Market Dynamics: Medical Biomimetics Growth Trends By 2023 to 2033
The global medical biomimetics industry continues to surge, reaching a market value of US$ 32.10 Billion in 2023 and poised to scale further heights, projected to accumulate a market value of US$ 63.15 Billion by 2033. These insights come from a comprehensive study conducted by leading research experts, shedding light on the industry’s growth trajectory and its driving forces.
The projected Compound Annual Growth Rate (CAGR) of 7% between 2023 and 2033 underscores the market’s robust expansion. This momentum is propelled by several key factors, notably the substantial increase in government funding allocated to biomimetics research initiatives. Additionally, the widespread adoption and continuous innovations in medical engineering and nanotechnology within the healthcare sector contribute significantly to this growth.
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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.
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.
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
