The global bio-microelectromechanical systems (MEMS) market has been projected in a report by Research Report Insights (RRI) to bear a fairly consolidated vendor landscape. Boston Scientific, Medtronic, Baxter International Inc., Becton Dickinson, and Abbott Laboratories have been among the leading companies dominating the vendor landscape of the market. An aggregate share of close to a 45.0% had been secured by the top five players operating in the market. With a view to improve their product portfolio, these players have been taking to continuous research and development and the development of novel products with consistent efforts. In order to stay dominant in the market and gain a larger share, companies could consider strategizing key mergers and acquisitions.
The global bio-MEMS market has been foreseen in the RRI report to grow at a CAGR of 20.9% during the forecast 2024. By 2024, the market could bag a US$3.8 bn, after progressing from a valuation of US$0.6 bn in 2015. In terms of application, cardio-MEMS has been anticipated to collect a lion’s share of 25.8% by the completion of the forecast timeframe. By region, North America could take a leading position in the market while garnering a dominant share of 37.4% by the closure of 2024.
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Increasing Applications of Tissue Engineering Create Ground for More Demand
Tissue engineering widening its applications in unconventional surgical procedures has been envisaged to create a phenomenal backdrop for the world bio-MEMS market to ride its progress on. Terminally ill patients could be treated with the use of bio-MEMS sensors including topical sensors. These have been predicted to be counted among the two most crucial factors driving growth in the market.
Developed regions such as North America have been forecast to offer scores of positive business prospects in the coming years due to a strong provision of government grants reserved for the development of healthcare infrastructure. While this could be a key element of the market’s success, applications such as cardio-MEMS have been prognosticated to set the tone for a valuable growth in the near future because of their increasing demand. It has been projected that the demand for cardio-MEMS could increase as the prevalence of heart diseases and related health problems continue to see a rise.
Dependence on Technologically Advanced Medical Infrastructure Deters Growth
The international bio-MEMS market has been envisioned to witness a slack in growth owing to the requirement of highly sophisticated techniques for fabrication and the complex manufacturing process. The adoption of bio-MEMS has been quite difficult due to unrestrained reliance on technologically sophisticated medical infrastructure. Moreover, MEMS could be unaffordable and expensive to implement for some organizations.
However, the growth trajectory of the international bio-MEMS market has been prophesied to move into a positive direction because of the uptake of microfluidics. Currently, bio-MEMS are widely engaged for diagnostic purposes using microfluidics. Quick detection of bacteria and pathogens and other advantages of bio-MEMS could prove to be extremely vital for market growth. A lead author of the report has noted that the market could find the swelling engagement of bio-MEMS in the biomedical industry quite significant for its growth.
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The global bio-MEMS market has been segmented as presented below:
Global Bio-MEMS Market: Type
Global Bio-MEMS Market: Application
- Neural Implants
- ENT Implants