Ocean View, DE -- (SBWIRE) -- 06/26/2020 -- Global Market Insights, Inc., projects that the monolithic ceramics market could cross USD 30 billion by the year 2024.The monolithic ceramics market is projected to witness noteworthy growth due to proliferating demand for advanced ceramics in the medical sector. The product has found diverse applications in the medical sector, like in machine components for radiology and diagnostics. In fact, these ceramics are also used in the surgery of stones.

Remarkable properties like resistance to abrasion, bio-inertness, non-magnetizability, and stability in sterilizing conditions could play a crucial role in strengthening product demand in the healthcare sector.

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Other factors impelling monolithic ceramics demand in the healthcare sector:

A promising rise in income levels, changing lifestyles across developing economies and increasing federal initiatives to curb mortality rates via building quality healthcare infrastructure could boost the demand for monolithic ceramics in healthcare industry. As per a report, in 2016, the global per capita medical expenditure was nearly USD 1,000, which is anticipated to surpass USD 1,650 by 2024.

Meanwhile, healthcare spending in North America and Asia Pacific is projected to rise by 6% and 4% in the future. The medical sector of these regions is observing robust growth which could further broaden the horizons of monolithic ceramics companies.

Mentioned below are few of the ongoing trends pioneering monolithic ceramic business landscape:

Diverse application scope-

Monolithic ceramics are heavily used in electrical & electronics, automotive, power and medical industries. Out of these, the automotive segment is estimated to account for a tenth of the overall monolithic ceramics market by 2024.

Meanwhile, the medical sector is set to gain a significant market share over the predicted timeframe, recording over USD 4.5 billion in revenues by 2024. Monolithic ceramics are used in diagnostic tools and medical implants. Surging medical expenditure across emerging countries could augment product penetration over the coming years.

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Growing environmental concerns-

Growing concerns over environmental degradation are poised to endow lucrative growth opportunities in the global monolithic ceramics industry. The product is widely used in automotive pollution control devices. Strict norms pertaining to emission of hazardous pollutants from vehicle exhausts could drive the adoption of devices integrated with monolithic ceramics.

Burgeoning demand from Asia Pacific-

Rampant growth in the electrical & electronics sector could stimulate APAC monolithic ceramics industry size. Back in 2016, Asia Pacific was termed as one of the biggest contributors to the monolithic ceramics market, and is expected to maintain its dominance in the coming years.

Estimates claim that the region could record over USD 11 billion, in terms of revenue by 2024, with a compound annual growth rate of 8%. Rising deployment of automobiles along with promising advancements in the medical sector could strengthen regional industry share over the estimated period.