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.
The capacitors for medical electronics market is primarily governed by the rapidly growing medical devices sector worldwide. The medical technology market is growing with a rapid pace and was valued more than US$ 390.0 Bn in 2016 with an average annual growth rate of more than 3.8%. Capacitors are mainly two-terminal electronic components that stores electrical energy in an electrical field. Capacitors are used for energy storage, power conditioning, signal coupling or decoupling and others. Aging population and rising chronic diseases are driving the growth for medical technology market which in turn helps the capacitors for medical electronics market to grow. As a result of all these factors, we are expecting capacitors for medical electronics market throughout the forecast period.
Based on application, capacitors for medical electronics market divided into two segments therapeutics and diagnostics. Demand for accurate and better diagnostic devices is giving boost to the diagnostics segment. Increasing awareness regarding benefits for early diagnosis and growing prevalence of genetic devices are the major growth drives for the diagnostics segment. On the other hand therapeutic segment to witness faster growth during the forecast period due to growing prevalence of cardiovascular and neurological diseases. Due to all these factors, we are expecting the therapeutic segment to surpass diagnostics segment during the forecast period.
Based on the geography, North America dominates the market with revenue share of more than 40% across the globe. The market here is governed by the U.S. having heavy healthcare expenditure, high adoption rates for advanced medical electronic devices and increased income levels. In addition, patient awareness about early diagnosis and developed infrastructure in the country are another prominent factors supporting the market growth. On account of all these factors, we are expecting North America to continue leading the capacitors for medical electronics market during the forecast period. Additionally, Asia Pacific is set to demonstrate the fastest growth in the market over the forecast period due to increasing geriatric population in the region.
Some of the major companies profiled in the report 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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