An implantable pressure sensor system having a sensor assembly configured and adapted to measure pressure in a volume, the sensor assembly including at least a first MEMS pressure sensor, an application-specific integrated circuit (ASIC) having memory means, temperature compensation system, drift compensation system, a sensor catheter, and power supply means for powering the sensor assembly, the first MEMS pressure sensor having a pressure sensing element that is responsive to exposed pressure, the pressure sensing element being adapted to generate a pressure sensor signal representative of the exposed pressure, the temperature compensation system being adapted to correct for temperature induced variations in the pressure sensor signal, the drift compensation system being adapted to correct for pressure and temperature induced pressure sensor signal drift.