Global Bio-MEMS Market size is projected to be valued $3.7 Billion by 2024; with a CAGR of 20.8% from 2017 to 2025. Bio-MEMS or bio-medical micro electro mechanical systems improve the performance of medical devices, used for patient monitoring. It improves the drug delivery system and advances the treatment for cardiac diseases. Surge in demand from various application has increased the popularity of Bio-MEMS through various applications. A range of healthcare sectors such as medical home care, pharmaceutical, and medical devices pose a huge demand for Bio-MEMS.
Rise in demand for artificial limbs, and development of patient monitoring equipment system are the major factors driving the global Bio-MEMS market. Moreover, high efficacy, low cost, and rising ageing population has also fuelled the market growth. However, stringent regulatory guidelines are expected to restrain the market growth. Emergence of personalized medicines would provide several growth opportunities for the market in near future.
The global Bio-MEMS market is bifurcated by components, and application. By components, the global Bio-MEMS market is further segmented into gyroscopes, accelerometers, and others. By application, the market is segmented as neural implants, bionics, ENT implants, cardiological implants, and others. By components, the others segment accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016-2024. Accelerometers are anticipated to grow at the fastest CAGR during the forecast period. Neural implants are to attain the fastest CAGR in the overall application segment. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the world (RoW).
Based on geography, the global Bio-MEMS market has been segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers Germany, UK, Russia, and others. Asia-Pacific covers China, Japan, South Korea, and others. RoW covers South America, Middle East and Africa.
Major companies operating in this market are Perkin Elmer, Medtronic, Baxter International Inc., Teledyne Dalsa Inc., Lepu Medical Technology Becton Dickinson, Abbott Laboratories, Boston Scientific,Cepheid, and Bluechiip, among others.
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Scope of the Global Bio-MEMS Market