Dover, DE -- (SBWIRE) -- 04/28/2016 -- BioMEMS market size was valued around USD 2.5 billion in 2014 and is anticipated to grow at CAGR of over 25% from 2016 to 2023. The industry is anticipated to attain over USD 8 billion over the forecast period owing to increasing adoption of medical instruments on rental basis by the patient. In addition, rising mobile care applications is also expected to positively contribute significantly to the demand growth over the forecast period. Escalating application in mobile healthcare devices is the major trend for this industry.

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BioMEMS market size is segmented on the basis of product, application and end user. Based on product, the industry can be segregated into implantable, injectable and others. Implantable BioMEMS market share can be sub segmented into accelerometers, biochips, drug delivery devices, stents, gyroscopes and biosensors. In addition, injectables can be further segregated into micro needles and micro modules. Other category includes inhalers, catheters and micro motors.

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BioMEMS or bio-medical micro electro mechanical systems market has emerged as a division of MEMS devices for applications in medical micro devices and biomedical research. It offers various benefits such as it improves medical device performance for the patient and offers competitive advantages to system manufacturers. For instance, the introduction of accelerometers in pacemakers has revolutionized the treatment of cardiac diseases. The above mentioned factors are driving the demand for the industry over the forecast period.

Moreover, the industry is segmented by application which includes diagnostic, therapeutic and tissue engineering. By end user, the industry can be bifurcated into pharmaceuticals, hospitals, food and agricultural industry, research centers and home diagnostics. Furthermore, the industry can be segregated by region which includes Asia pacific, Latin America, North America, Europe and MEA.

These devices have progressively become more perceptible especially in the healthcare sector by serving as solutions personalized to the requirements of several applications. The system assimilates actuators, miniature sensors, micro-optics, structural elements and micro fluidics with controls and computation for application required in the healthcare sector. Microsystems are employed in the healthcare sector for various applications. It improves the drug delivery system with the utilization of nanotechnology and also advances the treatment for cardiac diseases. These aspects are fueling demand growth for the global BioMEMS market size over the next few years.

Development of patient monitoring equipment system coupled with technological advancements in the devices is the chief factors responsible for the growth of the industry over the coming few years. In addition, high efficacy, low cost along with mounting ageing population are also surging the demand growth over the forecast period. However, lack of adoption owing to high research and development cost coupled with long product development cycles are expected to hinder the industry growth from 2016 to 2023. Stringent regulatory guidelines are also acting as a challenge to the global BioMEMS market demand. Partnerships among pharmaceutical and engineering industries may act as the potential growth opportunity for the industry over the forecast period. In addition, emergences of personalized medicines are also identified as the key opportunity for this industry.

Microsystem devices market is deployed in four key healthcare sectors which include pharmaceutical, medical devices, medical home care and in-vitro diagnostics. Stimulus for the acceptance of this technology is highly dependent on each individual sector. The implementation of microsystems is linked to the automation and sensibility constraints in the pharmaceutical sector. In addition, the in-vitro diagnostic sector involves cost reduction and portability features. Moreover, the medical devices industry is focused on further advancement in order to improve the functionalities. Furthermore, rising safety and security concerns among the consumers is expected to surge the demand for home care sector over the forecast period.

The chief players for the global BioMEMS market share include Cepheid, Bluechiip, Given Imaging and Integrated Sensing Systems. Boston Scientific, Becton, Dickinson and Co (BD), Heimann Sensor, CapitalBio, Lepu Medical Technology, Nanopass Technologies, United Gene High-Tech Group, Teledyne DALSA, Mec, OMRON and Micron Technology are other notable participants.