Albany, NY -- (SBWIRE) -- 11/24/2017 -- The research report, titled "MEMS In Medical Applications Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," states that the global MEMS In medical applications market stood at US$1.8 bn in 2012.
A research study on the global market for MEMS in medical applications, recently published by Transparency Market Research (TMR), estimates this market to register an exceptional CAGR of 20.20% during the period from 2013 to 2019 and attain a market value of US$6.5 bn by the end of the forecast period.
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According to the study, the rising preference of home-based healthcare over hospitals has stimulated the demand for MEMS in medical application significantly over the past few years. The escalating demand for precision, as well as miniaturization of medical devices, and the increasing need for lab automation are also propelling the market for MEMS in medical applications across the world.
In this report, the worldwide market for MEMS in medical applications has been studied on the basis of application, sensor, end user, and region. As per the study, therapeutic devices are likely to emerge as the biggest application area of MEMS in the medical and healthcare sector over the forecast period due to the extensive utilization of intrathecal pumps and insulin delivery pumps.
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Based on the type of sensor, the pressure sensors segment led the overall market with a total value of US$486 mn in 2012. Analysts at TMR expect this segment to post an impressive growth at a CAGR of 18.70% during the forecast period.Home-based healthcare, hospitals, and healthcare research organizations are the prime end users of MEMS in medical applications, states the study.
The research report regionally segments the global market for MEMS in medical applications into North America, Asia Pacific, Europe, and the Rest of the World. North America dominated the global market in 2012 with an overall value of US$800 mn.
Asia Pacific, on the other hand, is projected to witness the highest CAGR of more than 20.0% during the forecast period. The increasing pool of diabetic patients, coupled with the rising disposable income of people in this region and their changing lifestyle, is the key factor, expected to drive the Asia Pacific market for MEMS in medical applications in the coming years.
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The advancements in the economy and the increasing number of reformative government actions for the betterment of healthcare infrastructure in this region are also predicted to support the growth of this market significantly in Asia Pacific, notes the study.Some of the prominent players operating in the global market for MEMS in medical applications are Texas Instruments Inc., STMicroelectronics, Royal Philips Electronics NV, Measurement Specialties, Honeywell Sensing and Control, GE Measurement and Control, Freescale Semiconductor Inc., and Analog Devices Inc., states the research report.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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