Global Bio-MEMS Market Report, published by Variant Market Research, forecast that the global market is expected to reach $3,702 million by 2024 from $813 million in 2016, growing at a CAGR of 20.9% from 2016 to 2024. By geography, North America and Asia Pacific are expected to grow at a CAGR of 21.7% and 21.2%, respectively, during the forecast period.
Rise in demand for artificial limbs, and development of patient monitoring equipment system are the major factors driving the global Bio-MEMS market. Moreover, high efficacy, low cost, and rising ageing population has also fuelled the market growth. However, stringent regulatory guidelines are expected to restrain the market growth. However, Emergence of personalized medicines would provide several growth opportunities for the market in coming years.
The global Bio-MEMS market is bifurcated by components, and application. By components, the global Bio-MEMS market is further segmented into gyroscopes, accelerometers, and others. By application, the market is segmented as neural implants, bionics, ENT implants, cardiological implants, and others. By components, the others segment accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016-2024. Accelerometers are anticipated to grow at the fastest CAGR during the forecast period. Neural implants are to attain the fastest CAGR in the overall application segment. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW).
North America accounted for the largest market share of 34.4% in 2016, owing to soaring healthcare sector. The high adoption of advanced treatment techniques has also propelled the growth of Bio-MEMS market in the region. Europe accounted for the second largest market share of 29%. In terms of growth, North America is to attain the fastest CAGR of 21.7% during the forecast period 2016-2024, owing to increased government’s awareness regarding improvement of healthcare facilities in the region.
The major players in the market include Becton Dickinson, Abbott Laboratories, Boston Scientific, Perkin Elmer, Medtronic, Baxter International Inc., Teledyne Dalsa Inc., Cepheid, Bluechiip, Lepu Medical Technology among others.