According to the latest report published by Variant Market Research, the global Bio-MEMS market is estimated to reach $3,702 million by 2024 from $813 million in 2016, growing at a CAGR of 20.9% from 2016 to 2024.
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The global Bio-MEMS market is stimulated by development of patient monitoring equipment system
The major factors to drive the growth of global Bio-MEMS are development of patient monitoring, and increasing demand for artificial limbs. Additionally, low-cost, high efficacy, and rising ageing population have also supported the market growth. Though, strict regulatory protocols may hamper the growth of the market. Moreover, arrival of personalized medicines is expected to open up new growth opportunities for the market in the forecast timeframe.
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Market Segmentations
The global Bio-MEMS market is mainly classified on the basis of components, and application. On the basis of components the segment consists of accelerometers, gyroscopes, and other components. While by application, the segment comprises cardiological implants, ENT implants, bionics, neural implants, and other applications. North America, Europe, Asia-Pacific, and Rest of the World are the major geographical segments considered in the global Bio-MEMS market. The U.S., Canada, and Mexico are covered under North America, whereas Europe covers UK, Russia, Germany, and Rest of Europe. Asia-Pacific covers South Korea, China, Japan, and Rest of Asia-Pacific. Furthermore, Middle East, South America, and Africa are covered under RoW.
Other components dominated the component segment in 2016
In the component segment the other components dominated the highest market share in 2016, and are anticipated to endure this trend throughout the forecast period i.e. 2016 – 2024. In terms of growth, accelerometers sub segment is expected to grow with fastest CAGR in the forecast period.
Neural implants to grow with fastest CAGR in application segment
In terms of growth neural implants is expected to gain the fastest CAGR throughout the forecast period 2016 – 2024 in the overall application segment.
North America accounted for the majority market share in the global Bio-MEMS market
In the year 2016, North America occupied the largest market share with about 34.4%, driven by soaring healthcare sector. Also, high implementation of advanced treatment techniques has fueled the market growth in this region. The second largest market was occupied by Europe with 29%. North America is also expected to grow with fastest CAGR in the given forecast period, due to augmented government’s consciousness concerning improvement of healthcare services in the region.
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Competitive Landscape
The major players in the market include Abbott Laboratories, Cepheid, Boston Scientific, Baxter International Inc., Medtronic, Becton Dickinson, Bluechiip, Teledyne Dalsa Inc., Lepu Medical Technology, and Perkin Elmer, among others.
Scope of Bio-MEMS Market
Component Segments
- Gyroscopes
- Accelerometers
- Others
Application Segments
- Neural Implants
- Bionics
- ENT Implants
- Cardiological implants
- Others
Geographical Segments
- North America
-
- US
- Canada
- Mexico
- Europe
-
- Germany
- France
- United Kingdom
- Spain
- Others
- Asia-Pacific
-
- China
- India
- Japan
- South Korea
- Others
- RoW
-
- South America
- Middle East
- Africa
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