The “Electrification” of Medicine is Just Getting Started…
Posted On 20.2.2017
source: Paumanok Passive Component Magazine news
The market potential for the future of electronics in Medtech is substantial, due to the aging populations in industrialized nations, access to new populations in emerging economies and also trend of electronics being applied in areas of medicine where they had not been applied before.
The following chart from a new market research report from Paumanok Publications, Inc. entitled “Capacitors for Medical Electronics: World Markets, Technologies & Opportunities: 2017-2022” illustrates the estimated market share in dollar value for electronic components consumed by the U.S. Food and Drug Administration’s designated sub-categories encompassing all “Medical Devices”.
The chart supports that cardiovascular, radiology and general hospital categories as the major consumers of electronic components such as the ceramic, tantalum, aluminum and plastic film capacitor product markets discussed in the report for further consumption in implantable medical devices, test and scan and pumps and compressors).
The remaining categories, are largely materials based at this time but show the large categories of new markets for electronics, suddenly emerging through global pharmacies and creating what Johnson & Johnson estimates to already be a $1 billion global market for medical electronic “consumerables.” Primary sources in the capacitor industry interviewed for this report have discussed the most remarkable products in prototype stages that were once only accessible through a referral process and lengthy visits to the doctor’s office. Soon products that can accomplish accurate patient screening for a myriad of ailments will be available for mass consumption.
The market potential for the future of electronics in Medtech is substantial, not only because of the generalized trends that large Medtech electronics firms point to – (1) the aging populations in industrialized nations and (2) access to new populations in emerging economies; but research conducted for the purposes of this report clearly support a trend of electronics being applied in areas of medicine where they had not been applied before. The movement to (3) put health in the hands of the patient (consumables) AND the (4) opportunity to apply electronic devices to markets where electronics have not existed before in medicine- such
as robotics and motors supports a larger than normal average annual growth rate as a sub-category for components consumption over the next five years. The “Medical Technology” sector should grow at 5% per year in value over the next five years, on average, for component vendors, but larger growth rates.
