The market for medical electronics today represents a comparatively small share of the nation’s nearly $200 billion in overall health expenses – about 5.2% in 2019. But the value it brings to the practice of medicine is disproportionately large and growing rapidly. As a result, the medical electronics industry is expected to see significant growth, propelled by the rising incidence of chronic disease coupled with greater use of medical imaging, monitoring and implantable devices – all combined with an increasingly elderly population.
Beyond that, the health benefits offered by various technologies included in the medical electronics category extend well past the hospital setting. Satellite centers, free-standing clinics, urgent care providers, doctors’ offices and patients’ homes are all becoming outfitted with monitors, analyzers, electronic devices and an assortment of machines to check vital signs and provide specialized care. Collectively, they not only promise better, more timely care for patients, they hold the potential for replacing a significant share of the effort currently provided by overworked medical professionals.
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