MEMS in medical applications to reach US$ 6.5 billion
MEMS in therapeutic devices is foreseen to have the highest growth owing to rise in use of intrathecal pumps and other targeted drug delivery methods including insulin delivery pumps
According to a new market report published by Transparency Market Research, the global MEMS medical applications market was valued at US$ 1.8 billion in 2012 and is expected to grow at a CAGR of 20.2 percent from 2013 to 2019, to reach an estimated value of US $ 6.5 billion in 2019.
The report is entitled, "MEMS in Medical Applications Market (Applications - Diagnostic, Monitoring, Therapeutic & Surgical, Sensor types - Pressure, Temperature, Microfluidics, Accelerometers, Flow and End Users - Home healthcare, Hospitals and Healthcare Research) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019."
Micro-Electro-Mechanical Systems or MEMS are devices made up of miniaturised mechanical and electromechanical elements using micro fabrication techniques. MEMS comprises of tiny structures such as sensors, actuators and microelectronics.
The prime elements using MEMS medical technology are micro sensors and micro actuators. These are also called as transducers which help in conversion of one form of the energy into another. Technological advances have led to development of a synergistic relation between the unrelated fields such as biology and microelectronics.
What's more, increased preferences of patients towards home healthcare monitoring to reduce the hospitals costs have consequently triggered the use of MEMS technology.
Demand for miniaturised and portable devices from physicians has coerced the medical manufacturers to embed MEMS sensors in their devices. MEMS technology also helps in providing rapid and accurate diagnosis of diseases.
In addition, personalised medicine and implantable sensors, though in their nascent stage, have opened new avenues for MEMS manufacturing companies. Manufacturers of MEMS are increasingly collaborating with pharmaceutical, biotech and medical device companies to make highly advanced products, with the capability to provide accurate results and keep costs low.
MEMS devices in medical applications can be segmented on the basis of diagnostic devices, therapeutics devices and surgical devices. The therapeutic devices market is foreseen to have the highest growth owing to rise in use of intrathecal pumps and other targeted drug delivery methods including insulin delivery pumps.
The MEMS sensors market in medical applications includes use of various sensors such as pressure, temperature, flow, accelerometers, optical and gyroscopes. The pressure sensors accounted to have the largest market of US$ 486 million in 2012 and are expected to grow at CAGR of 18.7 percent from 2013 to 2019
The North American region captures the largest market of MEMS in medical applications and was valued to be more than US$ 800 million in 2012. However, India and China are witnessing fast growth and are predicted to emerge as dominating markets in the near future owing to rise in awareness and increased disposable income in these nations.
MEMS in medical applications market is highly fragmented and includes major players such as GE Sensing and Control, Honeywell, Freescale, Measurement Specialties Inc, Texas Instruments, STMicroelectronics and other regional and local players.
