Global Medical Micro-electromechanical Systems (MEMS) Market to Surpass US$ 18,319.2 Million by 2027 - CMI

Date : 26/03/2020 @ 14:33
Source : PR Newswire (US)

Global Medical Micro-electromechanical Systems (MEMS) Market to Surpass US$ 18,319.2 Million by 2027 - CMI

SEATTLE, March 26, 2020 /PRNewswire/ -- According to Coherent Market Insights, the global medical micro-electromechanical systems (MEMS) market is expected to be valued at US$ 4,710.4 million in 2019 and is expected to exhibit a CAGR of 18.5% over the forecast period (2019-2027).

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Key Trends and Analysis of the Global Medical Micro-electromechanical Systems (MEMS) Market:

Key trends in market include increasing incidence of chronic disease such as diabetes and cardiac disorder, increasing number of product launches, and rising number of collaborations and acquisitions by key market players. For instance, according to the International Diabetes Federation's reports published in November 2019, around 463 million adults between the age group of 20 to 79 years were diagnosed with diabetes globally, and it is estimated that the total diabetes population will reach around 700 million by 2045.

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Furthermore, according to latest reports published in October 2019, by Johnson & Johnson Medical Devices Companies, prevalence of atrial fibrillation (AF) in Asia Pacific is increasing rapidly and is estimated to affect nearly 16 million individuals in 2017, which is estimated to rise and reach 72 million by 2050.

Moreover, increasing product launches by key players is expected to drive growth of the global medical micro-electromechanical systems (MEMS) market over the forecast period. For instance, in November 2018, L'Oreal and La Roche-Posay collaboratively launched My Skin Track UV, a Microfluidic sensor-based wearable skin and sun safety sensor to help women and men to track their personalized exposure to UV, pollution, pollen, and humidity.

In addition, key players operating in the market are focused on adopting collaborations and agreement strategies, in order to expand their product offerings in the market. For instance, in August, 2017, Abbott Laboratories and North West London Pathology signed a service agreement valued at US$ 252 million to supply analytical equipment and diagnostic product and services to Chelsea and Westminster NHS foundation trust, Hillingdon hospitals NHS foundation trust, and Imperial college healthcare HHS trust. The service contract is estimated to manage 26 million tests annually, accounting for 6% of the total pathology market in the U.K.

Key Market Takeaways:

  • The global medical micro-electromechanical systems (MEMS) market is expected to exhibit a CAGR of 18.5% over the forecast period, owing to growing shift towards portable devices. The Asia Pacific region in the global medical MEMS market is expected to exhibit a high growth rate, in terms of value, over the forecast period.
  • Among applications, the diagnostic devices segment holds a higher market share in 2019, owing to its high efficiency, efficacy, and real-time analysis of patients' data

Key players operating in the medical micro-electromechanical systems (MEMS) market include—

Honeywell Sensing and Control, Abbott Laboratories, Flexpoint Sensor Systems, Analog Device Inc., GE measurement and control solutions, Omron Corporation, Integrated Sensing Systems, MemsTech Bhd., and Agilent Technologies.

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Market Segmentation:

  • Global Medical Micro Electro-mechanical Systems (MEMS) Market, By Sensor Type:
    • Pressure Sensors
    • Microfluidic Device Sensors
    • Accelerometers
    • Gyroscopes
    • Optical Sensors
    • Microphones
    • Others
  • Global Medical Micro Electro-mechanical Systems (MEMS) Market, By Application:
    • Monitoring and Diagnostic Devices
    • Surgical Devices
    • Therapeutic Devices
  • Global Medical Micro Electro-mechanical Systems (MEMS) Market, By End User:
    • Hospitals and Clinics
    • Research Institutions
    • Biotechnology Companies
  • Global Medical Micro Electro-mechanical Systems (MEMS) Market, By Region:
    • North America
      • By Country:
        • U.S.
        • Canada
    • Latin America
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Country/Region:
        • South Africa
        • Central Africa
        • North Africa

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SOURCE Coherent Market Insights

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