam every year as health tourists and 40% will go to Ho Chi Minh City as their preferred destination. Furthermore, the healthcare infrastructure in Vietnam is uninterruptedly advancing, which will drive the need for enhanced medical equipment, expertise, and technologies.
Furthermore, the growing expenditure from the corporate and government houses for providing advanced healthcare and creating smart hospitals is fuelling the requirement for several types of electronic components for medicinal devices in the region.
APAC will be the most-opportunistic region in the industry during the projection period, mainly credited to the surging aging populace. According to the WHO, by 2050, 80% of the aging population across the globe will be living in LMICs.
