The semiconductor in healthcare market is expected to grow at a CAGR of over 10.2%, during the forecast period (2020 - 2025). Sensors in devices or within the human body have the power to link data collection to powerful algorithms, which will transform the existing practices and take the healthcare sector to a new level of individualized care.
- Scientists from MIT, Draper, and Brigham and Women’s Hospital have together designed an ingestible capsule that can be remotely controlled using bluetooth wireless technology. The new capsule can be customized to deliver drugs, sense environmental conditions can reside in the stomach for at least a month, transmitting information and responding to instructions from a user’s smartphone.
- Growth of connected devices in healthcare is driving the market and is expected to increase from 10 billion to 50 billion units over the next decade. Manufacturers are turning to digital connectivity, to improve the coordination and delivery of patient care by transmitting monitored data through devices to address the real-time health functioning.
- Rising prevalence of chronic diseases is driving the market, by which the demand for remote monitoring, mobile health (mHealth) apps, and wearables, such as activity trackers are increasing globally.
- The chance of loss or theft of private data in a connected semiconductor device is a factor that is restraining the growth of the market. There are more than 3.7 million medical devices in use. Someone can always manage to obtain sensitive medical or financial information from patients by interrupting the connectivity.
Scope of the Report
The usage of semiconductors in the healthcare market are increasing owing to the revolutionary changes in the domain such as digitization and automation of various activities such as robotic surgery, etc. The use of sensors and other wireless technology are highly being used for remote patient monitoring with more number of connected devices.
Key Market Trends
Consumer Medical Electronics to Witness Significant Growth
- The use of sensor and other wireless technologies are being used for applications such as remote patient monitoring. Wireless technology and sensors are enabling connected devices to provide a whole new world of remote patient monitoring and virtual service delivery. A wide range of solutions are still in the development phase to harness data from these connected devices and other electronic ecosystems to enable better patient care.
- Scientists at the Khalifa University Semiconductor Research Center are putting finishing touches to a device they hope will be able to predict a heart attack hours, or even days before it happens. It is a wearable bracelet, powered by body heat and constantly monitor irregular heart patterns in patients who have had an attack before. The device consists of a sensor, processor and wireless chip that transmits data to a mobile phone or healthcare provider. With the increasing connected wearable devices across the globe the market is further expected to grow.
- Over the forecast period, web-integrated wireless devices are also expected to witness a rise in the use to manage doctor-patient interactions, and digital diagnostic tools might enable remote examinations, which is also expected to aid the integration of semiconductors in the healthcare industry.
Asia Pacific is Expected to Witness High Growth
- The Asia-pacific region is expected to expand at a healthy rate during the forecast period. Major factors supporting the growth are increasing investments in research and innovation centers, government programs, and governmental policies favoring the IT healthcare equipment and devices markets.
- Moreover, the region is the biggest market for semiconductors across the globe with countries like China, Japan, India, Taiwan, South Korea, and Singapore, contributing to the growth of the healthcare segment.
- With the rapid expansion of population, a rise in hypertension diseases is creating a high demand for remote monitoring devices, such as blood pressure monitor, which is effectively increasing the growth of the market.
- There is also an increase in the incidence of diseases and cancer, increasing the demand for advanced diagnostic tools like MRI. Japan holds a major share in the Asia Pacific region with a high per capita income and advanced technology, which shows the growth of the market.
- According to the World Health Organization (WHO), there are around 430 million diabetics worldwide, where 60% of diabetics are Asian, so the rate of the glucose monitoring device is increasing, which increases the growth of semiconductor in the healthcare market.
The semiconductors in the healthcare market is highly competitive owing to the presence of many large players in the market. The market appears to be fragmented and the competitive dynamics in the market is expected to rise during the upcoming years with more investment in R&D for more innovative healthcare devices. Some of the major players Texas Instruments Incorporated, Analog Devices Inc., STMicroelectronics, Broadcom Inc. among others.
- May 2019 - Analog Devices Inc. announced a new electrochemical and impedance measurement front end. The comp that enables the next generation of vital sign monitoring devices and intelligent electrochemical sensors. The AD5940 analog front end incorporates both potentiostat and electrochemical impedance spectroscopy (EIS) functionality on a single chip, allowing for sensor measurement in both time and frequency domains.
- June 2018 - Analog Devices Inc. announced a new sensor interface IC that enables the next generation of intelligent electrochemical sensors. The ADuCM355 precision analog microcontroller with bio-sensor and chemical sensor interface is an ideal solution for applications such as industrial gas sensing, instrumentation, vital signs monitoring, and disease management.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support