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Nov-2021

Semiconductor in Healthcare Market To Grow At 11.4% CAGR

Global Semiconductor in Healthcare Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Component, Application and Region - Industry Forecast (2021 to 2026)

The size of the global semiconductor in healthcare market is predicted to be growing at a CAGR of 11.4% during the forecast period.

Impact of COVID-19 on the global semiconductor in healthcare market:

The global semiconductor in the healthcare market has historically shown significant growth due to the rapid use of semiconductors devices in the healthcare industry. These devices include Magnetic Resonance Imaging (MRI) machines, cardiac pacemakers, blood pressure monitors, pulse oximeters, glucometers, and wireless patient monitors, which were deemed essential for patient monitoring. In addition, the onset of the COVID-19 pandemic had seen a sudden spike in medical remote monitoring devices to reduce non-essential hospital visits, providing growth opportunities for the market.

During the second wave of the pandemic, patients were well equipped with semiconductor devices, which helped hospitals to manage the continued influx of patients, which would otherwise have overwhelmed the entire operating cycle of the hospital. Manufacturers are currently focused on developing new, technologically advanced products that allow easy monitoring of patients with wireless connectivity, telecommunication, and robotic inclusion in the healthcare sector.

DRIVING FACTORS:

Factors such as increasing use of remote patient monitoring devices, development in diagnostic and treatment modalities, and high incidence of non-communicable diseases (cardiovascular disease, diabetes) will drive the growth of semiconductors in the healthcare market. Furthermore, to deal with the huge volumes of data created by associated medical devices and their digitized forms, companies focus on providing real-time and accurate diagnoses to reduce treatment time.

The digitalization of the healthcare industry is one of the major drivers and a strong advocate for the overall growth of the global semiconductor in the healthcare market. As a result, sensors and motion micro-electromechanical systems, microcontrollers, analog devices, memory power management devices, etc., are gaining popularity. Furthermore, innovation of specialized devices such as “Neuromorphic Chip” technology, which mimics the human brain, is used for placement of retinal implants, helping people with complete vision loss regain partial vision and implanted cardiac resynchronization therapy device, which can improve the patient’s heart rhythm. Therefore, the perspective of semiconductor organizations towards the healthcare industry is growing at a high rate.

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RESTRAINING FACTORS:

However, factors such as lack of adequate reimbursement policies for personal medical devices, high investment, and availability of counterfeit products are the significant constraints limiting the expansion of the global semiconductor in the healthcare market.

REGIONAL ANALYSIS:

Geographically, North America, followed by APAC, are expected to account for the leading share in the global semiconductor in the healthcare market. However, the European market is predicted to grow at a promising CAGR during the forecast period. Countries such as U.S., UK, Germany, China, and South Korea are expected to be hotspots for the global semiconductor in the healthcare market.

COMPETITIVE LANDSCAPE:

Semiconductors in the healthcare market face tough competition for market growth due to the presence of many major players in the market, especially in the North American and Asia-Pacific region. The market is expected to grow with an increase in R&D investments for more innovative healthcare devices. Significant players include Texas Instruments Incorporated, S3, Beurer GmbH, Analog Devices Inc., Corsair, STMicroelectronics, Universal Semiconductor, and Broadcom Inc.

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MARKET SEGMENTATION:

By Component: