Market Research Report
Medical Biomimetics Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024
|Published by||Global Market Insights Inc.||Product code||766039|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Medical Biomimetics Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024|
|Published: December 7, 2018||Content info: 120 Pages||
Medical Biomimetics Market Size By Product [Cardiovascular, Orthopedic (Prostheses, Exoskeleton), Ophthalmology, Dental], By Application (Plastic Surgery, Wound Healing, Tissue Engineering, Drug Delivery), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024.
Medical Biomimetics Market will reach over USD 34 billion by 2024; as per a new research report.
Increasing rate of organ failure coupled with growing geriatric population base will act as growth impact rendering factors for medical biomimetics market during the forecast timeframe. As per the U.S. Census Bureau's 2017 National Population Projections, there will be nearly 78 million people aged more than 65 years, while 76.7 million under 18 years of age in the U.S. by 2035, thereby escalating demand for biomimetics products in coming future.
High adoption of western culture, unhealthy diet and physical inactivity has led to rising incidences of cardiovascular diseases, resulting in increased demand for biomimetic cardiovascular products. Numerous applications of biomimetics in healthcare industry including fields such as dentistry, orthopedics, cardiovascular, and ophthalmology should stimulate business growth during the analysis period.
Increasing R&D activities pertaining to development of innovative biomimetic products along with advancements in nanotechnology, tissue engineering utilizing biomimetics technology should positively impact industry expansion. However, high capital investment in R&D along with stringent regulations will hinder industry growth during the forecast timeframe.
Orthopedic product segment accounted for more than 30% market share in 2017 and is estimated to witness significant growth during the forecast period owing to growing demand for orthopedic prosthesis and implants. For instance, increasing number of accidents and injuries has escalated demand for prosthetic limbs. Technological advancements including development of Augment Bone Graft should positively impact segmental growth.
Application segment of medical biomimetics market includes plastic surgery, wound healing, tissue engineering, drug delivery and others including nanomedicine, drug discovery, enzymatic modification, and medical engineering. Plastic surgery application segment will witness 6.1% CAGR over the coming years due to wide application of biomimetics in plastic surgery for scaffold formation. It is also used in craniofacial surgery for restoration of facial aesthetics, function and form.
Germany medical biomimetics market dominated European region in 2017 and is anticipated to grow at 5.5% during the forecast period. High technological adoption, rising geriatric population prone to suffer from organ failure and increasing incidences of ophthalmology, orthopedic and cardiovascular disorders in the country are driving factors for Germany market.
Saudi Arabia medical biomimetics market will witness 6.0% CAGR during the forecast timeframe. Growing demand and adoption of cosmetic surgical procedures among women, technological advancements and rising awareness should drive Saudi Arabia medical biomimetics industry during the analysis period. Rising incidences of coronary heart disease coupled with growing uptake of unhealthy habits such as alcohol consumption and tobacco smoking will augment demand for biomimetic products in the region.
Few notable companies operating in global medical biomimetics market are
Abbott, Veryan Medical, Biomimetics Technologies, Avinent, BioHorizons, Applied Biomimetic, and BioHorizons IPH. Industry players are collaborating with universities and other research institutes to strengthen development of innovative biomimetic products. In December 2018, University of Minnesota Technology Commercialization announced launch of Vascudyne Inc., start-up company focusing on development of biologically engineered tissue offering regenerative capacity for therapeutic and medical applications.