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How is Rising Demand for Advanced Medical Equipment Leading to Electroceramics Market Growth?

Date: 2020-03-06
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The global electroceramics market was valued at $8,590.9 million in 2017 and is projected to reach $12,084.4 million by 2023, demonstrating a CAGR of 5.9% during the forecast period. This is due to high consumption of these ceramics in manufacturing of electronic and automotive components and devices, electrical systems, medical sensors and implants.

 

As the global economy is witnessing a massive improvement, governments of many countries, especially of emerging economies, are now in a position to invest more in the healthcare sector. The Organization for Economic Co-operation and Development reported that its member states increased their healthcare spending by 3.4% in 2016.

 

The improvement in the gross domestic product of various countries has resulted in the increasing disposable income of people, which, in turn, has led to the higher demand for better and hi-tech products and services, including in the healthcare sector. To offer their residents better healthcare facilities, governments and stakeholders are increasingly spending on procuring advanced medical equipment.

One of the latest advancements in the medical equipment manufacturing sector is the adoption of electroceramics. These are a type of ceramic material that display electrical properties and also exhibit high mechanical, thermal, and chemical stability.

 

They even have unique magnetic and optical properties, which are extremely beneficial in manufacturing devices and products for automation, energy storage, and communication purposes. Along with their physical properties, electroceramics are corrosion and heat resistant, and have a dielectric and insulating nature, which makes them suitable for use in orthopedic applications, such as femoral heads, feedthroughs, and implantable sensors, and brachytherapy seeds in cancer treatment. 

 

Electroceramics are of many types, namely magnetic, dielectric, piezoelectric, conductive, ferroelectric, and fast iron. Dielectric ceramics were used the most among all other types in 2013–2017.

 

These ceramics have high dielectric constant and strength as well as ideal tangent values, which make them most suitable for manufacturing electrical devices, particularly electrical insulators.  Additionally, these ceramics are also used in manufacturing capacitors, as high dielectric constant facilitates more energy storage.

 

In the coming time, the fastest growth in demand is expected to be witnessed by the conductive type of ceramics, which are advanced materials with a modified structural composition. This modification lowers the resistivity of the material, making them more conductive.

 

In a study, the electroceramics market is predicted to register a 5.9% CAGR in the coming years.

 

Electroceramics are used to manufacture power distribution devices, actuators & sensors, optoelectronic devices, data storage devices, capacitors, resonators, and radio frequency devices. During 2013–2017, electroceramics were used the maximum for manufacturing capacitors.

 

For making electronic circuits, capacitors are used for allowing the alternating current to pass and at the same time restricts the flow of direct current. They are also used in resonant circuits to tune the radios to a particular frequency. 

Capacitors are also deployed in electric power transmission systems for the stabilization of voltage and power flow. Owing to the aforementioned factors, capacitors would continue being the biggest application area of electroceramics.

 

The fabrication process of electroceramics is witnessing significant advances. Technological advancements have led to the improvement of many electronic devices, which influenced the demand for better fabrication material.

 

For instance, for higher-volumetric-efficiency multilayer capacitors, improvement in the technology as well as the materials used, was required. Further, the invention of new technologies, such as the internet of things (IoT), has caused a huge demand for products integrated with this technology.

 

The United Nations and the Intel Corporation predicted that by 2020, the demand for IoT-based devices would reach 200 billion units. Further, advancements in energy storage and battery technologies may also give a major boost to the electroceramics industry.


Via: https://www.whatech.com/

Note: Content may be edited for style and length.


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