Factors Driving Medical Semiconductor Market Growth

 

Databeans was recently sited in Medical Electronic Advice Solutions (MEDS) for our recently released semiconductors for medical electronics report. Read the article below to find out more.

Factors Driving the Medical Semiconductor Market Growth

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The driving force for the growth comes from the need to reduce healthcare costs, provide greater accessibility to healthcare services, and a desire for greater convenience.

  • The healthcare industry is trying to keep healthcare costs from getting totally out of control. Healthcare costs are predicted to double the current $2.5 trillion in the next few years. This is not a sustainable model.
  • Better accessibility to services is much needed by people in both industrial and developing countries. Technology can help solve “the distance problem” and make healthcare services available to more people, as well as assist with overall disease management to achieve better health for underserved populations. The idea is simple—fewer doctors can serve more people with higher efficiency using medical devices that connect patients remotely to the caretakers.
  • The idea of living better and more independently while staying in one’s own home (including homecare) is being promoted by many organizations including the Continua Alliance, a leading organization that released a specification on end-to-end connectivity and interoperability (Figure 3) in health delivery systems. Additionally, the Alliance has developed a certification program to help medical devices comply with the specification. While treating patients using various medical devices is a big market, another growing area of opportunity is fitness and preventative health. This includes exercise gear and personal health monitoring gadgets. This market is aimed at consumers who want to stay fit, and the expected volume for devices is large.

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