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Medical Biomimetics Global Market Projected to Hit $47.69 Billion with a Robust CAGR of 6.8% by 2028
Medical Biomimetics Market
According to The Business Research Company's, the medical biomimetics market size has grown strongly in recent years. It will grow from $33.8 billion in 2023 to $36.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increased biomimetic materials, increased research funding, aging population, rising chronic diseases.
The medical biomimetics market size is expected to see steady growth in the next few years. It will grow to $47.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand for organ transplants, growing awareness of biomimetics applications, rising healthcare expenditure, expanding biotechnology sector, advancements in tissue engineering. Major trends in the forecast period include Bio-inspired prosthetics, biomimetic sensors, synthetic biology applications, smart drug delivery systems, biologically inspired robotics, Personalized medicine, 3D printing technologies, artificial intelligence in diagnostics, nanotechnology applications, regenerative medicine.
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Market Drivers and Trends:
The increasing rates of obesity and heart disease are expected to propel the growth of the medical biomimetics market going forward. Obesity is a medical condition where excess body fat has accumulated to an unhealthy level, while heart disease refers to a range of conditions that affect the heart and blood vessels. Biomimetics aids in the development of assistive devices such as orthotics and prosthetics, which can help individuals with diabetes or obesity manage their conditions. For instance, in May 2022, according to the Centers for Disease Control and Prevention, a US-based government agency, severe obesity in the US increased from 4.7% to 9.2% in 2021, and adults aged 20 to 39 years had a prevalence of obesity of 39.8%, while those aged 40 to 59 years had a prevalence of 44.3%. Furthermore, in March 2022, according to a report published by the Office for National Statistics, a UK-based government department, the number of deaths from heart disease increased from 19,440 in 2020 to 20,061 in 2021. Therefore, increasing rates of obesity and heart disease are driving the growth of the medical biomimetics market.
Major companies operating in the medical biomimetics market are focused on developing innovative products with advanced technologies, such as suture anchor system to increase their profitability in market. A suture anchor system is a medical device used in orthopedic and sports medicine procedures for securing soft tissues, such as tendons or ligaments, to bone. Suture anchor systems strive to replicate and improve upon the natural attachment of soft tissues to bone, offering a functional and biomechanically optimized solution mirroring physiological tissue connections in the human body. For instance, in December 2022, Stryker Corporation, a US-based multinational medical technologies company, launches Citrefix, a disposable suture anchor system, incorporates a resorbable biomimetic anchor body using Citregen, an elastomeric material crafted from a citrate polymer, specifically engineered to emulate bone chemistry. This design allows for controlled resorption without inducing chronic inflammation. It is a disposable suture anchor system that is designed to help grafted tissue heal and healthy bone grow when used in orthopedic surgical applications.
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Major Key Players of the Market:
BASF SE, Bayer Aktiengesellschaft, Abbott Laboratories, Stryker Corporation, Zimmer Biomet Holdings Inc., Otsuka Medical Device Company Ltd., LivaNova PLC, Össur hf., Forschungszentrum Jülich GmbH, Biohorizons Implant Systems Inc., Inventia Plc, Blatchford Limited, Keystone Dental Corporation, Xtant Medical Holdings Inc., AVINENT Science and Technology, SynTouch Inc., Curasan Inc., CorNeat Vision Inc., Hstar Technologies Co. Ltd., Veryan Medical Ltd., Swedish Biomimetics 3000 ApS, Osteopore International Pte Ltd., KitoTech Medical Ltd., Vandstrom Inc.
Medical Biomimetics Market 2024 Key Insights:
• The medical biomimetics market is expected to grow to $47.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Rising Obesity and Heart Disease Rates Propel Growth in the Medical Biomimetics Market
• Innovative Product Advancement Enhances Medical Biomimetics Procedures
• North America was the largest region in the medical biomimetics market in 2023
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