The Global Medical Biomimetics Market was worth US$ 32.10 billion in 2023 and is expected to be worth US$ 63.15 billion by 2023-2033, with a CAGR of 7%. The growth of the medical biomimetics market can be attributed to increased government funding for biomimetics research, as well as the adoption and innovations of medical engineering and nanotechnology in healthcare. The market for medical biomimetics grew at a 5% CAGR from 2016 to 2021.
Growing advancement in nanotechnology, increasing demand for prostheses and implant, rise in R&D activities associated with medical biomimetics and strategic activities by key market players are the major factors which are likely to drive the market growth.
Diseases affecting the cornea are most important cause of blindness across the globe. According to the WHO, around 2 million new cases of corneal blindness are reported every year. More than 30 million people across the globe are blind in one or both eyes from corneal disease and injury, while several suffer from degraded visual acuity. Numerous attempts to create reliable, robust, and scalable solutions for artificial cornea have been unsuccessful.
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As such, there exists an unmet need, the research and development activities are being carried out for affordable and long-lasting solutions for pathology, injury, and corneal blindness. For instance, in March 2022, researchers from the Centre for LV Prasad Eye Institute, IIT-Hyderabad and Cellular, and Molecular Biology developed an exclusive biomimetic corneal hydrogel, manufactured from discarded human corneas, which can be used for the treatment of corneal scarring, the main cause of corneal blindness. Furthermore, with the escalating number of accidents, the implementation of biomimetics for orthopaedics is projected to boom. According to Association for Safe International Road Travel, every year about 20 to 50 million people worldwide suffer from injuries that leads to permanent disability. Hence, such factors are estimated to impact positively the growth of the medical biomimetics market.
Key Takeaways from the Market Study
- By product, cardiovascular segment is expected to possess 43% market share for medical biomimetics market in 2023
- By application, the wound healing segment is expected to dominate the medical biomimetics market and expected to account for 35% market share in 2023
- North America is expected to possess 40% market share for medical biomimetics market in 2023
- Asia Pacific is expected to possess 36% market share for medical biomimetics market in 2023
“The increasing prevalence of diseases along with development of technologically advanced equipment is contributing to medical biomimetics market,” comments a Future Market Insights analyst.
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Some of the key players in the global medical biomimetics market include Otsuka Medical Devices Group, Stryker, Abbott, AVINENT Science and Technology, SynTouch Inc, Osteopore International Pte Ltd, Vandstrom, Inc., Biomimetics Technologies Inc, Swedish Biomimetics 3000 ApS, Keystone Dental Group, LifeMatrix, Curasan, Inc, CorNeat Vision, NanoHive Medical LLC, Zimmer Biomet
Numerous companies in the medical biomimetics market are expanding their products in emerging markets.
- In November 2021, Osteopore has been granted a patent in China for its smart 3D biometric scaffolds. The technology was developed with scientists from NTU Singapore and was previously granted a European patent in early 2021. This patent is anticipated to create numerous research and development opportunities in the Chinese market and allows the company to tap into local expertise as part of its product advancement process.
- In April 2021, Curasan AG expanded its distribution network in Europe, the company has added Silesia Dental and Implants Diffusion International SARL to its European distribution network.
Key Segments Profiled in the Medical Biomimetics Industry Survey
- Wound Healing
- Tissue Engineering
- Drug Delivery
- Other Applications
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- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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