Global Medical Biomimetics Market is set to exceed USD 34 billion by 2024; according to a new research report by Global Market Insights. Growing advancements in nanotechnology will assist global medical biomimetics industry growth in the forthcoming years. Nanotechnology possesses potential to illustrate single molecules/cells at very high output and shows dynamic biomimetic behaviour. Such advancements can yield development of personalized medicine. Nanoparticles can exhibit progressive functions including response to stimuli, targeting cell/organ, imaging as well as drug delivery. Such beneficial capabilities along with continuous advancements will positively impact biomimetic market growth in coming years.
Favourable funding scenario for research and development of biomimetics will boost medical biomimetics industry growth. Several universities in Europe are receiving funding for conducting research on biomimetics. Additionally, numerous organizations and institutes are undertaking collaborative approach for advancements in biomimetics that should highly impact medical biomimetics market growth over the foreseeable future.
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Biomimetics find applications across tissue engineering, plastic surgery, drug delivery and wound healing. High grade technological advancements in organ and tissue regeneration and the rising occurrence of chronic ailments have contributed to the lucrative growth of tissue engineering market, which will directly impact medical biomimetics industry.
Tissue engineering and drug delivery were two of the applications that majorly contributed toward the growth of medical biomimetics market in 2015. Tissue engineering sector has witnessed the artificial design and production of biomimetic scaffolds that mimic characteristics of the natural ECM, such as adhesion, differentiation supporting cell seeding, and proliferation, which will fuel global medical biomimetics industry.
Cardiovascular products apparently, gained extensive momentum in the year 2017, contributing to the expansion of medical biomimetics market. Apparently cardiovascular products dominated the medical biomimetics industry in the year 2017, primarily owing to the surging prevalence of cardiovascular disorders across the developed and developing countries. The rising adoption of a sedentary lifestyle and an unhealthy diet will further propel the growth of this segment – estimates claim that cardiovascular medical biomimetics industry size is expected to record a CAGR of 5.9% over 2018-2024.
The North America medical biomimetics market share worth USD 10 billion in 2015, is predicted to witness a heavy surge over the period of 2016-2024 owing to the fast-technological changes, high level of patient awareness, increase in R & D activities, and a large presence of aging population with high ability to spend on healthcare services. The U.S. market is predicted to contribute significantly towards the regional growth over the coming timeframe.
The Asia Pacific medical biomimetics industry is anticipated to record a CAGR of 7.7% over the period of 2016-2024 owing to the growth of medical tourism, a rise in aging base, and growing number of events like seminars, conferences, discussions, and forums on biomimetics held in Thailand, Malaysia, and Japan. Countries like China, India, and Japan are predicted to be major revenue pockets of the region.
The Latin America market is projected to witness a significant surge over the period of 2016-2024. Mexico and Brazil are expected to make substantial contributions towards the revenue growth of the region. The Europe medical biomimetics market is forecast to witness a high growth over the period of 2016-2024. UK and Germany are expected to boost the regional growth.
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Key industry participants include Applied Biomimetics, Avinent, Biomimetics Technologies, BioHorizons, Forschungszentrum Jülich, and Hstar Technologies Corporation. The market players will invest in R&D activities and partner with research firms to create new products, as part of their growth strategies.