Medical Biomimetics Market to Soar at of 5.5% CAGR to 2024; as per a new research report and Various players operating in the medical biomimetics market share include Avinent, BioHorizons IPH, Inc., Biomimetics Technologies, Inc., Forschungszentrum Jülich GmbH.
Medical biomimetics is widely gaining popularity as the technology of the future, with increased support in form of funding and collaborations. Various players in the market are collaborating with scientists and designing laboratories to explore novel technologies.
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.
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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.
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.
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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.
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