Medical Electronics -
Medicine in a Digital World
The health industry is going through a period of dramatic change. We are seeing more and more digital solutions throughout the patient journey-at every stage from prevention and diagnosis to treatment. Medicine 4.0 can only work on the basis of collaborative efforts at the point where the medical and engineering disciplines overlap. We are therefore proud to introduce the electronica Medical Electronics Conference (eMEC) as the perfect platform for this interdisciplinary partnership. It will be held for the first time on November 15, 2018, boasting an innovative event and space concept.
Electronics are at the very heart of innovations within the medical technology sector. There are already plenty of examples of vital developments from the past, such as X-ray machines and pacemakers. And now, as health care becomes increasingly digitized with networking, smart data analysis, and telemedicine, electronics have come to be an integral element. The result of this is further market growth, which is boosted by aging and booming global populations as well as by a greater focus on individualization within medicine.
On that basis, Global Market Insights is anticipating that the international medical electronics market will generate sales of USD 148 billion by 2024, with a compound annual growth rate (CAGR) of 12 percent. According to marketsandmarkets, the turnover for medical IoT devices is expected to be just under USD 64 billion by 2023, with a CAGR of 25 percent. The same analysts are also forecasting a little over USD 132 billion for the global e-health market by 2023.
All of this opportunity is, however, offset by a whole host of risks that are not to be underestimated. For instance, the market concentration is set to continue to rise alongside the competition from emerging markets. Not to mention that huge IT companies from outside of the industry (the likes of Google and Apple) are on the verge of advancing into the first health market given that many innovations in future are going to be based on data and software.
Plus, regulatory requirements surrounding market and product approval, such as the amended EU Medical Device Regulation, slow down the rate of growth and bring about considerable costs. And then there are the serious security risks associated with online networking (IoT).
All of these issues will be covered at the first ever electronica Medical Conference (eMeC) and at the Medical Electronics Forum at electronica.
Images: R. Eberhard, messekompakt.com, EBERHARD print & medien agentur gmbh
Source: Messe München