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Bio-MEMS Market: Technological Growth Map Over Time To Understand The Industry Growth Rate
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.
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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.
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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.
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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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