Market News

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.

Rising demand for wearable technologies such as smart watches and the growing market for IOT devices are expected to drive the market growth over the forecast period.

The increasing sales of smartphones, widespread internet connectivity, rising demand for wearable technologies, and the growing market for IoT devices are the key factors that are expected to boost growth of the global medical micro-electromechanical systems (MEMS) market over the forecast period. For instance, according to a report by the United States National Library of Medicine, only 1.7% of wearable devices in 2016 comprised over five sensors and this figure increased to 11% in 2017. This growth rate can be attributed to the advancements in compactness of sensors.

Furthermore, increasing launches of novel devices by market players is expected to drive the market growth over the forecast period. For instance, in November 2018, L’Oreal and La Roche-Posay collaboratively launched My Skin Track UV, a Microfluidic sensor-based wearable skin and sun safety sensor to help women and men to track their personalized exposure to UV, pollution, pollen, and humidity.