Electromedical Devices Market: Introduction
- Electromedical devices are medical devices used in various applications in health care industries, including therapeutic use (surgical instruments, laser, and others) and diagnostic use (imaging equipment, monitoring devices)
- These devices are used in diagnosis and surgical procedures related to cardiovascular, dental, ophthalmology, and other disease indications
Key Drivers and Restraints of Global Electromedical Devices Market
- Increase in research & development activities and technological advancements in electromedical devices are major factors for boosting the growth of the global electromedical devices market during the forecast period. Increase in new product approvals for electromedical devices is another key factor for driving the market. For instance, in 2018, the Food and Drug Administration, approved 106 electromedical devices compared to 99 in 2017.
- In addition, increase in demand for imaging in diagnosis and monitoring of major chronic diseases related to cardiology and oncology helps drive the market. Heart valve replacement is the most common procedure in cardiology. Increase in use of electromedical devices in heart valve replacement procedure is another main factor for fueling the growth of this market. Moreover, new product launches from major manufacturers are anticipated to propel the electromedical devices market. In August 2018, Invacare Corporation launched an advanced carbon fibre racing wheelchair for rehabilitation patients.
- High cost and high technical configuration required for electromedical devices restrain the electromedical devices market
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Diagnostic Imaging Devices Segment to Witness High Demand
- Based on device type, the global electromedical devices market can be segmented into diagnostic imaging devices, surgical devices, patient assistive devices, and others
- The diagnostic imaging devices segment accounted for the highest share of the electromedical devices market in 2018. This segment is expected to dominate the electromedical devices market due to increase in incidence of major chronic diseases which further resulted into rise in demand for disease diagnosis. In addition, launch of new diagnostic imaging devices in recent years is expected to drive the segment.
Cardiovascular Application Segment to Witness Significant Growth
- In terms of application, the global electromedical devices market can be divided cardiovascular, dental, ophthalmology, orthopedic, and others
- The cardiovascular segment generated the highest revenue in 2018 and is anticipated to witness growth during the forecast period. This can be attributed to rise in incidence of cardiovascular disorders.
Hospitals Segment to be Most Promising Segment
- In terms of end-user, the global electromedical devices market can be divided into hospitals, clinics, home care settings, and others. The hospitals segment generated the highest revenue in 2018 and is anticipated to witness growth during the forecast period.
- Most of the electromedical devices are available in hospitals and increase in demand for electromedical devices in newly set up hospitals helps drive the segment
North America to Dominate Global Electromedical Devices Market
- In terms of region, the global electromedical devices market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global electromedical devices market in 2018 and is expected to maintain its leading position during the forecast period. Dominance of the region can be attributed to increase in product offerings, new product launch, presence of key market players in the region, and greater affordability. For instance, in October 2018, the B. Braun Melsungen AG received USFDA approval for ELAN 4 Electro Motor system, which used in the spinal and neurological surgical procedures.
- The market in Asia Pacific is projected to register highest growth during the forecast period, owing to increase in adoption of new products, and rise in incidence of cardiovascular, orthopedic, and ophthalmology disorders
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Key Manufacturers Operating in Global Market
The global electromedical devices market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- Medtronic plc
- GENERAL ELECTRIC Healthcare
- B. Braun Melsungen AG
- Siemens AG
- Koninklijke Philips N.V.
- Cardinal Health
- Zimmer Biomet
- Stryker Corporation