Medical MEMS Market to Hit USD 3.51 Billion by 2028, at a CAGR of 3.6% from 2022-2028 Thanks to Increasing Demand for Device Miniaturization in Electronic Devices
SkyQuest's latest market research report provides valuable insights into the latest market trends, demographic shifts, and customer preferences. The medical MEMS market is highly competitive, with various players offering various products and services. Therefore, it is crucial to have a well-informed marketing strategy to stay ahead of the industry competitors. The report helps businesses to form a sound marketing plan and implement effective strategies to succeed in the market.
Westford, USA, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The rise in demand for miniaturized medical devices in the North American region drives the global medical MEMS market. This demand can be attributed to the growing popularity of technology-driven products such as smartphones, wearable, and other electronic devices. In addition, the rise of the Internet of Things (IoT) has also contributed to the growth of the medical MEMS industry and the increasing demand for automation in the healthcare sector. Furthermore, there has been a rising demand for using MEMS devices in the medical industry due to advancements in personal healthcare, the availability of wireless implants, and the increasing affordability of healthcare.
According to SkyQuest, the global medical devices industry is anticipated to surpass USD 653.18 Billion by 2028, registering a CAGR of 5.60%. Therefore, the medical MEMS market will benefit from sustainable growth prospects in the medical devices segment.
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Browse in-depth TOC on "Medical MEMS Market"
Pages - 244
Tables - 96
Figures - 68
Micro-Electro-Mechanical Systems (MEMS) technology has revolutionized the healthcare industry by providing miniaturized, intelligent, and highly sensitive devices for various medical applications. Integrating micro-mechanical components with electronics has led to the development of compact, low-cost, and highly efficient medical devices. These devices are designed to monitor and track various physiological parameters, such as blood pressure, glucose level, heart rate, and respiratory rate.
Prominent Players in Medical MEMS Market
Integrated Sensing Systems
Flexpoint Sensor Systems
Texas Instruments Inc.
General Electric Company
Monitoring and Diagnostic Devices Segment to Witness Swift Growth owing to Increasing Integration in Healthcare Applications
The global medical MEMS market has seen impressive growth in the monitoring and diagnostic devices segment, which has dominated the market share in 2022. Such growth results from technological advancements and the increasing demand for fast and accurate medical diagnosis. With the help of microfluidics and MEMS sensors, medical professionals can detect a wide range of disorders quickly and efficiently. As a result, the monitoring and diagnostic devices segment are expected to continue its growth trajectory in the coming years, making it a lucrative opportunity for market players.
The North American region led the major growth of the global market due to the high adoption of innovative technology. The region is home to several tech companies investing heavily in commercializing the products in the market. With the high burden of heart failure cases, the demand for medical devices for accurate diagnosis and treatment is expected to rise. As per SkyQuest's research insights, the incidence rate of heart failure in the United States was 6 million in 2021, which accounted for 1.8% of the total population. With the growing need for advanced medical devices, the North American market is set to remain a lucrative market for medical MEMS players.
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Pressure Sensor to Dominate the Medical MEMS Market due Increased Product Launches in the Category
The pressure sensor segment dominated the global medical MEMS market in 2022 and is expected to continue its dominance in the coming years. Pressure sensors have a wide range of applications in the medical field and are used in various medical devices and equipment. For example, these sensors are used in various medical procedures such as anesthesia delivery, blood gas analysis, blood pressure monitoring, cardiac pumps, infusion pumps, insulin pumps, kidney dialysis machines, respiratory monitors, and sleep apnea machines.
The Asia Pacific region is set with a position to be the leading player in the global market due to several key factors. One of the key drivers of growth in this region is the strong presence of semiconductor manufacturing companies, which are critical to developing and producing medical MEMS technologies. Additionally, the presence of thriving consumer electronics and automotive component industries in countries like China, Taiwan, and South Korea is providing a boost to the market in the Asia Pacific.
The global medical MEMS market is a dynamic and rapidly evolving landscape characterized by intense competition among various vendors. The report employs sophisticated market research techniques to analyze the competitive landscape, market dynamics, and key drivers of growth. With its in-depth market analysis, this report offers an invaluable resource for established players and newcomers looking to enter the market.
Key Developments in Medical MEMS Market
Menlo Micro, a leading provider of cutting-edge technology solutions, has announced the official qualification and production release of the MM101 driver. This 8-channel, low-voltage to high-voltage driver features an integrated charge pump and provides a cost-effective solution for microelectromechanical system (MEMS) devices and other high-voltage driving applications. In addition, its compact form factor, measuring just 5mm x 5mm in a 32-pin QFN or WLCSP flip-chip package, makes it an ideal solution for applications that require a high level of integration.
Soundskrit, an audio company known for its cutting-edge hardware and software solutions, has joined forces with AAC Technologies Holdings Inc., a world leader in total solutions, to bring directional MEMS microphone technology to the masses. This exciting new partnership aims to make these advanced microphone technologies widely available to end-user customers across various industries, including consumer electronics and automotive. With its focus on innovation and commitment to delivering high-quality solutions, this partnership is poised to impact the audio industry significantly and beyond.
USound, a leading global developer of micro-electro-mechanical systems (MEMS) loudspeakers for personal devices and wearable technology, has announced its expansion into the health tech industry with the introduction of its MRI-compatible MEMS speakers. The introduction of USound's MRI-compatible MEMS speakers marks a major step ahead in the development of health tech, offering a safer and more efficient way for medical professionals to perform MRI scans.
TDK Corporation has made a breakthrough in the world of microelectronics with the launch of the TDK i3 Micro Module. This revolutionary new device is the first of its kind to feature built-in edge AI and wireless mesh connectivity capabilities, making it a game-changer in IoT and real-time monitoring. Through its collaboration with Texas Instruments (TI), TDK has integrated the TI SimpleLink™ platform into the i3 Micro Module, featuring the CC2652R7, a highly advanced Arm® Cortex®-M4F multiprotocol 2.4-GHz wireless 32-bit microcontroller (MCU) that provides real-time monitoring capabilities.
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Key Questions Answered in Medical MEMS Market Report
Which geographic region is expected to offer attractive business prospects for market participants?
What is the estimated growth rate of the global medical MEMS market and its estimated value in the future?
Who are the leading companies in the global industry, and what is their market position?
What are emerging trends expected to impact the progress of the global market in the coming years?
Which applications of medical MEMS are poised to see the highest growth in the near future?
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