Market Trends of medical devices mlcc Industry
The increasing popularity of the Internet of Medical Things and technological advancements in devices are propelling healthcare spending
- The healthcare industry is experiencing significant technological advancements, including the growing adoption of innovative and wearable devices, making it a promising market for MLCCs. The increasing popularity of the Internet of Medical Things (IoMT), which involves interconnected devices used in medical and healthcare applications, will create numerous opportunities for MLCCs over the coming years. [1]
- During the COVID-19 pandemic, there was a substantial surge in global healthcare expenditure, which reached USD 9 trillion, equivalent to 10.8% of the global GDP, in 2020. Notably, the distribution of this expenditure varied significantly among different income groups. Government expenditure was the primary catalyst behind the overall rise in health spending in 2020. In all income groups, per capita government spending on health witnessed an upswing, surpassing the growth rate observed in previous years. [2]
- To boost healthcare readiness for impending pandemics or health catastrophes, increased investments are being made in research, emergency response capabilities, and healthcare infrastructure. Governments and healthcare organizations recognize the necessity for proactive measures like research, emergency response training, and infrastructure enhancements to manage and lessen the effects of possible health crises. Ensuring prompt and efficient emergency responses has increased the demand for healthcare expenditure in these areas.
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Strategic adaptions in the wearables technology market augmenting the demand for medical devices MLCCs
- In 2020, the global market for hearables, watches, wristbands, and other wearables experienced a remarkable surge, with shipments reaching USD 444.7 million, representing a substantial growth rate of 28.38% compared to the previous year. However, the momentum slightly slowed down in 2021, as the growth rate moderated to 19.99% compared to the preceding year. Consequently, in 2022, the industry witnessed a decline of 7.7%, mainly driven by challenging macroeconomic conditions and the difficulty in achieving comparable results to the exceptional performance observed in 2021.
- This decline can be partially attributed to market saturation, wherein the wearable device sector had witnessed substantial expansion in the prior years, leading to diminished demand as a significant number of potential customers had already adopted such devices. To stimulate demand and regain momentum, vendors are adopting strategic measures, such as offering lower-cost alternatives, introducing attractive trade-in offers, providing financing options, and implementing subscription services. Furthermore, companies that diversify their product portfolio by incorporating devices with varying feature sets and price points, while building a robust ecosystem around them, stand to reap rewards once the market regains its growth trajectory.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The rising prevalence of chronic diseases and a consistent increase in the aging population are boosting the market's growth
