Demand for Medical Electronics Soars (.PDF Download)

Demand for medical electronics is soaring right now and innovative manufacturers are working to meet this demand. The global medical electronics market size will be valued at $248.4 billion by 2030, up from just $81.6 billion in 2020. The market is expanding at a compound annual growth rate (CAGR) of nearly 12% right now and on track to triple in size over the next eight years, according to Precedence Research.

The firm says that the rising prevalence of various chronic diseases, a growing geriatric population, an uptick in road traffic accidents and higher hospital admissions are all contributing to the high demand for medical electronics across various healthcare units.