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MEMS Market to See 11.8% Annual Growth Through 2023(June 13, 2018)
Leading End Users Include Life Sciences, Automotive and Consumer Products
WELLESLEY, Mass, June 13, 2018 (GLOBE NEWSWIRE) -- Stringent automotive standards, government agency support and the need for better diagnostics are all helping to push growth in the global MEMs market, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 11.8% through 2022, when it could be valued at $25.6 billion, according to the report MEMS: Biosensors and Nanosensors Market.
Major players in the market include Abbott Laboratories, Bio-Rad Laboratories, Cepheid Therapeutics, Denso, Fluidigm, GMA Industries, Illumina, Knowles, Lockheed Martin, Merck KGaA, Nanomix, Panasonic, Qualcomm Technologies, Robert Bosch, Sensata Technologies Holdings, TDK and Thermo Fisher Scientific.
- Biochips will lead the market by both growth and size, with a CAGR through 2022 of 16.0% and an estimated value of $13.9 billion.
- By end user industry, the market will be led in size and growth by the life sciences segment, with a CAGR of 17.3% through 2022 and a value then of $13.0 billion.
- By sensor type, the market will be led in growth by microphone sensors, with a CAGR through 2022 of 9.9%, though by size the market will be led by accelerometers, with a 2022 value estimated at $2.7 billion.
“MEMS sensors will eventually replace bulky sensors and actuators as this will reduce costs, weight and volume as well as power consumption,” the report notes. “They will also simultaneously increase production volume, performance and functionality.”
Problems in Biochip Development Are Chief Market Restraints
Biochip development is plagued by a number of problems, the report notes. Chief among them is their inability to detect multiple types of proteins in a wide range of concentrations, as well as a low conversion rate in drug discovery due to a lack of effective clinical validation, standardization and approval hurdles. Cost is another restraint, the report adds, with cost-cutting measures reducing the accuracy and reproducibility as the diagnostic procedure is automated and simplified.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
CONTACT: Editors/reporters requesting analyst interviews should contact Eric Surber at [email protected]