The global medical electronics market is set to hit $60 billion by 2023, according to a Global Market Insights report.
Here are six observations:
1. The market is expected to grow at a compound annual growth rate of 5.5 percent between 2016 and 2023.
2. Urbanization and a rising number of healthcare facilities will spur market growth.
3. Market growth obstacles include an absence of standard terminologies, decrease in medical professional productivity and patient data security issues.
4. The Asia Pacific region is set for rapid growth, due to an increasing population and improving healthcare infrastructure.
5. North America will capture the largest market share, because of favorable government regulations, good reimbursements policies, high healthcare expenditure and technology advancements.
6. GE Healthcare, Siemens AG, Texas Instruments, Maxim Integrated, STMicroelectronics, ON Semiconductor Corporation, Renesas Electronics and Freescale Semiconductor, Analog Devices, Angiotech Pharmaceuticals, Fairchild Semiconductor International and Cypress Semiconductor dominate the space.