Microprocessor Market Size

Microprocessor Market Size

Microprocessor Market size surpassed USD 70 billion in 2022 and is expected to register 6.5% CAGR during 2023 to 2032, driven by rapidly increasing adoption of portable medical devices globally.

Microprocessors are fueling swift technological advancements in the field of healthcare, leading to the creation of more compact, accurate and portable medical devices, including blood glucose monitors, heart rate monitors, and blood pressure monitors. These devices are relatively user-friendly and offer many features such as high precision, intelligent alarms, multi-input feedback control, and automatic calibration, which fosters their industry demand. With increasing cases of chronic ailments and medical conditions worldwide, healthcare facilities are adopting these devices on large scale to more effectively monitor and manage patient health.

Surging production and raw material prices may hamper industry growth

Growing shortage of semiconductor chips across the globe has led to a sharp rise in microprocessor prices over the past couple of years, which might severely obstruct the microprocessor market outlook. The supply chain issues created by the COVID-19 pandemic are responsible for this as they have caused production and raw material prices to skyrocket. In July 2022, American chipmaker, Intel, stated that it plans on raising the prices of many of its peripheral chip products and CPUs by 10%-20%.