New York, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Semiconductor in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06370505/?utm_source=GNW
Conventional techniques of diagnosis and resultant therapies are becoming less invasive and more effective. Intelligent, connected portable devices keep patients out of hospitals and monitored in the comfort of their own homes (telemonitoring). As semiconductor technology has an essential role in these innovations, their demand has been growing strongly across the healthcare sector.
Key Highlights
Semiconductors nowadays are used in different forms and across various devices/equipment used across the healthcare sector. For instance, the Application-Specific Integrated Circuits (ASICs) are used in implantable medical devices, supplying therapy for several conditions such as pain management, epilepsy, and psychological disorders. A medical IC can be used in machines programmed to deliver drugs in a more productive way to effectively treat and relieve patients’ conditions with few side effects.
The upcoming trend of patient care is moving away from hospitals and clinics and into homes. As home care can help enhance efficiency and lower costs incurred by doctors, healthcare providers and hospitals are using this. This process can be accelerated by portable medical electronics technology. Some of the components used in portable home-based and consumer medical devices are Bio-sensors or bio transducers, Power management: system power control, and power sequencing. Microcontrollers, all of which extensively use semiconductors.
Also, the increasing number of people who have diabetes is significantly supporting the growth of semiconductors in healthcare. According to the International Diabetes Federation (IDF), 537 million adults in 2021 were living with diabetes worldwide — reporting a 16% (or 74 million) growth since the previous IDF estimates in 2019. With the number increasing, the demand for smart devices is expected to grow.
Further, the growing aging population creates a scope for medical device manufacturers due to increased life expectancy rates across regions. Due to advancements in biopharmaceuticals and biology, the advent of novel products, supported by the requirements for better compliance, is expected to drive further the market’s growth.
However, factors such as the ongoing chip shortage and stringent quality requirements of semiconductor devices used in the healthcare sector are expected to challenge the growth of the studied market during the forecast period.
Although the COVID-19 pandemic has led to enormous disruptions in supply chains across industries globally, the condition of the semiconductor industry was no different. However, efforts are being made by the semiconductor manufacturers to ramp up production to reduce the lead times.
The pandemic has left a positive mark on the studied market as well. Owing to increased awareness about digital technologies, people are discovering new ways to monitor their health themselves and only approach doctors in case of emergencies. Thus, the sales of smart devices, especially smartwatches, have witnessed an upward trend recently.
Key Market Trends
Consumer Medical Electronics to Witness Significant Growth
Sensors and other wireless technologies are being used for applications such as remote patient monitoring. Wireless technology and sensors enable connected devices to provide a new world of remote patient monitoring and virtual service delivery based on collected data. 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, which is expected to support the studied market’s growth further.
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. For instance, in August 2021, VUNO, a Medical AI company, received the South Korean Ministry of Food and Drug Safety’s clearance for its personal ECG device. Named "Hativ Pro,"the portable medical device measures a user’s heart rate and sends this data through a connected mobile phone app.
More medical device manufacturers are following a similar trend and launching portable medical devices, which in turn is driving the demand for semiconductors across the healthcare sector. For instance, in January 2022, LG Electronics launched its latest healthcare product, "MediPain,"a pain relief home device.
Furthermore, the demand for wearables (fitness tracks, smartwatches, etc.) that offers health monitoring functionalities such as heart rate is also witnessing an upward trend. Considering the growing demand, the vendors are increasingly launching new wearable products with health tracking features. For instance, in October 2021, Amazon launched its latest fitness tracker, "Halo View."The fitness tracker not only counts steps like other fitness trackers, but it also accounts for key health metrics like blood oxygen levels and heart rate and sends texts and reminder notifications.
Asia Pacific 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 policies favoring the IT healthcare equipment and devices markets. Moreover, the region is the biggest market for semiconductors globally, with countries like China, Japan, India, Taiwan, South Korea, and Singapore contributing to the growth of the healthcare semiconductor segment.
The prevalence of diabetes in China has increased drastically over the past few decades. For instance, according to the International Diabetes Federation, about 1,079.96 million people in 20-79 years will have diabetes in 2021. This is causing an increase in sales of glucometers and other glucose monitoring devices.
Moreover, China’s State Council’ 2014 "National Integrated Circuit Industry Development Guidelines"set the goal of becoming a global lead semiconductor industry segment or industry by 2030. Besides, the Made in China 2025 initiative maintains the knowledge of advanced semiconductor manufacturing as a vital component of China’s future economy and society. Such trends are expected to support the growth of the healthcare semiconductor market in the country.
Increasing investment in the medical device sector is expected to drive the demand for semiconductors further in the Asia Pacific region. For instance, Wipro GE Healthcare, a global medical technology, and digital solutions services provider, launched its new manufacturing facility in Bengaluru, India, under the government’s Production Linked Incentive (PLI) Scheme. The 35,000 sq ft facility is set up for 24/7 operations for manufacturing medical equipment such as cath lab equipment, CT machines, ultrasound scanners, patient monitoring solutions, ventilators, and ECG machines.
Furthermore, South Korea is one of the major investors, consumers, and innovators in the market studied. The country is utilizing AI in its pharmaceutical industry, which is further expected to expand the market growth. According to government data, the Korean market for AI-driven drug development is expected to grow by 40% annually to reach USD 3.9 billion in 2024. Such trends are expected to support the growth of the studied market in the Asia Pacific region during the forecast period.
Competitive Landscape
The Semiconductor in Healthcare Market is competitive, owing to many large players. The market appears to be fragmented, and the competitive dynamics in the market are expected to rise during the upcoming years with more investment in R&D for more innovative healthcare devices. Some major players include Texas Instruments Incorporated, Analog Devices Inc., STMicroelectronics, and Broadcom Inc.
December 2021 - Wondfo Biotech Co., Ltd. announced that it had signed a contract to acquire Shenzhen Tisenc Medical Device Co., Ltd., a Chinese chemiluminescence immunoassay (CLIA) enterprise. Since its inception, Tisenc has been invested in the R&D, manufacture, and global distribution of fully-automatic CLIA analyzers and matching individual reagents.
May 2021 - Eli Lilly and Company, a provider of connected insulin pens, signed a strategic partnership with Glooko Inc., DexCom, Inc., myDiabby Healthcare, and Roche to advance connected solutions in markets outside of the United States. Through these agreements, Eli Lilly’s Tempo Smart Button will pair with software and/or medical devices offered by Glooko, Dexcom, myDiabby Healthcare, and Roche with its mySugr app to facilitate the integration of personalized data and actionable insights.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06370505/?utm_source=GNW
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