Medical Biomimetics Market to touch $34 bn by 2024| Prominent Players: Avinent, Biomimetics Technologies, BioHorizons

Global Medical Biomimetics Market is set to exceed USD 34 billion by 2024; according to a new research report by Global Market Insights. 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 Medical Biomimetics 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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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.

Cardiovascular products apparently, gained extensive momentum in the year 2017, contributing to the expansion of medical biomimetics market. Apparently cardiovascular products dominated the medical biomimetics industry in the year 2017, primarily owing to the surging prevalence of cardiovascular disorders across the developed and developing countries. The rising adoption of a sedentary lifestyle and an unhealthy diet will further propel the growth of this segment – estimates claim that cardiovascular medical biomimetics market size is expected to record a CAGR of 5.9% over 2018-2024. The numerous technological advancements in conjunction with the rising R&D programs – like the development of an advanced biomimetic heart will further expedite cardiovascular medical biomimetics market share.

Speaking of the regional landscape, it is prudent to state that the United States is bound to emerge as one of the most profitable revenue grounds for medical biomimetics market. Seemingly, the U.S. dominated the North America medical biomimetics industry in 2017 and is anticipated to cross a valuation of USD 15.1 billion by 2024. Aided by the increasing number of people suffering from chronic conditions such as cardiac disorders, rising rate of organ transplantation and presence of organization such as 3B’s Research Group that has collaborated with universities to advance research regarding biomaterial and development of biomimetic products will drive U.S. medical biomimetics market.

The growth of the U.S. medical biomimetics market 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.

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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.

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This release was published on openPR.