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Increased Funding for MEMS In Medical Applications Market is Expected to Boost the Growth of MEMS Embedded Devices
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In addition, rise in demand for lab automation for increased efficiency would also trigger the growth of this market. Moreover, increased funding for this market is also expected to boost the growth of MEMS embedded devices. Despite all these advantages, lack of testing standardization and delay in FDA approvals would hinder the future market growth. The MEMS in medical applications market was valued to be USD 1.8 billion in 2012 and is expected to grow at a CAGR of 20.2% from 2013 to 2019.
MEMS-based medical devices include surgical, therapeutic, diagnostic and monitoring equipment. MEMS-embedded diagnostic equipment accounts for the largest market amongst the total MEMS medical devices market. The market for MEMS-embedded diagnostic devices in medical applications was valued at more than USD 600 million in the year 2012 and is expected to have a CAGR of over 15%.
MEMS-based medical devices are composed of various sensors which include pressure, temperature, flow, accelerometer, optical image, microdispensers for drug delivery, microfluidic chips and silicon microphones. The pressure sensor accounted to have the largest market; however, micro dispensers market for drug delivery is anticipated to have the highest growth during the forecast period. The MEMS-based medical devices market by end users includes hospitals, healthcare research and home healthcare, where hospitals accounted for the largest market.
Geographically, the North American region constituted the largest market for MEMS-based medical devices market in year 2012; however, Asia-Pacific is predicted to foresee the highest growth rate of over 20% from 2013 to 2019. This growth has been attributed to increase in diabetic population and rising disposable incomes coupled with change in lifestyle. In addition, economic development and healthcare reforms would increase the government funding in its intensive R&D and would trigger the growth of this market in Asia-Pacific region.
View Report: http://www.transparencymarketresearch.com/mems-medical-applications.html
The major players of MEMS in medical applications market include Honeywell Sensing and Control, Analog Devices Inc., GE Measurement and Control, FreeScale, Philips Healthcare amongst other significant players.
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