Medical Biomimetics Market Growth, Industry Overview & Opportunities 2024
Date: 2018-09-05   Author: Rahul Sankrityayan  Category: #industry

Medical Biomimetics Market was valued at USD 21.4 billion in 2015 and is anticipated to witness 5.5% CAGR growth from 2016 to 2024.

Medical biomimetics market will witness a robust growth owing to the advancements in nanotechnology. Advancement such as development of materials that can be integrated with natural tissues without causing infection or rejection in human body. Another advancement is the production of nanosized machines capable of moving particles by mimicking molecular transport systems in the body. Increasing utilization of nanotechnology tools by biomimetic engineers to investigate the cell organelles and interactions between cells will propel the business growth.

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Increasing demand of organ transplantations among growing geriatric population worldwide will further drive the market growth. As per World Population Prospects, global population aged 60 or over from 962 million in 2017 will rise to 2.1 billion in 2050 and 3.1 billion in 2100. In 2017, 56,181 number of candidate aged 50-60 years were on the organ waiting list and this number is expected to grow at a faster rate in the coming years Increasing demand for implants and prosthesis to address the urgent need of organ transplantation among the elderly population will stimulate the industry growth.

Stringent clinical and regulatory requirements and high cost associated with medical biomimetics may hamper the market growth. Lack of skilled medical professionals, low resources, and challenges faced by biomimetics in determining relationship between nano- and microstructures functions with the organism and the environment will further restrain the growth opportunities in the market.

Orthopedic segment is set to experience robust growth in the forecast timeframe owing to increasing utilization of biomimetic porous titanium scaffolds for orthopedic applications. Biomimetic synthetics are being used to encourage bone regeneration and interaction with orthopedic implants. Incresing development of metallic materials offering excellent biocompatibility, lower elastic modulus, high strength-to-weight ratio and superior corrosion resistance required for orthopedic implants will stimulate the segment growth.

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Plastic surgery segment will highly contribute to the medical biomimetics market in the forecast period owing to the increasing deployment of biopolymers in clinical applications. Increasing developments in stem cell isolation, biomaterials, differentiation and growth factors as well as biomimetic environments have created enormous opportunities to fabricate tissues in the laboratory. Increasing demand for 3D tissue reconstructive methods and the appropriate supporting biomimetic materials for repairing bone and skin will escalate the segment growth.

U.S. region will dominate the medical biomimetics market owing to rising awareness regarding role of medical biomimetics in the development of implants and artificial organs for replacement of diseased and injured hard tissues such as teeth, bone and joints. Increasing geriatric population, high adoption of medical biomimetic products, high affordability for expensive procedures and presence of developed healthcare infrastructure will lead to regional growth during the forecast period.

Some of the key industry players are Avinent, Applied Biomimetic, BioHorizons, Biomimetics Technologies, Veryan Medical, Forschungszentrum Julich, Küstenforschung GmbH, Hstar Technologies Corporation and Chas A Blatchford & Sons. The strategic initiatives adopted by these companiesinclude innovative product launches, acquisitions, geographical expansion and collaborations.



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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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