Medical Biomimetics Market Size, Growth Analysis Report, Forecast to 2033
During the forecast period 2023-2033, the Medical Biomimetics Market is expected to grow at a value of 7% CAGR, according to Future Market Insights. By the year 2033, the global market for medical biomimetics is expected to rise up to a market valuation of US$ 63.15 Billion.
Growing
advancement in nanotechnology, increasing demand for prostheses and implant, rise
in R&D activities associated with medical biomimetics and strategic
activities by key market players are the major factors which are likely to
drive the market growth.
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Diseases
affecting the cornea are most important cause of blindness across the globe.
According to the WHO, around 2 million new cases of corneal blindness are reported
every year. More than 30 million people across the globe are blind in one or
both eyes from corneal disease and injury, while several suffer from degraded
visual acuity. Numerous attempts to create reliable, robust, and scalable
solutions for artificial cornea have been unsuccessful.
As
such, there exists an unmet need, the research and development activities are
being carried out for affordable and long-lasting solutions for pathology,
injury, and corneal blindness. For instance, in March 2022, researchers from
the Centre for LV Prasad Eye Institute, IIT-Hyderabad and Cellular, and
Molecular Biology developed an exclusive biomimetic corneal hydrogel,
manufactured from discarded human corneas, which can be used for the treatment
of corneal scarring, the main cause of corneal blindness. Furthermore, with the
escalating number of accidents, the implementation of biomimetics for
orthopaedics is projected to boom. According to Association for Safe
International Road Travel, every year about 20 to 50 million people worldwide
suffer from injuries that leads to permanent disability. Hence, such factors
are estimated to impact positively the growth of the medical biomimetics
market.
Key
Takeaways from the Market Study
- By product, cardiovascular
segment is expected to possess 43% market share for medical biomimetics
market in 2023
- By application, the wound
healing segment is expected to dominate the medical biomimetics market and
expected to account for 35% market share in 2023
- North America is expected to
possess 40% market share for medical biomimetics market in 2023
- Asia Pacific is expected to
possess 36% market share for medical biomimetics market in 2023
“The
increasing prevalence of diseases along with development of technologically
advanced equipment is contributing to medical biomimetics market,” comments a Future Market Insights analyst.
Competitive
Landscape
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
Numerous
companies in the medical biomimetics market are expanding their products in
emerging markets.
- In November 2021, Osteopore has
been granted a patent in China for its smart 3D biometric scaffolds. The
technology was developed with scientists from NTU Singapore and was
previously granted a European patent in early 2021. This patent is
anticipated to create numerous research and development opportunities in
the Chinese market and allows the company to tap into local expertise as
part of its product advancement process.
- In April 2021, Curasan AG
expanded its distribution network in Europe, the company has added Silesia
Dental and Implants Diffusion International SARL to its European
distribution network.
Key
Segments Profiled in the Medical Biomimetics Industry Survey
Type:
- Cardiovascular
- Orthopaedic
- Ophthalmology
- Dental
- Others
Application:
- Wound Healing
- Tissue Engineering
- Drug Delivery
- Other Applications
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