Capacitors for Medical Electronics Market to Witness High Growth owing to Growing Medical Technology Market Worldwide
According to a new market research report published by Credence Research “Capacitors for Medical Electronics Market (Product Type – Ceramic Capacitors, Tantalum Capacitors, Plastic Capacitors; Application- Therapeutics, Diagnostics)) Market – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall capacitors for medical electronics market worldwide is set to grow with a CAGR of 6.9% during the forecast period.
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The market for medical electronics capacitors is mainly controlled by the quickly increasing industry of medical devices globally. The medical technology industry is increasing at a fast pace and was valued at more than US$ 390.0 billion in 2016, with an average annual growth rate of more than 3.8 per cent. Capacitors are primarily two-terminal electronic components that store electrical energy in the electrical field. Capacitors are used for energy storage, power supply, signal coupling or decoupling, and others. The aging population and growing chronic diseases are driving the development of the market for medical technology, which in turn enables the market for medical electronics to develop. As a outcome of all these variables, the market for medical electronics capacitors is expected to continue throughout the forecast period.
Based on the implementation, the market for medical electronics capacitors has been split into two therapeutic and diagnostic sections. The demand for precise and better diagnostic instruments boosts the diagnostics segment. Increasing awareness of the advantages of early diagnosis and increasing incidence of genetic instruments are key growth drivers for the diagnostics segment. On the other side, the therapeutic segment will see quicker development during the forecast period owing to the increasing incidence of cardiovascular and neurological diseases. Due to all these variables, the therapeutic segment is expected to surpass the diagnostics segment during the forecast period.
Geographically, North America dominates the market with a market share of more than 40% worldwide. The market here is controlled by the fact that the US has a large spending on health care, a high rate of acceptance for sophisticated medical electronic devices and an enhanced level of revenue. In addition, patient knowledge of early diagnosis and the development of infrastructure in the nation are other key variables that support market growth. In view of all these variables, we expect North America to continue to lead the market for medical electronics capacitors during the forecast period. In addition, Asia Pacific is expected to show the highest development in the economy over the forecast period owing to an increase in geriatric population in the region.
Some of the key enterprises included in the survey include Vishay Intertechnology, AVX Corporation, Greatbatch, Inc, KEMET Electronics Corporation, Rubycon Corporation, Murata Manufacturing, Knowles Capacitor, Exxelia, TDK-EPCOS, among others.
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