Modern-day electronic products used in the healthcare and medical fields are often used for life-saving procedures and functions; hence, a PCB failure could lead to a critical health risk. Hence, the healthcare industry demands high-quality PCB fabrication and PCB assembly (PCBA) to produce exceptionally reliable and long-lasting components. Also, device interconnectivity via the internet is vital for improving medical systems and transferring essential data. Hence, designing PCBAs for IoT is the trend in electronics medical device manufacturing. According to market research firm MarketsandMarkets, the Global IoT Medical Devices Market is expected to account for USD 94.2 million by 2026, growing at a compounded annual growth rate (CAGR) of 28.9% between 20212026.
The rising demand for self-monitoring health vitals for wellness, exercise, or medical conditions has led to non-standard PCB form factor designs. As per a market research study conducted by MarketsandMarkets, the Global Wearable Technology Market was valued at USD 116.2 billion in 2021 and is analyzed to grow at a CAGR of 18.0% between 20212026. Hence, by initiating agile processes, PCB manufacturers can incorporate design changes iteratively with minimal production disruptions.
Also, Industry 4.0 (industrial production revolution) emphasizes software and communications to improve manufacturing efficiency and speed. This can be achieved by optimizing design for manufacturing (DFM) and design for assembly (DFA) utilizations. Market research firm, MarketsandMarkets, predicts the Global Industry 4.0 Market to expand at a CAGR of 20.6% between 20212026 and estimates the market to be valued at USD 165.5 billion by 2026.
Lastly, the manufacturers are also trying to reduce costs and increase margins to gain substantial market share and sustain in a highly competitive and fragmented market. They are resorting to employing digital twin technology to prevent waste and mitigate development costs. For PCB manufacturing, this technology identifies potential errors before the first board is spun. According to market research firm MarketsandMarkets, the Global Digital Twin Market is expected to account for USD 73.5 million by 2027, growing at a brisk CAGR of 60.6% between 20222027.
News Also Covered: https://www.prnewswire.com/news-releases/digital-twin-market-worth-73-5-billion-by-2027–exclusive-report-by-marketsandmarkets-301579538.html
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