Medical Biomimetics Market Size By Product [Cardiovascular, Orthopedic (Prostheses, Exoskeleton), Ophthalmology, Dental], By Application (Plastic Surgery, Wound Healing, Tissue Engineering, Drug Delivery), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Poland, China, India, Japan, Malaysia, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: September 2016 | 110 Pages | Report ID: GMI767 Report Format: PDF
Medical Biomimetics Market size was USD 21.4 billion in 2015, with 5.5% CAGR estimation from 2016 to 2024.
U.S. Medical Biomimetics Market size, by Product, 2012- 2024 (USD Mn)
Increasing geriatric population, rise in organ failure rates, advancements in nanotechnology, tissue engineering market growth and favorable research funding scenario will drive global medical biomimetics market growth.
Nanotechnology is rapidly gaining importance due to its immense potential of making significant breakthroughs in the field of medical biomimetics. With the aid of nanotechnology, novel techniques of configurational biomimesis are being developed, that can generate novel biomimetic materials mimicking biological recognition for drug delivery, drug targeting, and tissue engineering devices. It is also being employed for the characterization and synthesis of various configurational biomimetic gels, protein delivery systems, and molecularly imprinted drug release. Future advances in nanotechnology should medical bionics market growth.
Rapid growth of geriatric population should dramatically impact the industry due to rise in organ failure rate associated with old age. According to UN, global geriatric population was estimated to be over 809 million in 2012, and is set to more than double and reach close to 2 billion by 2050. As per data by United Network for Organ Sharing (UNOS), there is more than fifteen-fold increase in the number of patients waiting for liver transplantation over last 10 years. This expected rise in geriatric population should increase the incidence of organ failure and will drive the use of biomimetic technologies for organ regeneration.
The lucrative growth in tissue engineering will have a positive impact on the medical biomimetics industry size. Recent technological advancements in tissue and organ regeneration and increasing prevalence of chronic diseases were major contributors towards tissue engineering industry. Drivers affecting the tissue engineering industry will positively impact business expansion.
Medical Biomimetics Market, By Product
Global medical biomimetics market share was predominantly driven by cardiovascular segment, followed by orthopedic and dental contributing to over 36% of overall revenue in 2015. The anticipated rise in the aging population should lead to rising prevalence of cardiovascular disorder, driving the segment growth at 5.6% CAGR from 2016 to 2024. Moreover, sedentary lifestyles, rising obesity, and favorable government funding in the U.S. and European countries should boost the demand for cardiovascular medical biomimetics market.
Medical Biomimetics Market, By Region
U.S. medical biomimetics market share leads the industry with largest revenue attributed to high level of patient awareness, rapid technological developments, favorable ecosystem for R&D, along with huge presence of geriatric population with a high capacity for healthcare expenditure.
APAC, through India & China medical biomimetics market size, is slated to witness highest CAGR estimate of 7.7%, offering a lucrative business opportunity in near future. The rising medical tourism in Asian countries, as well as increasing activities such as conferences, forums and seminars related to field of biomimetics and robotics in the countries of Japan, Malaysia, and Thailand should signify it as future revenue generating business.
Competitive Market Share
Global medical biomimetics market share is dynamic due to tremendous advancements in technology over past five years. This has unleashed new opportunities for industry players to offer more innovative and enriched products and improve the overall business scenario. The industry is highly fragmented in nature, garnered by number of small players, and active participation of various research organizations.
The key industry players include Avinent, BioHorizons, Biomimetics Technologies, Forschungszentrum Jülich, Applied Biomimetic, Hstar Technologies Corporation, etc.
Medical Biomimetics Industry Background
Medical bionics market may face restraints in terms of stringent clinical and regulatory requirements. As the FDA regulatory approval process continues to evolve, it becomes more challenging. Since the review time and review cycles have increased, the process has become more time consuming. New addition of “Refuse to Accept” checklist for the 510 (k) or the pre-IDE submission process has added further complexity to the regulatory process. Moreover, CDRH (Center for Devices and Radiological Health) places tremendous pressure on 510(k) approval summaries to ensure that they comply totally with the given regulations. There are multiple types of regulated biomimetic scaffolds, biomimetics used in tissue engineering, and artificial organs, each having specific medical applications with different regulatory requirements.
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