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Healthcare Semiconductor Market Size

Report ID: GMI7856
Published Date: Jan 2024
Report Format: PDF

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Healthcare Semiconductor Market Size

Healthcare Semiconductor Market was valued at over USD 51.2 billion in 2023 and is anticipated to grow at a CAGR of over 9.5% between 2024 & 2032. The increasing popularity of wearable devices, such as fitness trackers, smartwatches, and health monitoring wearables, has driven the demand for semiconductor components. These devices often incorporate sensors, processors, and other semiconductor technologies for monitoring various health metrics.

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For instance, in September 2023, Indian startup, Bonatra launched Smart Ring X1, a smart ring that tracks various health parameters including heart rate, blood oxygen (SpO?), and sleep quality. In addition to reporting health metrics via the Bonatra app, the gadget synchronizes with Continuous Glucose Monitors (CGMs) to produce a metabolic score. Semiconductor components allow for the miniaturization of devices, making it possible to incorporate health monitoring capabilities into small and lightweight wearables. This factor is also crucial for user comfort and convenience.

Healthcare Semiconductor Market Report Attributes
Report Attribute	Details
Base Year:	2023
Healthcare Semiconductor Market Size in 2023:	USD 51.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9.5%
2032 Value Projection:	USD 45 Billion
Historical Data for:	2018 - 2023
No. of Pages:	220
Tables, Charts & Figures:	222
Segments covered:	Application, Component & Region
Growth Drivers:	Emergence of Artificial Intelligence (AI) and Machine Learning (ML) in healthcare Rising prevalence of chronic diseases Increased investments in healthcare IT Rising demand for wearable health devices and remote patient monitoring Growing trend toward miniaturization and portability
Pitfalls & Challenges:	Rapid technological obsolescence Privacy and security concerns

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Semiconductors in healthcare are crucial components enabling advanced medical devices. Used in imaging equipment, biosensors, and diagnostic tools, semiconductor technology enhances precision, speed, and efficiency, contributing to breakthroughs in medical diagnostics, monitoring, and treatment, ultimately improving patient care and outcomes.

The semiconductor industry is characterized by rapid technological advancements. This can lead to concerns about the obsolescence of devices and the need for frequent updates & replacements, particularly in healthcare settings with longer product life cycles.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size for healthcare semiconductor was valued at over USD 51.2 billion in 2023 and is anticipated to observe over 9.5% CAGR between 2024 & 2032 owing to the increasing popularity of wearable devices, such as fitness trackers, smartwatches, and health monitoring wearables.

The medical imaging segment share was over 30% in 2023 and will grow through 2032 attributed to the increasing prevalence of chronic diseases and the aging population worldwide.

North America healthcare semiconductor industry share was over 35% in 2023 and will grow significantly through 2032 as the region boasts an advanced and well-established healthcare infrastructure with a high level of investment in medical facilities, research institutions & cutting-edge technologies.

ON Semiconductor, Analog Devices Inc., Texas Instruments Incorporated, NXP Semiconductors NV, STMicroelectronics, Renesas Electronics Corporation, and Vishay Intertechnology Inc.