Electronics are at the heart of innovations within the medical technology sector. There are already plenty of examples of vital developments, such as X-ray machines and the pacemaker, and now, as healthcare becomes increasingly digitised - 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 an ageing and booming global population, as well as by a greater focus on individualisation within medicine.
On that basis, Global Market Insights is anticipating that the international medical electronics market will generate sales of $148 billion by 2024, with a compound annual growth rate (CAGR) of 12%. According to MarketsandMarkets, the turnover for medical IoT devices is expected to be just under $64 billion by 2023, with a CAGR of 25%. The same analysts are also forecasting a little over $132 billion for the global e-care market by the same year.
All of this opportunity is, however, offset by a whole host of risks that are not to be underestimated. For instance, the market concentration will continue to rise alongside the competition from emerging markets. Not to mention that huge IT companies from outside of the industry (such as Google and Apple) are on the verge of advancing into the health market given that many innovations in the 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 IoT. All of these issues will be covered at the first ever electronica Medical Electronics Conference (eMEC) and at the Medical Electronics Forum at electronica.
In 2018, the spotlight will be shining on medical electronics for the first time when the field has its own dedicated conference. The event will see doctors and electronics engineers entering into discussions about the future of the medical sector. The issues covered will include smart medical devices, cloud computing, data security and sovereignty, blockchain technology, collaborative robots, smart contracts, usability, artificial intelligence, telemedicine and medicine 4.0.
The event will take place at the International Congress Centre Munich on 15 November.