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
Electromedical Devices Market: Research Scope
Electromedical Devices Market, by Device Type
- Diagnostic Imaging Devices
- Surgical Devices
- Patient Assistive Devices
Electromedical Devices Market, by Application
Electromedical Devices Market, by End-user
- Home Care Settings
Electromedical Devices Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.