As of 2017, Canada registered a research and development expenditure comprising 1.585% of its Gross Domestic Product (GDP).
CRIFAX added a report on ‘North America Medical Electronics Market, 2019-2028’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The growth in technological advancements in Information and Communication Technology (ICT) sector and the emergence of Artificial Intelligence (AI) and Internet of Things (IoT) is anticipated to boost the growth of the North America Medical Electronics Market over the forecast period (2019-2027). As of 2018, the number of mobile cellular telephone subscriptions registered in the U.S. was 404,577,397, while at the same time 33,082,000 subscriptions were registered in Canada. Similarly, in 2016, 395,881,497 subscriptions were registered in the U.S. as compared to 30,752,000 subscriptions registered by Canada in the same year. A growth rate of 1.08x was recorded for mobile cellular subscriptions in Canada, while U.S. mobile cellular subscriptions recorded 1.02x between 2016 and 2018. The U.S. Information Technology industry held about 30% of share in tech sector globally in 2018. The region of North America recorded a GDP of USD 22,213.25 billion as of 2018, as against a GDP of USD 16,611.33 billion generated in the year 2010 having a growth rate of 1.34x.
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The emergence of 5G technology and its applications across several industries such as healthcare, retail and others is anticipated to drive the growth of the market over the forecast period. About 45% of the population in North American region is estimated to adopt 5G technology by 2023, owing to huge demand for mobile data and video streaming services among the consumers in the region. The revenues derived from export of ICT goods and services in Canada was USD 21.8 billion in 2017 as compared to revenues of USD 21.1 billion generated in 2012. The U.S. was the top importer of ICT goods holding 16.16% of the global share at a value of USD 343,650 million in 2017. Additionally, as per United Nations Conference on Trade & Development (UNCTAD), the annual growth rate for the period 2016-17 was 9%.
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To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the North America Medical Electronics market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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This post was originally published on The Market Plan