Published Date: 2019-06-19 | Pages: Ongoing | Tables: Ongoing | Report ID: 7272
Industry: Life Science
The need to improve patient monitoring and ensure accurate and quick diagnosis of diseases is predicted to fuel the demand in the global medical MEMS market. Increasing research and development of medical MEMS technology has resulted in the development of highly advanced and novel monitoring and diagnostic products. The integration of MEMS sensors in medical devices has increased due to the rising demand for miniaturized and portable healthcare products. The combination of MEMS and nanotechnology has created various applications such as microsystems for drug screening and selection, polymerase chain reaction, electroporation, and biochips.
High Focus on Portable Medical Devices for Home Care to Augment Demand
● Rising inclination toward portable medical devices for home care applications is anticipated to increase the growth of the global medical MEMS market
● Growing demand for artificial limbs could be another powerful factor pushing the global market growth
● Increase in research and development and growth of the aging population are foreseen to create opportunities in the global medical MEMS market
● High incidence of lifestyle-related diseases is expected to increase the demand for medical MEMS
● Players could gain from increasing awareness about medical MEMS-based products and high cost-effectiveness and efficacy of the medical MEMS technology
Abbott’s Confirm Rx ICM Offers More Accurate Detection of Heart Rhythm Disorders
US-based pharmaceutical and healthcare company, Abbott Laboratories is one of the major players operating in the global medical MEMS market. For the first quarter of 2019, it reported impressive organic sales growth of around 7% as well as a decent EPS result on the back of its key products, viz. MitraClip, Alinity, and FreeStyle Libre. In May 2019, it introduced Confirm Rx ICM, a next-gen detection technology, to offer a smarter approach to 24/7 heart monitoring for people with irregular heartbeats. The smartphone-compatible implantable heart monitor launched in Europe and the US helps to detect heart rhythm disorders more accurately.
By Sensor Type
● Pressure Sensors
● Microfluidic Device Sensors
● Optical Sensors
● Surgical Devices
● Monitoring and Diagnostic Devices
● Therapeutic Devices
By End Use
● Hospitals and Clinics
● Research Institutions
● Biotechnology Companies
Followed by Europe, North America is projected to secure a significant share of the global medical MEMS market because of the large availability of MEMS technology-based products. Asia Pacific could grow at a considerable rate in the global market due to improving healthcare expenditure and the presence of a high number of patients.
Players to Launch New Products to Enter Untapped Markets
Some of the key players of the global medical MEMS market are 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. Companies are expected to focus on entering untapped markets with the help of reliable strategies such as new product launch and innovation. Agreements and partnerships could be other important strategies adopted in the global market.
How was the Report Prepared●
The authors of the research study applied bottom-up and top-down approaches to forecast and validate the total size and CAGR of the global medical MEMS market and its segments. Extensive secondary research was used to identify leading players of the industry and collect critical information and data about the global market. On the other hand, primary sources were used to verify the breakdowns, percentage shares, splits, and other findings and data presented in the report. Furthermore, market breakdown and data triangulation procedures helped the researchers to accurately calculate different statistics of each segment and sub-segment and complete the market engineering process.
NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
Life sciences is a wide branch of study that is gradually becoming an integral industry to the global economics. QYR Consulting looks at the steady transformation of the life sciences industry and its impact on the subindustries such as medical care, pharmaceutical, and medical devices. Our team of esteemed analysts have put together reports to analyze the monumental changes life sciences is expected to bring in the overall healthcare industry. These reports identify the exact turning points for the industry and open up a platform for discussing its growth.
QYR Consulting brings to you a structured analysis of the technological advancements so far, vision of the players in the industry, and the strategies they are likely to use to make their mark. The reports dissect various components of the life sciences industry to scrutinize the influential factors. To help the readers make profitable business decisions, analysts have highlighted the lucrative investment areas and upcoming business opportunities.
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