Global Medical Biomimetics Market size to exceed $ 34 bn by 2024
Published Date: December 13, 2018 Authors: Sumant Ugalmugale
Medical Biomimetics Market size is set to exceed USD 34 billion by 2024; according to a new research report by Global Market Insights.
Increasing geriatric population should act as high impact rendering factor for medical biomimetics market. Increasing rate of organ transplantation has accelerated demand for prosthesis and implants. According to U.S. government’s data, around 34,770 transplants were conducted in the country in 2017.
Growing adoption of biomimetic technology for organ regeneration coupled with increasing research activity pertaining to application of biomimetics in healthcare should drive medical biomimetics industry. High rate of organ failure among elderly population, should substantially increase demand for biomimetics in coming future.
Several applications of biomimetics in medical fields including dentistry, orthopedics, cardiology, ophthalmology and others should positively impact market size growth. Moreover, significant progress of tissue engineering, nanomedicine and several medical fields utilizing biomimetics should escalate business growth. However, stringent regulations will restrain industry growth to certain extent during the forecast period.
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Cardiovascular product segment dominated the industry in 2017 and is anticipated to grow at 5.9% during the forecast timeframe. Increasing incidences of cardiovascular disorders due to growing adoption of sedentary lifestyle and unhealthy diet will act as primary driver for segment growth. Furthermore, technological advancements and increasing R&D activities such as development of advanced biomimetic heart that can be used as cardiovascular research instrument should positively impact industry growth.
Drug delivery application segment is estimated to witness 6.3% CAGR during the analysis period owing to growing adoption of three-dimensional (3D) biomimetic models by pharmaceutical industry for controlled drug delivery. Advanced engineering technologies and appropriate biomaterials have enabled drug delivery in rate-adjusted way thereby fueling segmental growth.
Browse key industry insights spread across 120 pages with 188 market data tables & 9 figures & charts from the report, “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), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
U.S. medical biomimetics market dominated North America region in 2017 and is estimated to reach over 15.1 billion by 2024. Increasing number of people suffering from chronic conditions such as cardiac disorder, rising rate of organ transplantation and presence of organization such as 3B’s Research Group that has collaborated with universities to advance research regarding biomaterial and development of biomimetic products will drive U.S. medical biomimetics market.
China medical biomimetics market is anticipated to witness 8.5% CAGR during the forecast period. Growing geriatric population base in the country coupled with rising incidences of cardiovascular diseases should drive Chinese industry. Rising disposable income, growing research activities for advancing biomimetic technology should positively impact industry growth.
Some of the notable players operating in medical biomimetics market are Biomimetics Technologies, Veryan Medical, BioHorizons IPH, Avinent, BioHorizons, Applied Biomimetic, and Abbott. Market players are investing heavily in developing advanced biomimetic products especially in drug discovery and nanomedicine. In August 2013, Abbott acquired IDEV Technologies, that expanded company’s product portfolio with addition of Supera stent, based on biomimetic principles.
Medical Biomimetics Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Medical Biomimetics Market, by Product
Medical Biomimetics Market, by Application
- Plastic surgery
- Wound healing
- Tissue engineering
- Drug delivery
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia