Medical Biomimetics Market - By Product (Cardiovascular, Orthopedic {Prostheses, Exoskeleton}, Ophthalmology, Dental), By Application (Plastic Surgery, Wound Healing, Tissue Engineering, Drug Delivery) & Forecast, 2021-2027

Medical Biomimetics Market - By Product (Cardiovascular, Orthopedic {Prostheses, Exoskeleton}, Ophthalmology, Dental), By Application (Plastic Surgery, Wound Healing, Tissue Engineering, Drug Delivery) & Forecast, 2021-2027

Medical Biomimetics Market Size

Medical Biomimetics Market size was valued at over USD 32 billion in 2020 and is expected to witness more than 6.5% CAGR from 2021 to 2027. Advancements in biomimetics development technologies have improved its potential in basic research and clinical applications. Innovations and adoption of nanotechnology and medical engineering in healthcare leads to access numerous applications such as tissue engineering, plastic surgery, organ regeneration, implants, and drug delivery among others. With growing effectiveness in treatment and recovery using biomimetic products, the industry will observe lucrative growth during the forecast timeframe.
 

Rising prevalence rate of chronic disease will augment the market demand in the coming years. Geriatric population is highly susceptible to several diseases such as neurological diseases, cardiovascular diseases, orthopedic diseases among several others. As per the National Kidney Foundation, one in five men and one in four women aged 65 to 74 years having chronic kidney disease in the world. Hence, increasing application of biomimetics to treat patients and use of nanotechnological platforms for better therapeutic outcomes will enhance the industry outlook during the forecast period.
 

Medical Biomimetics Market Analysis

The key players are highly invested in research and development activities for advanced and novel medical biomimetics will offer lucrative growth opportunities in the market. Several companies and organizations are providing funds to research institutes and universities to conduct research on biomimetics and its applications. Furthermore, numerous companies are undergoing collaborations and partnerships with research institutes and organizations for advancement in biomimetics.
 

Medical biomimetics market was affected by COVID-19 pandemic owing to restrictions on manufacturing units, disruption of supply chain and ban on import-export. Restrictions on travelling and limitations of healthcare infrastructure hampered the development and sales of the products as well as collaborations and partnership opportunities. However, use of biomimetics conjoining pathways in drug discovery, medical devices and nano molecules for COVID-19 treatment will positively impact on the industry progression.
 

The cardiovascular segment captured 40% of the medical biomimetics market share in 2020 led by the high prevalence of cardiovascular disorders. In addition, increasing usage of sedentary lifestyle and unhealthy diet among population leads to high risk of cardiac diseases. Advanced technological applications in biomimetics and tissue regeneration have enabled innovations in treatment of cardiovascular diseases and to improve heart function. The involvement of R&D activities to develop advanced biomimetics for heart health will propel the segment growth.
 

Drug delivery segment in the medical biomimetics market exceeded USD 6.5 billion in 2020. Growing adoption of three dimensional biomimetics models in controlled drug delivery in major economies has increased the industry demand. Advanced biomimetics technology-enabled devices assist in treatment of several conditions. Firms are involved in developmental activities to build strong product pipeline for drug delivery systems. The use of advanced medical engineering technologies and nanotechnology-enabled delivery of vaccines for better outcome will fuel the market revenue. Also, the use of biomimetics-based devices for drug delivery of nanocarriers is growing.
 

North America medical biomimetics market accounted for 45% of revenue share in 2020 due to the presence of leading companies with strong product demand in the industry. Surge in incidence of chronic diseases such as organ failure in region is driving the industry value. These biomimetics-based devices offer better and biocompatible solutions for organ transplantation.
 

According to Centers for Disease Control and Prevention (CDC), in 2018, 51.8% of US adults suffering from at least 1 chronic condition, and 27.2% suffering from multiple chronic conditions. Expansion of manufacturing capacities will further boost product availability and sales. Moreover, increasing number of products in portfolio will influence the regional growth in the coming years.
 

Medical Biomimetics Market Share

Major players operating in the medical biomimetics market are

• Abbott
• Avinent Implant System
• BioHorizons
• Biomimetics Laboratories Inc.
• BioTomo Pty. Ltd.
• Hstar Technologies corporation
• Veryan medical

These competitors are adopting numerous business strategies such as collaborations & partnerships and acquisitions strategy to enhance their market share.
 

Some of the recent industry developments

• In September 2020, Veryan Medical launched novel BioMimics 3D vascular stent system in the U.S. BioMimics is a system used for excellent outcomes in clinical trials. This has strengthened product portfolio and development capabilities of the company.
   
• In July 2019, Gelesis, Inc. and Capstar Special Purpose Acquisition Corp. entered into a business agreement. The former company is involved in development of biomimetic hydrogels for treating metabolic and weight disorders. The agreement benefitted the companies to expand their business portfolio.
   

The medical biomimetics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments

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Market, By Product

• Cardiovascular
• Orthopedic
  • Prostheses
  • Exoskeleton
• Ophthalmology
• Dental
• Others 

Market, By Application

• Plastic surgery
• Wound healing
• Tissue engineering
• Drug delivery
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Poland
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa