The global medical biomimetics market is experiencing a surge in growth, with a market value reaching US$ 32.10 billion in 2023. A new study by leading research experts predicts this upward trend will continue, with the market projected to reach a staggering US$ 63.15 billion by 2033. This translates to a robust Compound Annual Growth Rate (CAGR) of 7% over the next decade.
Several key factors are fueling this market expansion. One significant driver is the increased government funding dedicated to biomimetics research initiatives. This financial support is fostering innovation and accelerating the development of groundbreaking medical solutions inspired by nature. Furthermore, the widespread adoption of advanced medical technologies like nanomedicine is creating a fertile ground for the integration of biomimetic principles within the healthcare sector.
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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 industry.
Key Takeaways from the Market Study:
- By product, cardiovascular segment is expected to possess 43% market share for medical biomimetics industry in 2023
- By application, the wound healing segment is expected to dominate the medical biomimetics industry and expected to account for 35% market share in 2023
- North America is expected to possess 40% market share for medical biomimetics industry in 2023
- Asia Pacific is expected to possess 36% market share for medical biomimetics industry in 2023
“The increasing prevalence of diseases along with development of technologically advanced equipment is contributing to medical biomimetics industry,” comments a Future Market Insights analyst.
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Competitive Landscape:
Some of the key players in the global medical biomimetics industry 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
Numerous companies in the medical biomimetics industry 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.
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Key Segments Profiled in the Medical Biomimetics Industry Survey:
Type:
- Cardiovascular
- Orthopaedic
- Ophthalmology
- Dental
- Others
Application:
- Wound Healing
- Tissue Engineering
- Drug Delivery
- Other Applications
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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