The global medical biomimetics market garnered a market value of USD 32.10 Billion in 2023 and is expected to accumulate a market value of USD 63.15 Billion by registering a CAGR of 7% in the forecast period 2023 to 2033.
The growth of the medical biomimetics market can be attributed to increasing government funding for research pertaining to biomimetics, along with the adoption and innovations of medical engineering and nanotechnology in healthcare. The market for medical biomimetics registered a CAGR of 5% in the historical period 2016 to 2021.
Biomimetics is an integrative area in which principles from biology, chemistry, and engineering are used for the synthesis of materials, machines, or synthetic systems that have functions that imitate biological processes.
Biomimetics-based designs could be used in drug delivery, tissue engineering, and regenerative medicine. The application of biomimetics to illustrate the issues in pharmaceutics and medicine is a promising method for the treatment of deadly diseases like cancer.
Report Attribute | Details |
---|---|
Expected Market Value (2023) | USD 32.10 Billion |
Anticipated Forecast Value (2033) | USD 63.15 Billion |
Projected Growth Rate (2023 to 2033) | 7% CAGR |
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According to market research and competitive intelligence provider Future Market Insights- the market for medical biomimetics reflected a value of 7% during the historical period, 2018 to 2022.
The medical biomimetics market was affected by COVID-19 owing to delays and cancellations of orthopedic, dental, cardiovascular, and other medical procedures. However, the development of vaccines, medicines, and conventional drugs, in addition to the use of innovative drug delivery technologies has increased impetus in the fight against the COVID-19 pandemic.
Advanced delivery technologies, such as the use of nanocapsules/ nanospheres, nanocrystals, liposomes, nano lipid carriers/solid lipid nanoparticles, nanosponges, and dendrimers based on biomimetics can be utilized for targeted delivery of therapeutic compounds to infected individuals for treating COVID-19. Numerous research activities have been carried out for the use of biomimicry during the pandemic.
For instance, in August 2021, researchers from the Academy of Medical Engineering and Translational Medicine, School of Life Sciences, and Tianjin University designed the inhalable nano vaccine with biomimetics COVID-19 structure to activate the mucosal immunity of the respiratory tract against coronavirus.
Through replicating the route of infection and structure, this inhalable nano vaccine approach might encourage a new approach to respiratory virus precaution. Thus, the market for medical biomimetics is expected to register a CAGR of 5% in the forecast period 2023 to 2033.
Surgical devices and instruments development propelling the growth of the medical biomimetics market
Medical biomimetics is the fastest-expanding field of bioengineering. It is the impersonation of features found in animals and plants to provide both treatment and protection from bacteria and illness as well as management of the disease.
Medical biomimetics is considered a technology that emulates or uses nature for the advancement of human lives. Medical biomimetics is gaining more adoption in surgical devices and instrument development.
There has been increasing in the use of biomimetics in tools and devices for the artificial creation of organs mainly due to the susceptibility of old age people to organ dysfunction and failure. Increasing awareness and adoption of biomimetics has had a positive impact on organ transplantation and will continue to push the market growth in forthcoming years.
Efforts to encourage organ donation must continue in all countries, but it is also necessary to develop alternative solutions, such as bioengineering. Various companies are involved in the development of biomimetics-based products.
For instance, CorNeat Vision developed the CorNeat KPro implant, a patented synthetic cornea, which offers a long-lasting medical solution for corneal injury, and blindness. The product is following a CE marking and 510K clearance path, which is expected to be approved for marketing in late 2024. In addition, the company in October 2021 also received USD 2.44 Billion grant from the European Innovation Council to support the clinical activities as well as automation and manufacturing processes which will enable the company to reach the market with this cure.
Advancements in Drug Delivery Systems boosting the adoption of Medical Biomimetics
Moreover, the innovations in nanotechnology, leading to the advancement in drug delivery systems will positively impact the medical biomimetics growth in the forecast period. Based on their biocompatibility physical, and chemical properties, nanomaterials are attractive for use in biomedical applications and exhibit great possibility in biomimetics medicine.
Currently, with the advancement of biomimetic functionalized nanotechnology, nanomaterials have been functionalized and modified by cell membrane-derived elements to form biomimetic nanomaterials with augmented biocompatibility, stability, targeting, and specificity.
The biomimetic functionalized variation of nanomaterials can establish selectivity for tissue disease or biomarkers, implying that these biomimetic nanomaterials can be used for the diagnosis of disease. Thus, the use of biomimetic nanomaterials for the non-invasive diagnosis of diseases has stimulated great interest.
Additionally, rising Research and Development activities coupled with the growing application potential of medical biomimetics in the diagnostic imaging market space including ultrasound, ECGs, and CT scans are expected to drive the market growth.
For instance, Imperial College London is currently developing a biomimetic flexible steerable probe. The objective of this research is to access deep brain areas with the least damage to precisely place the minimally invasive instrumentation (electrodes, catheters for deep stimulation of the brain), to perform the diagnosis and clinical analysis (sampling, biopsy), micro neurosurgery, and localized drug delivery.
Regulatory Frameworks restraining Medical Biomimetics Market Growth
A stringent regulatory framework hinders the medical biomimetics industry's growth. Regarding the ever-increasing and widespread applications of biomimetic biomaterials in numerous medical fields, their precise assessment is of great significance.
Although each biomaterial undergoes thorough premarket evaluation, the regulatory organizations receive a significant number of adverse events and complications reports each year. Moreover, biomaterials are integrated into biological systems, hence, they must fulfill all scientific requirements such as high biocompatibility, sufficiently long shelf-life, and accommodating biological interactions.
Adoption of Novel Technology shaping landscape for Medical Biomimetics
The large share of North America is mainly attributed to the high research and development activities in the region, high adoption of novel technology, high disposable income, and presence of key market players in the region.
North America is expected to be a major market for medical biomimetics due to trends such as an increase in the rate of adoption of novel technologies, growth in the geriatric population, an increase in research and development activities related to medical biomimetics, and a strong presence of key players. Thus, North America is expected to dominate the regional medical biomimetics market with a share of 39% in 2023.
Booming Biotechnology Sector contributing to Medical Biomimetics Growth
The market in the Asia Pacific is expected to expand at a high growth rate during the forecast period due to factors including an increase in government initiatives in the healthcare sector, an increase in the medical tourism sector, and a booming biotechnology industry.
Asia Pacific region is projected to exhibit a high growth rate of the medical biomimetics market during the forecast period owing to increasing investment in medical and healthcare infrastructure, a huge patient population, growing awareness and adoption of new technology, and government initiatives to boost the growth of the biotechnology sector.
Thus, Asia Pacific is expected to possess a 36% market share of the medical biomimetics market in 2023.
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Government Funding creating Lucrative Opportunities for use of Medical Biomimetics for Cardiovascular Diseases
CVD is the number one cause of death globally, affecting 17.9 Billion deaths every year. Worldwide, more than 2.1 Billion patients receive CVD implants each year to prevent death. Moreover, the launch of technologically advanced products coupled with government funding offers lucrative opportunities for the segment during the forecast period.
LifeMatrix has developed a distinctive bioengineering technology to grow human replacement tissues as next-generation implants for treating CVDs. The patented LifeMatrix tissues can be manufactured as blood vessels, heart valves, and other cardiovascular structures. The biomimetic device helps to prevent repetitive major surgeries and the risks associated with them throughout the patient’s life.
In addition, the technology which has been created by a team of cardiovascular and cardiac experts in April 2021 also received USD 149,707 in funding from Venture Kick to support regulatory submissions and increase the clinical launch strategy. Thus, by product, the cardiovascular segment is expected to possess a 43% market share for the medical biomimetics market in 2023.
Technological Advancements in Orthopaedic Products spurring the growth of Medical Biomimetics
The orthopedic segment is expected to grow at the fastest CAGR of the medical biomimetics market during the forecast period. Technological advancements coupled with the launch of new products drive the growth of the segment. For instance, in March 2021, Sparta Biomedical Inc. received Breakthrough Device Designation from the USFDA for SBM-01 Biomimetic Implant.
The implant is proposed to replace the damaged knee cartilage in patients suffering from single or multiple osteochondral or chondral defects in the knee. The company, in December 2021, also received USD 5 Billion to advance its preclinical activities for investigational device exemption submission.
Demographic trends contributing to the growth of the application of Medical Biomimetics in Wound Healing
The demand for wound healing and wound care products is growing, owing to the escalating number of surgical cases and the increasing prevalence of chronic diseases globally. Moreover, the segment will continue to grow due to specific demographic trends, with an aging population, rising incidence of diabetes and obesity, and related higher sensitivity towards non-healing chronic wounds. In the USA, in 2021, the prevalence of chronic wounds was about 2% of the overall USA. population or about 6.9 Billion people were suffering from chronic wounds.
Furthermore, the expanding number of patients needing improved treatment represents a considerable burden of cost on the healthcare system. The total cost of treating chronic wounds is increasing sharply, and the recent annual projected cost in the USA exceeds USD 28 billion. Thus, the wound healing segment is expected to dominate the medical biomimetics market and expected to account for 35% market share in 2023.
While numerous approaches for wound healing are offered, they are only somewhat effective. Thus, there is a demand for more efficient therapies for healing wounds. The advancement of instructive materials and biomimetics is evolving as a favorable procedure for redirecting fibrotic wound healing into a regenerative method. Biomimetics materials are currently advancing on the shortcomings of current treatments for wound care as they are being created to accelerate these spatiotemporal cues, thus encouraging regeneration within the host tissues.
Demand for Advanced Drug Administration Systems increasing use for Drug Delivery
The drug delivery segment is anticipated to witness a considerable growth rate in the medical biomimetics market during the forecast period. This can be attributed to the patient shifts towards the adoption of advanced drug administration systems, and increasing research and development. So far, albumin-based delivery is perhaps the most successful approach to biomimetics therapeutics, and there are numerous marketed drugs involving Abraxane, liraglutide, semaglutide, and, albiglutide.
In addition, cell-based biomimetic delivery is another interesting case for biomimetic therapeutics. For instance, since the 1970s RBCs as living cell carriers have been examined for decades. Moreover, the adoption of targeted drug delivery systems further promotes the growth of biomimetics in drug delivery applications as biomimetics approaches show promising results in promoting drug efficiency in targeted drug delivery.
Key players in the medical biomimetics market are Biome Renewables, Bimitech, denovoMATRIX, BEOnChip, and Bioxegy
Key players in medical biomimetics are implementing various strategies including partnerships through mergers and acquisitions, geographical expansion, and strategic collaborations to expand their market presence.
Some of the key players in the global medical biomimetics market include Otsuka Medical Devices Group, Stryker, Abbott, AVINENT Science and Technology, SynTouch Inc, Osteopore International Pte Ltd, Vandstrom, Inc., Biomimetics Technologies Inc, Swedish Biomimetics 3000 ApS, Keystone Dental Group, LifeMatrix, Curasan, Inc, CorNeat Vision, NanoHive Medical LLC, Zimmer Biomet
Report Attribute | Details |
---|---|
Market Value in 2023 | USD 32.10 Billion |
Market Value in 2033 | USD 63.15 Billion |
Growth Rate | CAGR of 7% from 2023 to 2033 |
Base Year for Estimation | 2021 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | Type, Application, Region |
Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East and Africa |
Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa |
Key Companies Profiled | Otsuka Medical Devices Group; Stryker; Abbott; AVINENT Science and Technology; SynTouch Inc.; Osteopore International Pte Ltd; Vandstrom, Inc.; Biomimetics Technologies Inc; Swedish Biomimetics 3000 ApS; Keystone Dental Group; LifeMatrix; Curasan, Inc.; CorNeat Vision; NanoHive Medical LLC; Zimmer Biomet |
Customization | Available Upon Request |
From 2018 to 2022, the medical biomimetics market grew at a CAGR of 5%.
The global medical biomimetics market is expected to grow at a 7% CAGR from 2023 to 2033.
As of 2033, the medical biomimetics market is expected to reach USD 63.15 Billion
The wound healing segment is expected to dominate the medical biomimetics market and is expected to account for 35% market share in 2023.
The cardiovascular segment is expected to possess a 43% market share in the medical biomimetics market in 2023.
North America is expected to possess a 40% market share in the medical biomimetics market in 2023.
Asia Pacific is expected to possess a 36% market share in the medical biomimetics market in 2023.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Cardiovascular 5.2. Orthopaedic 5.3. Ophthalmology 5.4. Dental 5.5. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Wound Healing 6.2. Tissue Engineering 6.3. Drug Delivery 6.4. Other 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. South Asia 7.5. East Asia 7.6. Oceania 7.7. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Otsuka Medical Devices Group 17.2. Stryker 17.3. Abbott 17.4. AVINENT Science and Technology 17.5. SynTouch Inc. 17.6. Osteopore International Pte Ltd 17.7. Vandstrom, Inc. 17.8. Biomimetics Technologies Inc. 17.9. Swedish Biomimetics 3000 ApS 17.10. Keystone Dental Group 17.11. LifeMatrix 17.12. Curasan, Inc. 17.13. CorNeat Vision 17.14. NanoHive Medical LLC 17.15. Zimmer Biomet 18. Assumptions & Acronyms Used 19. Research Methodology
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