The latest market report published by Credence Research, Inc. “Bio-MEMS Market – Growth, Future Prospects, and Competitive Analysis, 2017 – 2025,” the global bio-MEMS market was valued at US$ 725 Mn in 2016, and is expected to reach US$ 2,980 Mn by 2025 expanding at a CAGR of 12.33 % from 2017 to 2025.
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Advancement in microelectromechanical systems has facilitated the micro fabrication of polymeric substrates and development of bio-MEMS which finds diverse application in drug therapy, diagnosis, cell culture studies etc. For the purpose of this study, the global bio-MEMS market is segmented into types gyroscopes, accelerometers and others, and applications such as neural implants, bionics, ENT implants, cardio-MEMS and others. In base year 2016, accelerometers are leading the types segment due to technical innovations, wide application in the biomedical sector e.g. the use of accelerometers in pacemaker has revolutionized the treatment of cardiac disease. Others segment is anticipated to register faster growth in the types segment throughout the forecast period 2017-2025, as it includes various bio-MEMS types such as flow sensors, microfluidics, DNA microarray, micro-motors etc, find application in drug delivery, diagnosis, and cell culture studies.
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In 2016, cardio-MEMS leads the application segment due to rise in cardiovascular complications which propels the need for technological advancement in Cardio-MEMS, and gives useful insight to physicians regarding the pressure changes in patients with more clarity. The others segment will register the fastest growth in the application segment throughout the forecast period 2017-2025, due to increasing demand for personalized medication as the segment includes areas such as pressure sensors, exoskeletons and retinal implants.
The bio-MEMS market is technologically driven and includes major players such as Boston Scientific Corporation, Baxter International, Inc., Abbott Laboratories, Becton Dickinson and Company etc. are few market leaders in bio-MEMS market and compete to augment their foothold in the market.
Key Market Movements:
– Higher prevalence of critical illness requiring medical intervention
– Technological advancement in the bio-MEMS market providing better patient suitability at low cost
– Increasing government and non-government funding in the R&D facilities promoting bio-MEMS market
– Affordable reimbursement policies
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