Medical Biomimetics Market Size is projected to reach USD 54.25 billion by 2031, growing at a CAGR of 6.5%: Straits Research

The rising prevalence of chronic conditions such as cardiovascular disease in developed and developing economies is expected to drive the global market over the forecast period.

New York, United States, March 14, 2024 (GLOBE NEWSWIRE) — Medical biomimetics, also known as biomimicry or bioinspired technology, is a field that creates and develops novel medical treatments, systems, and technologies using natural inspiration. It involves studying biological systems and processes in living species like animals, plants, and microorganisms and applying natural principles and designs to tackle medical and healthcare problems. This technique leverages natural solutions’ efficiency, adaptability, and elegance to create novel goods and therapies.

In addition, there have been exciting advances in developing surgical equipment. These biomimicry-inspired surgical instruments feature characteristics seen in hands, feet, and mouths, such as cutting, stinging, sucking, and gripping. The increasing demand for implants and prostheses to meet the demand for organ transplantation, especially among older people, is a primary driver of the medical biomimetics market. Medical biomimetics is critical since it is commonly considered that no design breakthrough is possible unless nature is exploited as a possible model. The recent application of biomimetic technology for organ regeneration will drive medical biomimetics market growth in the coming years.

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Increasing Prevalence of Chronic Diseases Drives Market Growth

According to Straits Research, “The global medical biomimetics market size was valued at USD 30.78 billion in 2022 and is projected to reach USD 54.25 billion by 2031, registering a CAGR of 6.5% during the forecast period (2023-2031).” The medical biomimetics market will grow due to the increased prevalence of chronic diseases in developed and developing nations, including cardiovascular disease. On May 15, 2023, the Centers for Disease Control and Prevention released data showing that coronary artery disease is the most common type of heart disease in the U.S., killing nearly 695,000 people in 2021.

Cancer is often persistent and requires long-term treatment. Nanoparticles and medication delivery systems that replicate natural processes target cancer cells accurately, reducing side effects and improving cancer treatment. According to the World Cancer Research Fund, 19.3 million new cases and 10 million cancer-related deaths are projected in 2020. Biomimetic cancer treatments may improve quality of life and outcomes. Globally, chronic disorders are a promising medical biomimetics market trend.

Advanced Diagnostics Creates Opportunities

Biomimetic technologies offer a great opportunity to build diagnostic tools for more accurate and early sickness diagnosis. Diagnostics can greatly improve patient prognosis and treatment efficacy. Biomimetic ultrasound and sonar were inspired by bat and dolphin echolocation. These devices provide high-resolution internal images using sound waves. These innovative diagnostic devices mimic natural echolocation to detect flaws and diseases early.

MRI contrast and specificity have been improved via biomimetic approaches. Researchers have created contrast agents that mimic marine animals’ magnetic characteristics. Tissue and organ imaging is more precise using biomimetic contrast chemicals. Numerous scientific articles and conferences have included Biomimetic MRI contrast compounds to improve this widely used imaging method’s diagnostic capabilities.

Regional Insights

North America is the most significant global market shareholder and is estimated to grow at a healthy CAGR over the forecast period. The region’s significant stake is attributed to factors such as high research and development activity, the adoption of novel technologies, discretionary money, and prominent market participants. The expansion of the market is propelled by companies such as BioHorizons, Keystone Dental Group, Curasan, Inc., and Zimmer Biomet, with advancements in biomimetics product manufacturing technology. The prevalence of dental problems is increasing, necessitating the utilization of dental biomimetics products, allocation of government financing towards biomimetics research, and the growing affluence in developed countries. 

Furthermore, a sophisticated reimbursement structure to reduce spending boosts industry growth. Thus, such variables expand markets. The medical biomimetics market is expected to develop due to the US’s large regional market share. According to the Administration on Aging (AoA), the US 65+ population rose 36% from 39.6 million in 2009 to 54.1 million in 2019 and is anticipated to reach 94.7 million in 2060. Eighty-eight million older persons will exist by 2040, double the 2000 figure. Thus, the region’s growth is due to an aging population and chronic disease. Market growth is also expected due to strong healthcare infrastructure, high purchasing power, and rising medical biomimetics acceptance.

The Asia-Pacific medical biomimetics market is expected to grow rapidly due to increased investment in medical and healthcare infrastructure, a large patient population, growing awareness and adoption of new technology, and government initiatives to boost biotechnology growth. The increasing prevalence of cardiovascular and musculoskeletal disorders in this region and the growing economic capabilities of China and India are key factors contributing to expanding the medical biomimetics market. In 2023, India had the highest population count, at 1,428,627,663 individuals, while China ranked second with a population of 1,425,671,352.

Key Highlights

  • Ophthalmology, Cardiovascular, Orthopedic, and Dental diseases are classified based on disease type. Cardiovascular diseases have an impact on market growth.
  • The application section includes wound healing, tissue engineering, and drug delivery applications. The market is dominated by wound healing.
  • Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America is the most significant global market shareholder and is estimated to grow at a healthy CAGR over the forecast period. 

Competitive Landscape

The key players in the global medical biomimetics market are 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, and Zimmer Biomet.

Market News

  • In August 2023, Otsuka Medical Devices and Recor Medical announced that the ParadiseTM Ultrasound Renal Denervation System for the Treatment of Hypertension received a favorable FDA Advisory Committee Meeting Vote.
  • In October 2023, Stryker’s Q Guidance System with Spine Guidance Software was utilized to complete approximately 2,400 surgical procedures in the first year.

Global Medical Biomimetics Market: Segmentation

By Disease Type

  • Ophthalmology
  • Cardiovascular
  • Orthopedic
  • Dental
  • Others

By Application

  • Wound Healing
  • Tissue Engineering
  • Drug Delivery
  • Others

By Region

  • North America
  • Asia-Pacific
  • Europe
  • The Middle East and Africa
  • Latin America

Get Detailed Market Segmentation @ https://straitsresearch.com/report/medical-biomimetics-market/segmentation

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