Market Challenges And Opportunities

Wide-scale Application of MEMS in the Healthcare Sector is expected to favor the Market Growth.

Diagnostic and therapeutic devices are the major application areas of medical MEMS systems, which is expected to propel the market growth over the forecast period. Moreover, key players operating in the global market are focusing on raising fund for new product development and expanding their product portfolio. For instance, in January 2020, Bigfoot Biomedical, Inc. announced that the company raised around US$ 45 million from Abbott and other investors for the completion of product development and it received U.S. Food and Drug Administration approval for the Bigfoot Unity diabetes management device. It is an injection-based digitized insulin dosing platform utilizing a proprietary, connected insulin pen-based system that integrates Abbott’s FreeStyle Libre glucose sensing technology.

Moreover, in July, 2017, Abbott Laboratories and Bigfoot Biomedical entered into an agreement to develop and market glucose sensing technology in the U.S.

Furthermore, increasing adoption of wearable technologies such as smart watches is the major factor that is expected to boost growth of the global micro-electro mechanical systems (MEMS) market. For instance, in September 2018, Apple launched ‘Apple Series 4 iWatch’, which is embedded with an electric heart sensor that helps in recording the ECG of a person by measuring the atrial fibrillation (Afib), a form of irregular heart rhythm.

However, high development costs of MEMS devices, stringent government regulations for product approval, and reliability issues of MEMS devices are the crucial factors that are expected to hamper growth of the global medical micro-electro mechanical systems market over the forecast period. For instance, the United States Consumer Product Safety Commission imposed regulations on the Fitbit force which was responsible for causing skin irritation to the users.