MEMS in Medical Applications Market is Expected to Reach USD 6.5 Billion Globally in 2019: Transparency Market Research
According to a new market report published by Transparency Market Research "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," the global MEMS medical applications market was valued at USD 1.8 billion in 2012 and is expected to grow at a CAGR of 20.2% from 2013 to 2019, to reach an estimated value of USD 6.5 billion in 2019.
Browse the full report at http://www.transparencymarketresearch.com/mems-medical-applications.html
Micro-Electro-Mechanical Systems, MEMS is defined as devices made up of miniaturized mechanical and electromechanical elements using micro fabrication techniques. MEMS comprises of miniaturized structures such as sensors, actuators and microelectronics. The prime elements 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. Moreover, increased preferences of patients towards home healthcare monitoring to reduce the hospitals costs have consequently triggered the use of MEMS technology. Demand for miniaturized 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, personalized 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.
The MEMS in medical applications can be segmented on the basis of their use in medical devices, 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 USD 486.0 million in 2012 and are expected to grow at CAGR of 18.7% from 2013 to 2019.
Geographically, North American region captures the largest market of MEMS in medical applications and was valued to be more than USD 800 million in 2012. However, Asian countries namely 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.