Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Medical Micro-electro Mechanical Systems (MEMS) Market – Market Insights
Micro-electro mechanical systems (MEMS) is an innovative technology used to manufacture small mechanical and electro-mechanical devices that are employed in medical devices through microfabrication techniques. Basic elements of MEMS comprises miniaturized structures, actuators, sensors, and microelectronics. The MEMS technology uses concepts of biology and microelectronics to improve patient monitoring. MEMS technology helps in fast and accurate diagnosis of diseases due to microchip technology. Moreover, rising research and development in the MEMS technology has led to the development of innovative products by medical technology companies operating in the global market. For instance, in December 2019, Omron Corporation developed 2SMPB Absolute Pressure Sensor based on Omron’s MEMS technology. It is a small sensor used to measure altitude, atmospheric pressure or water depth in wearable electronics and also used in industrial and marine instruments, mobile phones, and cameras.
The global medical micro-electro mechanical 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).
Figure 1. Global Medical Micro-electro Mechanical Systems (MEMS) Market Value (US$ Mn), by Region, 2019
Source: Coherent Market Insights Analysis (2020)
Wide-scale Application of MEMS in the Healthcare Sector is expected to favor the Market Growth.
Diagnostic and therapeutic devices are the major application areas of medical MEMS systems, which is expected to propel the market growth over the forecast period. Moreover, key players operating in the global market are focusing on raising fund for new product development and expanding their product portfolio. For instance, in January 2020, Bigfoot Biomedical, Inc. announced that the company raised around US$ 45 million from Abbott and other investors for the completion of product development and it received U.S. Food and Drug Administration approval for the Bigfoot Unity diabetes management device. It is an injection-based digitized insulin dosing platform utilizing a proprietary, connected insulin pen-based system that integrates Abbott’s FreeStyle Libre glucose sensing technology.
Moreover, in July, 2017, Abbott Laboratories and Bigfoot Biomedical entered into an agreement to develop and market glucose sensing technology in the U.S.
Furthermore, increasing adoption of wearable technologies such as smart watches is the major factor that is expected to boost growth of the global micro-electro mechanical systems (MEMS) market. For instance, in September 2018, Apple launched ‘Apple Series 4 iWatch’, which is embedded with an electric heart sensor that helps in recording the ECG of a person by measuring the atrial fibrillation (Afib), a form of irregular heart rhythm.
However, high development costs of MEMS devices, stringent government regulations for product approval, and reliability issues of MEMS devices are the crucial factors that are expected to hamper growth of the global medical micro-electro mechanical systems market over the forecast period. For instance, the United States Consumer Product Safety Commission imposed regulations on the Fitbit force which was responsible for causing skin irritation to the users.
Figure 2. Global Medical Micro-electro Mechanical Systems (MEMS) Market Share (%), by Application, 2027
Source: Coherent Market Insights Analysis (2020)
Rising demand for wearable technologies such as smart watches and the growing market for IOT devices are expected to drive the market growth over the forecast period.
The increasing sales of smartphones, widespread internet connectivity, rising demand for wearable technologies, and the growing market for IoT devices are the key factors that are expected to boost growth of the global medical micro-electromechanical systems (MEMS) market over the forecast period. For instance, according to a report by the United States National Library of Medicine, only 1.7% of wearable devices in 2016 comprised over five sensors and this figure increased to 11% in 2017. This growth rate can be attributed to the advancements in compactness of sensors.
Furthermore, increasing launches of novel devices by market players is expected to drive the market growth 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.
Major players operating in the global 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.