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%.
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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.
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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.
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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
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