BioMEMS industry growth forecast reduced despite Covid stimulus
The bioMEMS components market sector was worth $3.7 billion and is expected to grow 12.4 percent in 2020 after being both harmed and stimulated by the Covid-19 pandemic, according to Yole. In the longer term the market should show a compound annual growth rate of 9.2 percent to take the market to $6.3 billion in 2025.
However, it is notable that Yole’s forecast is considerably lower than one it gave back in 2016 (see BioMEMS market set for 19% CAGR). Back then Yole said that the annual market for MEMS components used in life sciences is set to grow from a value of $2.7 billion in 2015 to about $7.6 billion in 2021. Now the market will not reach that value by 2025.
Impact of Covid-19 on different bioMEMS sensors growth rates between 2019 and 2020. Source: Yole Developpement.
In the medium to long term, wearables and connected medical devices should find more interest from healthcare systems. But the impact of Covid-19 on bioMEMS market dynamics will vary from one application to another. Increased demands for respiratory systems will increase the need for bioMEMS for the duration of the pandemic, while the requirement for remote connected medical devices will be intensified in the long term.
The top three bioMEMS companies are manufacturers of pressure sensors and microfluidic chips, led by TE Connectivity, Amphenol and Boehringer Ingelheim.
BioMEMS market and sub-markets growth by value 2019 to 2025. Source: Yole Developpement
Microfluidic chips, often polymer-based, represent 85 percent of the market. This is followed by the pressure sensor market. In volume, the highest growth expected on the next five years is for micromachined ultrasound sensors (MUTs) for medical imaging and inertial MEMS for fall detection and activity tracking.
There was strong demand from Asia, particularly China, for non-contact thermometers. Thus, infrared thermopile shipments are increasing rapidly with a near doubling of the market in 2020 compared with 2019.
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