Demand for medical electronics is soaring right now and innovative manufacturers are working to meet this demand. The global medical electronics market size will be valued at $248.4 billion by 2030, up from just $81.6 billion in 2020. The market is expanding at a compound annual growth rate (CAGR) of nearly 12% right now and on track to triple in size over the next eight years, according to Precedence Research.
The firm says that the rising prevalence of various chronic diseases, a growing geriatric population, an uptick in road traffic accidents and higher hospital admissions are all contributing to the high demand for medical electronics across various healthcare units.
