Major companies in the navigational, measuring, electro medical and control instruments market include Agilent Technologies; Siemens Medical Solutions; Boeing; Thermo Fisher Scientific and Medtronic plc.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Navigational, Measuring, Electro medical And Control Instruments Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018886/?utm_source=GNW
The global navigational, measuring, electro medical and control instruments market is expected to grow from $593.91 billion in 2020 to $634.26 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $826.33 billion in 2025 at a CAGR of 7%.
The navigational, measuring, electro medical and control instruments market consist of sales of navigational, measuring, electro medical and control instruments by entities (organizations, sole traders and partnerships) that produce navigational, measuring, electromedical, and control instruments. Examples of products made by these establishments include aeronautical instruments, appliance regulators and controls (except switches), laboratory analytical instruments, navigation and guidance systems, and physical properties testing equipment. The navigational, measuring, electro medical and control instruments market is segmented into search, detection, and navigation instruments; automatic environmental control; industrial process variable instruments; totalizing fluid meter and counting device; electricity and signal testing instruments; analytical laboratory instrument; watch, clock, measuring device and magnetic and optical media.
Asia Pacific was the largest region in the global navigational, measuring, electro medical and control instruments market, accounting for 35% of the market in 2020. North America was the second largest region accounting for 29% of the global navigational, measuring, electro medical and control instruments market. Africa was the smallest region in the global navigational, measuring, electro medical and control instruments market.
New advancements in smart watches using AI is one of the latest trends in the navigational, measuring, electromedical and control instruments manufacturing market. Smart watches equipped with additional features such as AI is gaining popularity among the watch users. An AI enabled smart watch is a wearable device that offers various features to its users such as calculations, translations, messaging, health tracking and is directly connected to internet. AI enabled smart watch uses sensors to detect the electrical signals given by wearer’s heart and can monitor blood pressure, can analyze the glucose levels of a patient. For instance, in 2020, PKvitality, a French based producer of bio wearable, partnered with Beurer GmBH, a Germany based medical product and Well-being Company, to develop painless and discreet continuous glucose monitoring (CGM) device in the form of a smartwatch to monitor glucose levels. Also, in 2018, Apple announced to use its patent application named AppleInsider with Apple’s Smart watch to measure glucose levels.
Rising sustainability issues and stringent new regulation standards are compelling navigational, measuring, electromedical and control instruments manufacturers to review the entire environmental impact of their products, from the use of harmful chemicals in manufacturing, energy consumption during consumer use to waste disposal at the end of the product’s life. These rising new regulation standards are likely to be a major hindrance to navigational, measuring, electromedical and control instruments manufacturers, especially for multinational organizations that have to keep up with different regulatory standards across different regions.
The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster products and applications. Technological development is a key for attracting both consumers and business users for either replacing or upgrading the older products with advanced versions. Digital technologies such as the internet of things (IoT) and latest communication technologies such as 5G are expected to aid in the development of innovative electronic products. This is expected to increase the demand for electronic products such as navigational, measuring, electromedical and control instruments which will ultimately drive market growth during the forecast period.
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