Microelectromechanical Systems (MEMS) Is Estimated To Witness High Growth Owing To Opportunity To Improve Healthcare Equipment
Microelectromechanical systems (MEMS) are micro-scale devices that combine electrical and mechanical components on a single chip making them smaller, lighter, and more energy efficient. MEMS are widely used in various applications such as consumer products, industrial equipment, medical devices, and automotive. MEMS sensors are utilized in medical devices to offer accurate diagnoses and treatment for patients.
The global MEMS Market is estimated to be valued at Us$ 27946.62 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for MEMS to improve healthcare equipment is driving the growth of the market. MEMS sensors are increasingly being used in medical devices and equipment to enhance patient care and diagnoses. Devices such as glucose monitors, endoscopes, hearing aids, implantable cardioverter-defibrillators, and ventilators incorporate MEMS sensors to improve functionality. For instance, MEMS accelerometers and gyroscopes are used in endoscopes to provide three-dimensional imaging of internal organs during minimally invasive surgeries. Similarly, MEMS pressure sensors measure pressure inside the lungs of ventilator patients. The miniaturization feature of MEMS enables developing portable diagnostic tools as well. The growing demand for home healthcare and remote patient monitoring during the pandemic has further created opportunities for integration of MEMS in wireless wearable medical devices.
Porter's Analysis
Threat of new entrants: The MEMS market poses high barriers for new entrants due to high capital requirement for R&D and manufacturing of MEMS. Established players enjoy economies of scale.
Bargaining power of buyers: The MEMS market has moderate bargaining power of buyers due to availability of alternate substitutes. However, differentiated MEMS products provide product stickiness for established brands.
Bargaining power of suppliers: Suppliers have moderate power due to availability of substitute raw materials and components. However, technological know-how gives an edge to few suppliers in the market.
Threat of new substitutes: Threat from new substitutes is low to moderate as MEMS products have penetrated diverse applications and substitution requires technological parity.
Competitive rivalry: The MEMS market witnesses intense competition due to presence of numerous global and regional players. Players differentiate based on technology, quality, and pricing to gain market share.
SWOT Analysis
Strength: MEMS technology enables miniaturization of devices. It finds application across industries like consumer electronics, automotive, healthcare etc.
Weakness: High R&D and manufacturing costs involved. Requires continuous technology upgradations.
Opportunity: Growing demand for wearables, IoT devices and medical devices provide significant growth opportunities.
Threats: Threat from open source MEMS foundry services. Slowdowns in the electronics industry impact demand.
Key Takeaways
The Global Microelectromechanical Systems (MEMS) Market Demand is expected to witness high growth during the forecast period between 2023-2030. The market size for MEMS in 2023 is estimated to be US$ 27946.62 Mn.
Regional analysis:
Asia Pacific dominates the global MEMS market currently owing to presence of majority of consumer electronics manufacturers in countries like China, Taiwan and availability of low cost manufacturing facilities. The region is estimated to continue its dominance in the coming years as well. North America and Europe are other major regions.
Key players:
Key players operating in the MEMS market are Coltene Holding, Mocom, Dentsply Sirona, Euronda, W&H Dentalwerk, Midmark Corporation, Getinge AB, Tuttnauer, Shinva Medical Instrument Co. Ltd., and MELAG Medizintechnik GmbH & Co. KG, among others. They compete based on technological enhancements to gain market share.
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