Regenerative medicine, tissue engineering, and drug delivery all make use of biomimicry. To better the lives of humans, the field of medical biomimetics takes cues from nature. Demand in the medical biomimetics market is forecast to grow on the back of rising healthcare spending in established and developing nations, as well as new product launches.
Biomimetics are used for development of biocompatible material which allows healthcare professionals to monitor and treat chronic diseases such as cardiovascular disorders. Biomimetics have application in regenerative medicine, tissue engineering, and drug delivery. Incorporation of nanotechnology played a pivotal role for application in bone structures as well as drug delivery systems.
Over the next few years, the worldwide market for medical biomimetics is anticipated to grow at a CAGR of 6.5% from its 2019 valuation of US$ 26.2 Bn (2020–2027).
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Demand in the global market for medical biomimetics is anticipated to be driven by the rising prevalence of chronic disorders.
Growth in the Medical Biomimetics market is expected to be driven by the rising incidence of prolonged diseases like cardiovascular disease in both developed and emerging economies. According to the Centers for Disease Control and Prevention (CDC), coronary artery disorders accounted for about 365,914 deaths in the United States in 2018.
The Medical Biomimetics market is projected to expand in the coming years as a result of a number of factors, including the increasing prevalence of arthritis and the increased emphasis on upgrading healthcare infrastructure in the developing region. Worldwide, around 9.6% of men and 18.0% of women over the age of 60 have symptomatic osteoarthritis, according to 2017 estimates from the World Health Organization.
The growth of the Medical Biomimetics market is anticipated to be driven by the adoption of expansion strategies by prominent players in the industry.
Demand for effective products is being fueled by the rising incidence of chronic diseases and other medical disorders. Manufacturers are creating new branches in various parts of the world to boost their market position and meet the rising need for effective localization products. For example, Applied Biomimetic, a pioneer in the intersection of polymer and protein membrane technologies, introduced its brand-new laboratories in Gaithersburg, Maryland, USA, in February 2018.
Key Players
AVINENT Science and Technology, SynTouch Inc., Wright Medical Group N.V., EP Endovascular AB, Varian Medical Systems, Inc., Abbott, Osteopore International Pte Ltd., and Applied Biomimetic are all major participants in the worldwide Medical Biomimetics market.
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Medical Biomimetic Market Report Coverage
| The market size value in 2023 |
Key Takeaways of the Medical Biomimetics Market:
- The global medical biomimetics market is expected to exhibit a CAGR of 6.5% over the forecast period owing to the increasing use of biomemetics to treat breast cancer. For instance, according to reports published by the American Cancer Society in 2019, around 268,600 new cases of invasive breast cancer will be diagnosed in women, and the incidence rate has increased by 0.4% per year.
- Among technique, the wire guided localization technique segment is expected to witness significant CAGR in the global medical biomimetics market in 2020 owing to the establishment and higher adoption of biomemetics in healthcare industry.
- Among application, the cardiovascular segment held dominant position in the global medical biomimetics market in 2019 due to the increasing patient population and research and development of biomimetics to treat cardiovascular disorders; such as development of scaffold with biomimetic properties for treating aortic dysfunctions is expected to drive the market growth during the forecast period.
Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Medical Biomimetics Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Medical Biomimetics Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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