Global Bio-MEMS Market is Estimated to Reach $3.7 Billion by 2024
Global Bio-MEMS market report published by Accurize Market Research forecast that the global market is expected to reach $3.7 billion by 2024; growing at a CAGR of 20.8% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
The rise in demand for artificial limbs, and development of patient monitoring equipment system across the globe to drive the growth of the market
Rise in demand for artificial limbs, and the development of patient monitoring equipment system fuels the demand for the global bio-MEMS market. Moreover, high efficacy, low cost, and rising aging population also boost the growth of the market.
The global bio-MEMS market has been bifurcated on the basis of components, and applications. By components, the global Bio-MEMS market is further segmented into gyroscopes, accelerometers, and others. By application, the market is segmented as neural implants, bionics, ENT implants, cardiological implants, and others.
By geography, the market is segmented into North America, Europe, Asia-Pacific and the Rest of the World (RoW). The U.S., Mexico, and Canada are covered under North America wherein Europe covers Germany, UK, Russia, and others. Asia-Pacific covers China, Japan, South Korea, and others. RoW covers South America, the Middle East, and Africa.
“Others segment accounted for the largest market share in the components segment", says Accurize
By components segment, the others segment accounted for the largest market share in 2016 and is expected to continue its dominance during the forecast period 2017-2025. Accelerometers are anticipated to grow at the fastest CAGR during the forecast period. Neural implants are to attain the fastest CAGR in the overall application segment.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounted for the largest market share of 34.4%, owing to the soaring healthcare sector. The high adoption of advanced treatment techniques has also propelled the growth of the Bio-MEMS market in the region. Europe accounted for the second-largest market share of 29%. In terms of growth, North America is to attain the fastest CAGR of 21.7% during the forecast period 2017-2025, owing to increased government’s awareness regarding the improvement of healthcare facilities in the region.
Top players in the market
The key market players