The global chip shortage is hampering the medical device industry and threatens to put the lives of patients at risk, the CEO of one of the largest health tech companies wrote May 24 for the World Economic Forum.
The demand for semiconductors chips is expected to double between 2021 and 2028, though medical technology makes up only 1 percent of the global supply, according to Royal Philips CEO Frans van Houten.
"Given the severe chip shortage, I urge semiconductor manufacturers and suppliers to prioritize the allocation of chips for vital medical devices," he wrote. "The aim must be to ensure better availability of chips for an industry that is critical to maintaining the health and well-being of populations worldwide — both now and in the years ahead."