Micro-electromechanical systems (MEMS) is a cutting-edge manufacturing method for the miniaturized mechanical and electro-mechanical components used in medical equipment. Miniature electromechanical systems (MEMS) are made up of components like miniature structures, actuators, sensors, and microelectronics. MEMS is a technology that merges biological and electronic principles to enhance monitoring of patients. The use of microchips in MEMS technology allows for rapid and precise disease diagnosis. In addition, medical technology firms competing on the global market have developed cutting-edge new products thanks to increased investment in MEMS research and development. As an example, in December of this year, Omron Corporation released an absolute pressure sensor called the 2SMPB that makes use of the company’s MEMS technology. Wearable electronics, industrial and marine instruments, mobile phones, and cameras all make use of this tiny sensor to measure things like altitude, atmospheric pressure, and water depth.
By the end of the forecast period, the worldwide market for medical MEMS is anticipated to have reached a value of $4,710.4 Mn, up 18.5% from its 2022 estimate (2021-2030).
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The market is expected to benefit from the widespread use of MEMS in the healthcare industry
The primary areas of application for medical MEMS systems are in diagnostic and therapeutic devices, which will drive market growth in the predicted period. Key players in the global market are also concentrating on expanding their product lines and raising capital for research and development of new products. Bigfoot Biomedical, Inc., for instance, reported in January 2020 that the company had risen about US$ 45 Mn from Abbott and other investors to finish product development and obtain FDA consent for the Bigfoot Unity diabetes management device. It’s an injectable digital insulin dosing platform that incorporates the FreeStyle Libre glucose sensing technology from Abbott into a proprietary, attached insulin pen-based system.
Also, Abbott Laboratories and Bigfoot Biomedical collaborated in July 2017 to bring their glucose sensing technology to market in the United States.
The worldwide micro-electro mechanical systems (MEMS) market is anticipated to grow due to rising demand for wearable technologies such as smart watches. For example, in September of 2018, Apple released the “Apple Series 4 iWatch,” which includes an electric heart sensor that aids in recording an ECG by measuring atrial fibrillation (Afib), a type of irregular heart rhythm.
However, the global medical MEMS market is expected to be restrained by a number of factors over the forecast period, including advancement costs of MEMS devices, strict regulations for product consent, and reliability problems of MEMS devices. For instance, the Fitbit force, which was found to cause skin irritation in some users, was subject to regulations by the United States Consumer Product Safety Commission.
The expansion of the Internet of Things (IoT) and the increasing popularity of wearable technologies like smart watches are expected to be the primary growth drivers of the market during the forecast period
Growth in the market across the globe for micro-electromechanical systems (MEMS) is anticipated to be driven by factors such as the rising sales of smartphones, rising demand for wearable technologies, widespread internet connectivity, and the expanding market for IoT devices. The United States National Library of Medicine found that only 1.7% of wearable devices in 2016 had more than five sensors, but that number increased to 11% in 2017. The miniaturization of sensors is largely responsible for this explosive expansion.
Growth in this market is also anticipated to be fueled by the increasing adoption of new devices by players in the market in the coming years. For instance, L’Oreal and La Roche-Posay released the wearable skin and sun safety sensor My Skin Track UV in November 2018 as a joint effort. This sensor is based on a Microfluidic sensor and can be used by both men and women to monitor their individual exposure to UV light, air pollution, pollen, and humidity.
Honeywell Sensing and Control, Abbott Laboratories, Flexpoint Sensor Systems, Analog Device Inc., GE Measurement and Control Solutions, Omron Corporation, Integrated Sensing Systems, MemsTech Bhd., and Agilent Technologies are all major players in the global medical micro-electromechanical systems (MEMS) market.
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|The market size value in 2023|
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Medical Micro-electro Mechanical Systems (MEMS) Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Medical Micro-electro Mechanical Systems (MEMS) Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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