New York City, NY -- In 2004, the world market for bioMEMS is expected to exceed $14.3 billion with the US market accounting for nearly 31% of the total. This includes research funding and commercial developments within the markets for implants, such as pacemakers and pulse generators for gastrointestinal conditions; sensors for neurological applications; diagnostic devices such lab-on-a-chip; and treatment equipment such as the smart pill which delivers drugs as necessary and in hyper-accurate dosages.
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• In 2002, diabetes cost the Inted States $132 million. • In the US, there are approximately 12.1 million diagnosed with diabetes. • BioMEMS lab-on-a-chip applications present the strongest growing market segment at 21% annual growth. • According to the World Health Organization, 16.6 million people die of cardiovascular disease each year. • Cardivascular disease costs the United States over $30 million each year in unnecessary expenses |
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BioMEMS device development is being strongly pursued in the areas of cardiovascular and endocrine science to treat conditions including vascular disease, coronary disease, and diabetes. These conditions create a biomedical market, including products, treatment services and administration, of approximately $415.0 billion dollars a year in the United States, according to the American Heart Association and the American Diabetes Association. Unnecessary costs, due to improper/delayed diagnosis, treatment necessitated by poor monitoring, and resultant healthcare expenses, exceed $150 billion each year, and many of these costs can be eliminated by devices allowing for immediate diagnosis and constant monitoring and treatment.
Cardiovascular and endocrine applications currently comprise over 30% of the enormous bioMEMS market potential, and devices being developed and commercialized include pacemakers, microneedle & reservoir drug delivery systems, and lab-on-a-chip diagnostics.
Currently, research activities continue to exceed commercialization by a factor of nearly 15:1. However, major corporations within the pharmaceutical (e.g., Johnson & Johnson), biotech and semiconductor fabrication (e.g., ST Microelectronics) markets are investing significant resources in bringing bioMEMS products to market quickly. Thus, mass commercialization is expected within the next three to five years.
This information is based on the research report entitled BioMEMS—Assessment of Technologies, Devices & Commercial Opportunities: 2005-2010 Analysis & Forecasts published in March 2005.
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