Transparency Market
Research has observed the competitive landscape in the global
bio-MEMS market to be quite consolidated. The top five players held a
whopping share of about 45% in the global market in 2015. Abbott
Laboratories, Becton Dickinson, Baxter International Inc., Medtronic,
and Boston Scientific have been dominating the global market with
their persistent efforts to develop innovative products and
continuous research and development to enhance their existing product
portfolio. These companies are also expected to strategize important
mergers and acquisitions to win larger shares in the global market to
remain dominant.
Browse The Report:
http://www.transparencymarketresearch.com/pressrelease/bio-mems-market.htm
According to the
research report, the global bio-MEMS market was valued at US$695.0 mn
in 2015. However, between the forecast years of 2016 and 2024, the
global market is estimated to surge at a CAGR of 20.9% to reach a
valuation of US$3.8 bn by the end of 2024.
North America to
Lead; Slated to Acquire 37.4% of Global Market by 2024
On the basis of
application, the global bio-MEMS market is segmented into neural
implants, ENT implants, bionics, cardio-MEMS, and others. The
cardio-MEMS segment is segment is estimated to show significant
growth in the coming years as it is slated to acquire a share of
25.8% by the end of 2024. The high prevalence of heart-related issues
is expected to keep the demand for cardio-MEMS to be high in the
coming years.
In terms of
geography, the global bio-MEMS market is fragmented into North
America, Europe, Asia Pacific, and Rest of the World. In terms of
revenue, North America is anticipated to lead the global market. This
regional market is expected to garner a share of 37.4% by the end of
2024. The growing government grants to improve the healthcare
infrastructure are considered to the key element to this growth.
Uptake of
Microfluidics for Diagnostics Improves Adoption of Bio-MEMS
The global bio-MEMS
market has been progressing against the backdrop of widening
applications of tissue engineering in advanced surgical procedures.
Bio-MEMS sensors, which include topical sensors are used to treat
terminally ill patients. Collectively, these two factors are the key
driving forces of the global bio-MEMS market. The uptake of
microfluidics has also played a significant role directing the
trajectory of the global market in a positive direction. Today,
bio-MEMS are extensively being used for diagnostic purposes with the
help of microfluidics. Furthermore, the market is also being driven
by the advantage of bio-MEM such as quick detection of pathogens and
bacteria. The high utility of bio-MEMS in the biomedical sector has
proven to be essential and crucial to the growth of the global
market, notes the lead author of this research report.
Complex
Manufacturing Processes Threaten Progress
The complex process
of manufacturing MEMS and their sophisticated fabrication techniques
have been the precise restraints for the global bio-MEMS market.
Excessive dependency on technologically-advanced medical
infrastructure has made adoption of bio-MEMS relatively difficulty.
Analysts predict that these factors could hamper the growth of the
overall market in the near future. In addition, the market will also
be restrained from attaining its utmost potential due to the
expensive nature of the technology. Implementation of MEMS is
exceptionally expensive and unaffordable to many. This is a key
restraint in the global bio-MEMS market.
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