A new report from Research and Markets predicts the global medical electronics market will grow at a 5.5-percent compound annual growth rate over the next six years to reach $56.50 billion in market value.
The firm said Monday that developments in personalized healthcare, lifestyle diseases, medical tourism, urbanization and the integration of information technology with healthcare have driven growth in the medical electronics market.
Additionally, Research and Markets also expects innovation in electronic devices, government support and efforts to boost research and development in the field for applications in imaging, diagnosis, fitness and wellness, therapeutics and monitoring.
Potential market restraints the firm examined include medical device design and compatibility, data security, lack of product differentiation and the high cost of maintenance and refurbishment.
The report listed the following companies as key players in the market:
- Analog Devices
- Cypress Semiconductor
- Fairchild Semiconductor International
- Freescale Semiconductor
- GE Healthcare
- Maxim Integrated
- ON Semiconductor
- Renesas Electronics
- Texas Instruments