Medical Biomimetics Market Professional Survey | Key Players: Avinent, BioHorizons IPH, Inc, Biomimetics Technologies, Inc, BioTomo Pty., Ltd

Global Medical Biomimetics Market to reach USD 34.4 billion by 2024; as per a new research report by Global Market Insights, Inc. Increasing geriatric population should act as high impact rendering factor for medical biomimetics market. Increasing rate of organ transplantation has accelerated demand for prosthesis and implants. According to U.S. government’s data, around 34,770 transplants were conducted in the country in 2017. Growing adoption of biomimetic technology for organ regeneration coupled with increasing research activity pertaining to application of biomimetics in healthcare should drive medical biomimetics industry.

High rate of organ failure among elderly population, should substantially increase demand for biomimetics in coming future. Several applications of biomimetics in medical fields including dentistry, orthopedics, cardiology, ophthalmology and others should positively impact market size growth. Moreover, significant progress of tissue engineering, nanomedicine and several medical fields utilizing biomimetics should escalate business growth. However, stringent regulations will restrain industry growth to certain extent during the forecast period.

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According to UN estimates, global geriatric population was projected to be more than 800 million in 2012, and is slated to hit 2 billion by 2050. With the growing elderly patient base, vulnerable to harmful disorders and subsequent organ failure, the number of organ transplants are expected to rise significantly. This will suitably impel medical biomimetic industry size in the years ahead.

Biomimetics find applications across tissue engineering, plastic surgery, drug delivery and wound healing. High grade technological advancements in organ and tissue regeneration and the rising occurrence of chronic ailments have contributed to the lucrative growth of tissue engineering market, which will directly impact medical biomimetics industry.

Tissue engineering and drug delivery were two of the applications that majorly contributed toward the growth of medical biomimetics market in 2015. Tissue engineering sector has witnessed the artificial design and production of biomimetic scaffolds that mimic characteristics of the natural ECM, such as adhesion, differentiation supporting cell seeding, and proliferation, which will fuel global medical biomimetics industry.

The growth of the U.S. medical biomimetics industry can also be credited to the huge geriatric patient pool and an increased number R&D medical activities. Besides, tremendous technological advancements, increased patient spending capacity on healthcare, and the rising prevalence of cardiovascular ailments should also expedite U.S. medical biomimetics industry share.

Major participants operating in global biomimetics industry include HStar Technologies Corporation, Forschungszentrum Jülich, Avinent, Biomimetics Technologies, BioHorizons, and Applied Biomimetic. This market is rather fragmented and includes the presence of numerous small and medium sized enterprises and research organizations. Global medical biomimetics market size is rather dynamic, subject to the numerous technological innovations, which have unlocked potential growth opportunities for market players to diversify their product offering and expand their global presence.

The latest trend in medical biomimetics industry is that of nanotechnology. This technology will help generate biomimetic materials that will aid biological recognition for tissue engineering devices and for drug targeting. Additionally, it will also help synthesize protein delivery systems and biomimetic gels. The rapid advancements in the field of nanotechnology will thus, favorably influence medical biomimetics market growth.

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Few of leading market players operating in global medical biomimetics industry are Abbott, Biomimetics Technologies, BioHorizons IPH and Veryan Medical. Companies are adopting growth strategies such as novel product development and introduction along with collaboration to reap profits in the market. Biomimetics Technologies Inc. is focusing on partnerships for development of its skin care products, aimed at fortification of its product base.

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This release was published on openPR.