According to a recently published report by Transparency Market Research, the global market for micro electro mechanical systems, or MEMS, in medical applications is set to register growth at a whopping 20.2% CAGR during the forecast period from 2013 to 2019. The report is titled “MEMS in Medical Applications Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”. As per the findings of the report, the global MEMS medical application market, which stood at US$1.8 billion in 2012, is expected to reach US$6.5 billion by the end of 2019.
The publication states that increasing healthcare expenditure, compounded by a rise in the global geriatric population, is driving the demand for MEMS in medical applications. Additionally, consumers around the world are increasingly demanding rapid means of diagnosis with minimum turnaround time. This has compelled leading vendors of medical devices to focus on the production of a single platform that can perform multiple diagnostic examinations efficiently.
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The report provides a comprehensive overview of the market and focuses on factors that producers should capitalize on in order to enjoy manufacturing advantages. It suggests that by leveraging the benefits inherent to MEMS, vendors will be able to produce more compact consumption connectors that can deliver high performance even on low power. Governments of various economies have realized the potential of introducing nanotechnology in the production process and MEMS in the healthcare industry. These factors have encouraged the global MEMS industry to provide the best market solutions.
The report has segmented the MEMS in medical applications market into diagnostic devices, medical devices, surgical devices, and therapeutic devices on the basis of their use. The therapeutic devices market is expected to register the highest growth owing to the increased use of intrathecal pumps and other methods of drug delivery such as insulin delivery pumps. The market is also divided in terms of MEMS sensors, which includes sensors meant to monitor temperature, flow, pressure; accelerometers and gyroscopes; and optical sensors. According to the report, pressure sensors accounted for the largest share in the market with US$486.0 million in 2012 and are also expected to register robust growth at a 18.7% CAGR over the forecast period.
Geographically, North America registered maximum demand for MEMS in medical application. The market for MEMS in North America was valued at US$800 million in 2012. However, the studies cited in the report indicate impressive growth prospects for emerging Asia Pacific economies such as India and China. Fuelled by growing awareness and rise in disposable incomes, India and China will emerge as the dominant markets for MEMS in medical applications.
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The report profiles leading companies such as Honeywell, E Sensing and Control, Texas Instruments, Measurement Specialties Inc, Freescale, STMicroelectronics, and other national and regional players, in order to study the competitive landscape of the market.