Global Medical Biomimetics Market, By Product Type (Cardiovascular, Ophthalmology, Dental, Orthopedic, and Others), Application (Wound Healing, Plastic Surgery, Drug Delivery, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was estimated at US$ 26.2 billion in 2019, and is projected to exhibit a CAGR of 6.5% over the forecast period (2020–2027), as highlighted in a new report published by Coherent Market Insights.
The increasing incidence of cardiovascular disorders to fuel growth of the global medical biomimetics market
According to a report published by the Centers for Diseases Control and Prevention in 2017, heart disease is the leading cause of death for men in the U.S. and an estimated 18.2 million adults aged 20 and older have CAD (Coronary Artery Disease).
Moreover, research and development of products along with investments in the healthcare sector in developing and developed economies of the world are also expected to propel the growth of the medical biomimetics market during the forecast period. According to research published in the International Journal of Molecular Sciences in 2019, gelatin/hydroxyapatite microsphere (GHM) was used to embed stromal cell-derived factor-1 (SDF-1), a well-characterized chemokine for attracting stem cells and a strong candidate for promoting bone regeneration.
Furthermore, adoption of expansion strategies such as entry into new market from manufactures is also anticipated to drive the growth of global Medical Biomimetics market during the forecast period. For instance, on February 2020, Osteopore International Pte Ltd., a producer of 3D-printed bioresorbable implants to assist with natural tissue regeneration, announced plans to enter markets in China and the U.S.
Browse 26 Market Data Tables and 18 Figures spread through 145 Pages and in-depth TOC on ‘Medical Biomimetics Market’- Global Forecast to 2027, By Product Type (Cardiovascular, Ophthalmology, Dental, Orthopedic, and Others), Application (Wound Healing, Plastic Surgery, Drug Delivery, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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The increasing prevalence of non-communicable diseases (NCDs) is driving demand for medical biomimetics products. For instance, according to the World Health Organization’s 2018 reports, heart disease, stroke, cancer, diabetes and chronic lung disease are collectively responsible for almost 70% of all deaths worldwide. Therefore, to cope up with rising disease incidence, manufactures are focused on expanding their portfolio and geographical reach through product launches and approvals.
Key players in the market are focused on adopting expansion strategies to increase their product portfolio and strengthen their position in the global medical biomimetics market. For instance, in November 2019, Applied Biomimetic, a leader in the convergence of polymer and protein membrane technologies, announced the opening of a new production facility in Gaithersburg, Maryland, U.S.
Key Takeaways of the Medical Biomimetics Market: