Impact Analysis of Covid-19
The complete version of the REPORT will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Biomimetics are used in tissue engineering, regenerative medicine, and drug delivery. Medical Biomimetics mimics nature in a bid to improve the lives of humans. The increasing prevalence of chronic diseases such as cardiovascular diseases, increasing healthcare expenditure in developed and developing economies along with product developments are expected to propel demand for medical biomemetics market.
The global Medical Biomimetics market size was valued at US$ 26.2 billion in 2019, and is expected to exhibit a CAGR of 6.5% over the forecast period (2020–2027).
Figure 1: Global Medical Biomimetics market Value (US$ Bn), by Region, 2020
The increasing incidence of chronic diseases is expected to fuel demand in global Medical Biomimetics market
The increasing prevalence of chronic diseases such as cardiovascular diseases in developed and developing economies is predicted to propel the growth of the Medical Biomimetics market during the forecast period. For instance, 2018, according to the Center for Disease Control and Prevention, coronary artery diseases are among the most common type of cardiovascular diseases in the U.S. because of which nearly 365,914 lost their lives in 2017.
Moreover, factors such as rising incidence of arthritis and the increasing focus on strengthening the healthcare infrastructure in the developing region are expected to drive growth of the Medical Biomimetics market in the near future. According to the World Health Organization’s 2017 estimates, around 9.6% men and 18.0% women over the age of 60 years symptomatic osteoarthritis worldwide.
Figure 2: Global Medical Biomimetics market Share (%) in terms of value, by Product Type, (2020-2027)
Adoption of expansion strategies from major players operating in the market is expected to fuel the growth in Medical Biomimetics market
The growing prevalence of chronic diseases and other medical conditions is driving demand for efficient products. Therefore in order to cope up with the ever increasing demand for efficient localization products, manufacturers are focused on strengthening their market position by opening new offices in different locations. For instance, in February 2018, Applied Biomimetic, a leader in the convergence of polymer and protein membrane technologies, announced the opening of its new research facilities in Gaithersburg, Maryland., U.S.
Major players operating in the global Medical Biomimetics market are 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.
|Medical Biomimetics Market Report Coverage
||Market Size in 2019:
||US$ 26.2 Bn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 43.4 Bn
- North America: U.S.,Canada.
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, UK, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Africa: South Africa, North Africa, Central Africa
- Product Type: Cardiovascular, Ophthalmology, Dental, Orthopedic, Others
- Application: Wound Healing, Plastic Surgery, Drug Delivery, Others
|Companies covered (8):
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
- The increasing incidence of cardiovascular diseases
- The increasing research and development of products
- The increasing healthcare expenditure in developed and developing economies
|Restraints & Challenges:
- High cost of Medical Biomimetics devices