The Medical Biomimetics Market is predicted to develop at a 7% CAGR between 2023 and 2033, according to Future Market Insights. The global market for medical biomimetics is anticipated to reach US$ 63.15 billion by 2033.
Growing advancements in nanotechnology, rising demand for prostheses and implants, an increase in R&D activities related to medical biomimetics, and strategic activities by key market players are the major factors expected to drive market growth.
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Diseases affecting the cornea are the leading cause of blindness worldwide. Every year, approximately 2 million new cases of corneal blindness are reported to the WHO. More than 30 million people worldwide are blind in one or both eyes due to corneal disease and injury, and many more have poor visual acuity. Numerous attempts to develop reliable, robust, and scalable artificial cornea solutions have failed.
As a result, there is an unmet need, and research and development efforts are underway to find affordable and long-term solutions for pathology, injury, and corneal blindness. For example, in March 2022, researchers from IIT-Centre Hyderabad’s for LV Prasad Eye Institute and Cellular and Molecular Biology developed an exclusive biomimetic corneal hydrogel made from discarded human corneas that can be used to treat corneal scarring, the leading cause of corneal blindness. Furthermore, with the increasing number of accidents, the use of biomimetics in orthopaedics is expected to skyrocket.
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According to the Association for Safe International Road Travel, approximately 20 to 50 million people worldwide are injured each year, resulting in permanent disability. As a result, such factors are expected to have a positive impact on the growth of the medical biomimetics market.
Key Takeaways from the Market Study
- By product, the cardiovascular segment is expected to account for 43% of the medical biomimetics market in 2023.
- The wound healing application is expected to dominate the medical biomimetics market, accounting for 35% of the market in 2023.
- In 2023, North America is expected to hold 40% of the medical biomimetics market.
- In 2023, Asia Pacific is expected to hold 36% of the market for medical biomimetics.
“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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Competitive Landscape
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.
- Osteopore was granted a patent in China for its smart 3D biometric scaffolds in November 2021. The technology was created in collaboration with NTU Singapore scientists and was previously granted a European patent in early 2021. This patent is expected to open up numerous R&D opportunities in the Chinese market, allowing the company to tap into local expertise as part of the product development process.
- Curasan AG expanded its European distribution network in April 2021, adding Silesia Dental and Implants Diffusion International SARL to its European distribution network.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global medical biomimetics market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product (Cardiovascular, Orthopedic, Ophthalmology, Dental, Others), application (Wound Healing, Tissue Engineering, Drug Delivery, Other Applications) and regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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