Global Bio-MEMS Market Report, published by Variant Market Research, forecast that the global market is expected to reach $3.7 billion by 2024 from $0.8 billion in 2016, growing at a CAGR of 20.9% from 2016 to 2024. By geography, North America and Asia Pacific are expected to grow at a CAGR of 21.7% and 21.2%, respectively, during the forecast period.
The global Bio-MEMS market is majorly driven by, rise in demand for artificial limbs, and development of patient monitoring equipment system. Moreover, low cost, high efficiency, and rising ageing population has also boosted the market growth. However, stringent regulatory guidelines are expected to hinder the market growth. Emergence of personalized medicines may provide several market opportunities during the forecast period.
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The global Bio-MEMS market is segmented by application, and components. By application, the market is further bifurcated as ENT implants, neural implants, bionics, cardiological implants, and others. By components, the global Bio-MEMS market is categorized into accelerometers, gyroscopes, and others. In 2016, by components, the others segment accounted for the largest market share and is expected to continue its dominance during the forecast period 2016-2024. Accelerometers are estimated to grow at the fastest CAGR during the forecast period. Neural implants are expected to grow at the fastest CAGR in the overall application segment.
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Geographically, the global Bio-MEMS market has been bifurcated into North America, Europe, Asia-Pacific and Rest of the World (RoW). In 2016, North America accounted for the largest market share of 34.4%, driven by the soaring healthcare sector. The high adoption of advanced treatment techniques has also supplemented the growth of Bio-MEMS market in the region. Europe accounted for the second largest market share of 29%. In terms of growth, North America is to grow the fastest CAGR of 21.7% during the forecast period 2016-2024, driven by the increased government’s awareness regarding improvement of healthcare facilities in the region.
Major companies operating in the global Bio-MEMS market include Boston Scientific, Becton Dickinson, Abbott Laboratories, Perkin Elmer, Bluechiip, Medtronic, Baxter International Inc., Teledyne Dalsa Inc., Cepheid, and Lepu Medical Technology, among others.
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