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Digital transformation is mandated and not an option anymore for the industry of any type, and the health care industry has been undergoing digital transformation at a higher pace. In this process, the information technology significance has risen beyond leaps and bounds, and there is an impulse raise in investments in health care technology. As a part of this, to improve health care services health care industry is investing heavily in devices and equipment. The semiconductors are the core entities of various electronic components like ICs, Optoelectronics, Sensors, and Discrete Components and devices like Portable Monitoring, Consumer Medical Electronics, connectivity, data processing, Medical Imaging, Clinical, Diagnostics, Therapy, and other lifesaving health care devices and equipment.
Role of the Healthcare Industry in Upscaling the Semiconductor Industry Market
Even though the global supply chain challenges continue to haunt the health care industry due to varying operational and regulatory procedures, there is a significant rise in semiconductor adoption. KPMG report medical devices reveal that the medical device industry is expected to reach US$800 billion by 2030, and the OMDIA report indicates that in 2019, total semiconductor sales in the medical market accounts for $5.6 billion, which is 11 percent of the overall global semiconductor market. A report from Mordor Intelligence reveals that the semiconductor in the healthcare market is expected to grow at a CAGR of over 10.2% during the forecast period (2020 – 2025).
Especially as a part of the digital transformation of the health care sector, in an urge to provide personalized digital health care services. Research reveals that Merck GHI has been largely investing US$500 million in 40 digital health care tech companies and startups to improve health care. More specifically, the biggest trend in the digitalization of the health care sector is driven by IoT. The health care industry is investing massively in IoT devices, and its market is expected to be $1 trillion by 2025. These IoT devices stream data to software systems that analyze the patient data and help doctors provide personalized health care services. These all aspects act as the catalyst to the semiconductor industry.
The notable dramatic upsurge for the semiconductor market is with the happening of COVID-19. The COVID-19 global pandemic has literally thrown the biggest challenge for the entire global health care industry and pharma industry to react swiftly in saving people. It gave no room for thought on whether to invest in healthcare equipment and instead mandated the investment. The COVID-19 crisis emphasized and elevated the significance of information and communication technology in carrying out various critical activities during this pandemic. Understanding this, governments gave heavy subsidies to encourage local production of health care devices, equipment, and to develop lifesaving solutions.
The semiconductor-based health care devices have turned out to be more and more ubiquitous in developing solutions for numerous health problems occurring during the pandemic: Detect affected individuals using touchless thermometers or temperature scanning thermal cameras, timely testing, provide remote Healthcare, provide remote Healthcare, fast-tracking vaccine development and so on. For example, many doctors have used a portable ultrasound to monitor and diagnose patients with acute pneumonia, which is one of the aspects of the COVID-19 effect. As most patients were having breathing issues during this period, we can see a massive rise in demand for ICU ventilators; markets and Markets reports state that the intensive care ventilators segment is estimated to be USD 5.5 Billion in 2020 and is expected to grow at an AGR of 535.4% from 2019 to 2020.
In all the above activities, semiconductor-enabled medical instruments have displayed great potential capabilities in enabling governments and the health care industry to progress towards improved health care. Even though there is a slight decline in the market of semiconductors, the healthcare industry will be one of the prime forces in improving the semiconductor market, as it offers lifesaving devices and equipment to improve health care and provide better health.
