Consumers worldwide are demanding more efficient means of disease diagnosis that would ensure accuracy in a low turnaround time. Compelled by the elevated demand for technological advances, leading vendors in the global MEMS in medical application market are focusing on manufacturing a single efficient platform with the ability to perform multiple diagnostic examinations efficiently. Such factors have greatly contributed to the growth of the MEMS in medical applications market in the recent years.
According to a leading U.S.-based research intelligence firm Transparency Market Research, the global market for MEMS in medical applications is likely to register a whopping 20.2% compound annual growth rate between 2013 and 2019. In 2012, the global MEMS in medical applications market stood at US$1.8 billion. However, by the end of 2019, the market is expected to reach a value of US$6.5 billion.
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High Efficiency and Accuracy offered by MEMS-embedded Medical Devices to Boost the Market
In the past couple of years, the healthcare industry has undergone multiple technological changes and advances. According to industry experts, a paradigm shift in the diagnosis and treatment of chronic ailments has revolutionized the medical and healthcare industry. To determine accurate cure for disease, prompt diagnosis is indispensable. MEMS-integrated medical equipment ensures efficiency in disease identification and diagnosis, and has proven to be very helpful in treating medical conditions such as blood pressure, body temperature disorders, respiratory ailments, and others.
These miniature devices are embedded in medical devices in order to induce better efficiency. The inherent advantages of MEMS have stirred the demand for lab automation, which in turn has propelled the market. In addition, high propensity among vendors to invest in research and development is expected to boost the MEMS in medical devices market further.
Despite having such benefits in its arsenal, inadequate testing standardization and delays in approval from the FDA have emerged as major concern, waiting for the market to address.
Hospitals to Account for Largest Share of MEMS in Medical Applications Market
In terms of application, the MEMS in medical devices market can be segmented into therapeutic, diagnostics, surgical, and monitoring devices. Of these, MEMS-embedded diagnostic devices account for the lion’s share of the market and valued more than US$600 million back in 2012. As per reports, the market is poised for exponential growth at a CAGR of more than 15% in the next couple of years.
The market for MEMS-based medical devices is also classified with respect to the various types of sensors. These include accelerometer, pressure, microdispensers, temperature, optical image, flow, for drug delivery, silicon microphones, and microfluidic chips. Pressure sensors accounted for the largest share of market, however, micro dispensers for drug delivery are projected to register the highest growth in the foreseeable future. Meanwhile, on the basis of end users the market for MEMS based medical devices can be segmented into healthcare research, hospitals, and home healthcare. Among these, hospitals registered the most demand for MEMS-embedded medical equipments.
Asia Pacific MEMS in Medical Applications Market to Grow at an Exponential CAGR
Geography-wise, the global market for MEMS in medical applications can be segmented into the broad regional categories of North America, Asia Pacific, Europe, and Rest of the World. In 2012, North America constituted the largest market for MEMS-integrated medical devices. However, Asia Pacific is expected to foresee the highest compound annual growth rate, at 20% from 2013 to 2019. Escalating population of diabetic patients and increasing disposable incomes is expected to boost the market for MEMS in medical applications in the region. In addition, rise in government funding to encourage research and development in healthcare together with the advent of multiple healthcare reforms will propel the MEMS in medical applications market in Asia Pacific.
Some of the leading vendors in the MEMS in medical applications market are FreeScale, GE Measurement and Control, Honeywell Sensing, Philips Healthcare, Control, and Analog Devices Inc.
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