Medical chip market on 12% CAGR
Moves to smaller and portable medical equipment for use away from hospitals is driving up sales of ICs and sensors in the medical semiconductor market, according to market research firm IC Insights.
The annual market for medical chips was worth $5.3 billion in 2014 and is set to rise to $8.2 billion in 2018, representing a compound annual growth rate over the period of nearly 12 percent.
IC Insights is predicting strong annual sales growth in 2015 (17 percent) that will fall back in 2017 coinciding with the next global economic slowdown in 2017.
The IC portion of the medical semiconductor business to $6.6 billion in 2018 while the marketshare for optoelectronics, sensors, actuators, and discretes is growing at a faster rate from a smaller base to reach $1.6 billion that year.
Medical semiconductor market forecast to 2018 ($ billions). Source: IC Insights.
The scaling of IC feature sizes, system-on-chip designs, improvements in sensors, and powerful analog frontend data converters are reducing the size of medical diagnostic equipment and the cost of using them.