Semiconductor in Healthcare Market

Global Semiconductor in Healthcare Market Size (2024 to 2032)

The size of the global semiconductor in healthcare market was worth USD 6.7 billion in 2023. The global market is anticipated to grow at a CAGR of 11.45% from 2024 to 2032 and be worth USD 18.04 billion by 2032 from USD 7.58 billion in 2024. 

Current Scenario of the Global Semiconductor in Healthcare Market

Healthcare institutions have been integrating technology to make medical treatment more sophisticated, dependable, and accurate over the past few years. Semiconductor technology is an example of successful medical development and application. Many devices used in healthcare, including sensors and motion micro-electromechanical systems, communications integrated circuits (ICs), microcontrollers, and memory power management devices, rely on semiconductor manufacturing technology. These technologies are used in various applications, including clinical diagnostics and therapy, medical imaging, and portable and home healthcare.

Before the start of semiconductor usage in healthcare, breakthroughs like magnetic resonance imaging, blood pressure monitors, pacemakers, and various applications such as clinical diagnostics and home-based healthcare were already accessible. This technological advancement allowed a more precise, integrated, and reliable approach to diagnosis and therapy. In addition, semiconductors are also utilized in cardiac operations, implanted medical devices, audiology emphasis areas, pedometers, fall detections, and endoscopes, significantly impacting the healthcare sector.

MARKET DRIVERS

Increasing remote patient monitoring primarily drives the semiconductor in the healthcare market worldwide.

The use of semiconductors in healthcare has increased due to remote patient monitoring. Semiconductor technology helps keep patients out of hospitals by allowing them to be monitored from the comfort of their own homes using sophisticated, linked portable gadgets. With a growing number of connected devices, sensors and other wireless technologies are increasingly employed for remote patient monitoring. Patient monitoring is made more accessible because of wireless technology and the advancement of semiconductor technology devices such as mobile cardiac monitors, mobile insulin pumps, and ECG equipment. In addition to pulse oximetry, wearable temperature patches are a growing trend in patient temperature-monitoring applications that expand semiconductors in healthcare. Memory, displays, processors, sensors, and networking solutions are semiconductor components and embedded systems used in wearable medical devices. They enable medical professionals to give elderly patients preventative remote monitoring for chronic illness management and overall well-being. As a result, semiconductor demand is rising across the board in the healthcare industry.

The rising use of ultrasound devices further drives the global semiconductor in the healthcare market.

The growing usage of ultrasound equipment encourages the employment of semiconductors in the healthcare market. For imaging and diagnostic sonography, ultrasound instruments are used in medicine to view subcutaneous body structures such as joints, muscles, and other soft tissues. From June 2019 to May 2020, 40.4 million imaging tests were recorded in England. Diagnostic ultrasonography accounted for 0.42 million of these procedures. Ultrasounds can identify problems in the heart, blood arteries, liver, gallbladder, spleen, pancreas, kidneys, bladder, uterus, ovaries, eyes, thyroid, and testicles, among other things. Ultrasonic technology is also being utilized more often in surgery to perform USIs (ultrasonic surgical instruments). USI may be used to cut the bone and other tissue for various reasons while also preventing bleeding by coagulating the tissue, resulting in a dual optimum situation. Therefore, the need for semiconductors in healthcare is rising as ultrasonic technology develops.

MARKET RESTRAINTS

However, the expensive cost of technologies may limit semiconductors' expansion in the healthcare sector. Semiconductor has shown their value in every sector of the healthcare industry. However, the cost of these devices is more than that of other techniques, which may limit semiconductors used in the healthcare sector.

REPORT COVERAGE

SEGMENTAL ANALSIS

Semiconductor in Healthcare Market Analysis By Component

Based on the component, the sensors segment is expected to hold the largest share of the global semiconductor in healthcare market during the forecast period. Remote patient monitoring, analysis, and virtual service delivery, among others, employ sensor-based technology. In addition, the growing use of wireless connectivity and cloud-based storage in the healthcare sector is also driving the market for the sensor segment. On the other hand, the integrated circuits segment is projected to show the highest CAGR during the analysis period. Increased use of integrated circuit devices such as hemodynamic monitors, oximeters, and implantable devices is expected to drive the growth of this segment.

Semiconductor in Healthcare Market Analysis By Application

Based on application, the consumer medical electronics segment is expected to hold a significant share in the global semiconductor in health market during the forecast period. This growth can be attributed to the growing adoption of IoT-based smart medical devices and the increasing use of wearable devices.

REGIONAL ANALYSIS

Based on region, North America is expected to have a dominant share in revenue contribution in the global semiconductor in healthcare market during the forecast period. The North American market is anticipated to register a CAGR of 10.79% from 2023 to 2032. This regional market growth can be attributed to the availability of high-tech healthcare devices, a large patient population, and favorable reimbursement policies.

The Asia-Pacific market is expected to be the most promising regional market due to the growing number of patients with chronic diseases and increasing healthcare expenses. For example, according to Diabetes UK, the number of people with diabetes in China is estimated at 1 in 10 Chinese adults. The Chinese region also holds a market for low-priced raw materials and skilled labor for product development. According to government data, Korea's AI-drug development market is expected to grow 41% annually to reach USD 4 billion in 2025.

KEY PLAYERS IN THE SEMICONDUCTOR IN HEALTHCARE MARKET

Some of the notable companies operating in the global semiconductor healthcare market are Texas Instruments, Analog Device Inc., ON Semiconductor, AMS AG, Broadcom, Vishay, Maxim, NXP Semiconductors, Medtronic Inc., STMicroelectronics, Abbott Laboratories, Omron Healthcare Inc., Electronics Corporation, Intel Corporation, Spacelabs Healthcare, Roche Diagnostic Limited, GE Healthcare, Phillips Healthcare, and others.

These players focus on strategies such as product launches, mergers, acquisitions, and partnerships.

RECENT MARKET DEVELOPMENTS

• In July 2020, Analog Devices, Inc. and Maxim Integrated Products, Inc. announced a formal agreement for ADI to acquire Maxim. The acquisition, unanimously authorized by both companies' Boards of Directors, would improve ADI's position as an analog semiconductor leader by expanding its breadth and scale across various appealing end markets.

• In 2020, the NXP Semiconductors released Wireless Microcontrollers (MCUs), which provide ultra-low power for thread Zigbee 3.0. with built-in NFC.

• In 2018, the S3 Semiconductor group began customizing its products to create a better product portfolio.
• In 2019, Analog Devices Inc. announced a new interface for impedance and electrochemical measurement. This latest device used the next generation of smart electrochemical sensors and vital signs (biological and chemical sensing). The company’s latest innovation has potentiostat and electrochemical impedance spectroscopy on a chip.

DETAILED SEGMENTATION OF THE GLOBAL SEMICONDUCTOR IN HEALTHCARE MARKET INCLUDED IN THIS REPORT

This research report on the global semiconductor in healthcare market has been segmented and sub-segmented based on the component, application, and region.

By Component

• Integrated Circuits
• Optoelectronics
• Sensors
• Discrete Components

By Application

• Portable and Telehealth Monitoring
• Consumer Medical Electronics
• Medical Imaging
• Clinical, Diagnostics, and Therapy

By Region

• North America
  • The U.S.
  • Canada
  • Rest of North America
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific
  • India
  • China
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America
• The Middle East and Africa