Many current and state-of-the-art deep learning models for accurate image segmentation are based on the U-Net architecture, a convolutional neural network designed for biomedical applications. Despite its widespread adoption in the medical imaging community, U-Net has two major limitations. First, due to its deep structure and the large number of filters used, the number of parameters and Floating-Point Operations Per Second (FLOPS) are high. This results in high computational complexity and demands a large memory size, making real-time implementation and deployment of U-Net models challenging. Second, the base U-Net model only uses a single type of kernel (i.e., 3×3) throughout the network for all convolution operations. Feature extraction using a single spatial extent throughout the network is suitable if the size, location, and shape of the salient regions remain static in all the images of a dataset, which is not necessarily the case in medical imaging. To address these two limitations, we propose an Efficient Multi-Encoder-Decoder based UNet (EMED-UNet), a novel architecture for efficient medical image segmentation. We evaluated our network on four medical imaging datasets: Montgomery County, Shenzhen CXR, COVID-19 CT LS, and BraTS (Brain Tumor Segmentation) dataset. EMED-UNet outperforms the U-Net and its variants in terms of accuracy, with around 77% reduction in parameters, a 60% reduction in FLOPS, and a 79.2% reduction in memory usage (all as compared to U-Net). The results demonstrate that EMED-UNet is a lightweight and accurate model for image segmentation that substantially improves upon the U-Net base model and is more feasible to deploy, given its decreased computational cost.