Medical Biomimetics Market size to exceed $34.4 bn by 2024
The medical biomimetics industry is also witnessing favorable funding scenario in response to the rising need for research and development of biomimetic technologies. There are government funded research centres that facilitate research in the field of biomimetics. For instance, Biomembrane Plasticity Research Center and BioMimetic Robot Research Center are among those.
Apart from this, the National Institutes of Health (NIH) and National Cancer Institute (NCI) provide funding opportunities to support the development of biomimetic tissue-engineered technologies for the purpose of cancer research.
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The dominant regional market over the forecast period was North America, followed by Europe with the trend projected to continue over the forecast period due to the rapid adoption of medical biomimetic products, and huge demand for organ transplants such as liver transplant.
The countries of China, India, Brazil and Mexico offer good growth opportunities due to increased capacity for healthcare expenditure, rapidly developing medical infrastructure, and huge patient base. In addition, large geriatric population in Japan is should catapult demand for cardiovascular and orthopedic biomimetic products.
Various players operating in the medical biomimetics market share include Avinent, BioHorizons IPH, Inc., Biomimetics Technologies, Inc., Forschungszentrum Jülich GmbH, Applied Biomimetic A/S, Hstar Technologies Corporation, among others.
Browse key industry insights spread across 110 pages with 295 market data tables & 7 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, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Global medical biomimetics market size is anticipated to reach USD 34.4 billion by 2024, increasing from USD 21.4 billion in 2015, with forecast projection of 5.5% CAGR from 2016 to 2024.
- The cardiovascular and orthopedic segments together grabbed a medical biomimetics market share of 69% in 2015, due to the increasing prevalence of cardiovascular, and orthopedic disorders due to rise in aging population.
- Drug delivery and tissue engineering formed the largest application markets of medical biomimetics in 2015, since various biomimetic scaffold that mimics certain features of the natural ECM such as supporting cell recruiting/seeding, adhesion, proliferation, differentiation are being artificially designed for tissue engineering.
- North America industry was valued at over USD 10 billion in 2015, accounted for the major regional share. Germany and UK collectively garnered a share of more than 50% in the Europe medical biomimetics market.
- The industry is marked by high level entry barriers due to strict regulatory guidelines, and high cost of product development as well as research. Moreover, established players collaborate with research organizations to develop new products.
- With large pool of geriatric population, China, and Japan are the major revenue pockets of the APAC region, while Brazil and Mexico are the revenue puller for LATAM.