Bio-MEMS Market (Type - Gyroscopes and Accelerometers; Application - Neural Implants, Bionics, ENT Implants, and Cardio-MEMS) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
- Electronics & Semiconductors
- 102 Pages
Global Bio-MEMs Market: Snapshot
Micro-electro mechanical systems (MEMS) technology uses microstructures and miniaturized devices as components for performing microfabrication techniques. These systems are extensively being used for biomedical or biological purposes is known as bio-MEMS. Today, bio-MEMS are widely used for clinical diagnostics and for research and development in the healthcare sector. The sophisticated microfabrication techniques used in bio-MEMS have enabled treatment of critical diseases. This has opened up several lucrative opportunities for the global market in recent years. Owing to these reasons, the global bio-MEMS market is expected to be worth US$3.8 bn by the end of 2024 as compared to US$695.0 mn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to surge at a CAGR of 20.9%.
The rising demand for artificial limbs or substitutes for a specific nerve problem has improved the uptake of bio-MEMS in recent years. The market is also being driven by the soaring usage of microfluidics such as microfluidic chips in a wide range of biomedical applications for analytical and diagnostic purposes. Furthermore, the use of bio-MEMS has also enhanced the detection of viruses and pathogens with adequate accuracy, which has played a key role in setting the global market on a positive path of growth.
On the basis of type, the global bio-MEMS market is divided into gyroscopes, accelerometers, and others. As of 2015, the accelerometers segment held the dominant share in the global market due to its widening application in the medical sector. The others, which includes flow sensors is also expected to show steady growth during the forecast period.
Cardio-MEMS to Lead Global Market throughout Forecast Period
In terms of application, the global bio-MEMS market is segmented into neural implants, bionics, ENT implants, cardio-MEMS, and others. Presently, the cardio-MEMS hold a dominant share in the global market due to the rising cases of cardiovascular disorders and diseases across the globe. The growing usage of cardio-MEMS has helped in saving several lives and allowed doctors to understand crucial data such as pressure changes of patients with more clarity. The report suggests that others segment, which includes pressure sensors, retinal implants, and exoskeletons will also show steady progress in the coming years due to increasing applications.
North America to Remain Frontrunner in Global Market
On the basis geography, the global bio-MEMS market is segmented into North America, Europe, Asia Pacific, and Rest of the World, which is further categorized into Africa, Middle East, and South America. As of 2015, North America held a major chunk in the global market, which was closely followed by Europe. The North America bio-MEMS market is being led by the soaring healthcare sector. The high adoption of advanced treatment techniques in North America is also estimated to boost the revenue of the regional market. The report states that Asia Pacific is also estimated to offer profitable opportunities to the global market as governments are focusing on improving healthcare facilities in the region. The Asia Pacific bio-MEMS market is also likely to swell due to the huge pool of unmet medical needs and rise of the medical tourism industry.
The key players operating in the global bio-MEMS market are Becton Dickinson, Abbott Laboratories, Boston Scientific, Perkin Elmer, Medtronic, Baxter International Inc., and Teledyne Dalsa Inc. among others.
Integration of Emerging Technology and Rise in Chronic Illnesses to Support Growth of the Global Bio-MEMS Market
Bio-MEMS is a branch of microtechnology and MEMS that focuses on the application of MEMS sensors to human health and biological systems in general. Since the last three years, technology companies such as Google, Amazon Web Services (AWS), and Apple, amongst others, have been spending in healthcare research and development activities in order to improve painless healthcare diagnostic systems, and as a result, bio-MEMS applications are predicted to expand in the coming years. Growing prominence of the product is anticipated to foster expansion of the global bio-MEMS market in the years to come.
Because of the growth and integration of emerging technology in the healthcare sector around the world, mobile care apps have been on the rise in the last few years. Mobile health monitoring products are increasingly being introduced by businesses. Biolinq, for example, came up with a painless handheld blood pressure monitoring system for people with chronic illnesses.
Rapidly Ageing Population and Emergence of Mobile Healthcare Application to Drive Demand
Furthermore, the ageing global population is a contributing factor for the augmented use of mobile healthcare applications. Together with the ageing population, the number of people struggling from chronic illnesses is likely to result in higher cost of healthcare. Wearable biochemical sensors have also gained popularity owing to their potential applications in personalized medicine and constant health monitoring. As a result, companies in the global bio-MEMS market have been investing in the creation of MEMS sensors to allow non-invasive and real-time measurement of chemical constituents in the human body including tears, saliva, and sweat.
Furthermore, increasing mobile care applications are projected to have a substantial beneficial effect on the demand for Bio-MEMS over the analysis timeframe. The main trend in this industry is its growing usage in various mobile healthcare tools. The ongoing outbreak of COVID 19 has resulted in a considerable growth of the global bio-MEMS market in the short term, due to the high demand for tracking and testing of the virus. In addition, bio-MEMS sensor technology is assisting in the detection of disease hotspots, the prevention of diseases, the reduction of the need for human contact in diagnostics, and even the development of a COVID-19 vaccine
Global Bio MEMS Market: Overview
This report provides both strategic as well as in-depth analysis of the global bio-MEMS market, during the forecast period from 2016 to 2024. The scope of this report comprises analysis of different segments within this market being differentiated on the basis of type, application and geography. Growing applications of life saving utilities associated with the implementation of bio-MEMS is expected to fuel the growth of this market in both developed as well as developing economies from 2016-2024.
Global Bio MEMS Market: Drivers and Restraints
Application as well as demand for bio-MEMS is increasing because of its high utility that allows patients to survive in critically ill conditions acting as the most important driver for the growth of global bio-MEMS market. With advancement in research facilities being made to improve micro total analysis systems as well as lab-on-chip systems, the demand for bio-MEMS is expected to increase during the forecast period from 2016-2024. The rise in government grants to grow research and development facilities for biomedical applications has further led to bio-MEMS being used as life saving devices. Moreover, application of microfluidic chips in bio-MEMS applications has been another crucial driver to positively impact the demand for bio-MEMS in clinical diagnostics.
Furthermore, bio-MEMS also assists in the rapid detection of viruses that has been another important reason for the rise in demand of bio-MEMS devices. There are certain restraints such as complexity associated with fabrication process as well as the high costs associated with the implementation of this technology that restricts the demand for bio-MEMS devices. Growing application of bio-MEMS for monitoring of life threatening diseases that is going to provide huge growth opportunities for bio-MEMS market in coming years.
Global Bio MEMS Market: Segmentation Analysis
The global Bio-MEMS market based on different types has been segmented into gyroscopes, accelerometers and others. The bio-MEMS market globally has also been further segmented into includes neural implants, bionics, ENT implants, cardioMEMS and others. Different regions included in this report includes North America, Europe, Asia Pacific and Rest of the World that further has been segmented into Middle East, Africa and South America. The market for bio-MEMS has been provided in (USD million) in terms of revenue as well as the CAGR for the forecast period of 2016 to 2024.
For better decision making, the competitive analysis of top players that are present in this market is included within the scope of our report. Other than this, the respective market share, business segments, recent developments as well as business strategies that are adopted by the competitive players has been included within this report. Analysis of different market trends along with the market opportunity map further provides an analysis of different factors that may have had an impact on the overall global market for bio-MEMS. In addition to this, the scope of this report also focuses on the future growth opportunities of bio-MEMS. In addition to this, the Porter’s five forces analysis also gives an understanding of competition level present in market.
Global Bio MEMS Market: Scope of the Study
The report also provides assessment of different drivers that is impacting the global market, along with the restraints and opportunities that has also been covered under the scope of this report. All these factors helps in determining different trends that has been impacting the overall market growth. Moreover, after taking into consideration all this factors, an extensive analysis of the region wise growth parameters of bio-MEMS market along with the overall assessment for the forecast period of 2016-2024 has been also been provided within this report.
Key Players Mentioned in this Report are:
Some of the leading players in the global Bio-MEMS market are Becton Dickinson (The U.S.), Abbott Laboratories (The U.S.), Boston Scientific (The U.S.), Perkin Elmer (The U.S.), Medtronic (The U.S.), Baxter International Inc. (The U.S.) and Teledyne Dalsa Inc. (The U.S.) among others.
The market has been segmented as follows: