PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419040
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419040
Medical Biomimetics Market size was valued at USD 31,430.4 Million in 2022, expanding at a CAGR of 9.2% from 2023 to 2030.
Biomimetics encompasses an interdisciplinary field that merges principles from biology, chemistry, and engineering to synthesize materials, machines, or artificial systems replicating biological processes. Applications of biomimetics extend to drug delivery, tissue engineering, and regenerative medicine, offering promising approaches for combating severe diseases like cancer. The rapid expansion of the medical biomimetics market primarily stems from increased government funding for biomimetics-related research, coupled with advancements in medical engineering and nanotechnology within the healthcare sector. Within bioengineering, medical biomimetics represents the fastest-growing domain, mimicking animal and plant features to deliver treatment, safeguard against bacteria and illnesses, and manage diseases. Recognized as a technology leveraging nature for human life improvement, medical biomimetics sees heightened adoption in the development of surgical devices and instruments. For instance, in September 2021, Nexa3D collaborated with Henkel to pioneer the world's inaugural connected SKOP stethoscope for WeMed. Utilizing biomimetics design and crafted on the NXE400 3D printer using Henkel materials, the WeMed SKOP stethoscope stands as the initial connected stethoscope manufactured additively.
The rise in biomimetics' utilization within tools and devices for artificially crafting organs is primarily attributed to the vulnerability of the elderly to organ dysfunction and failure. The growing awareness and adoption of biomimetics have notably bolstered organ transplantation efforts, driving the market's continuous expansion in the years ahead. While encouraging organ donation remains crucial globally, the imperative to develop alternative solutions, such as bioengineering, is equally vital. Numerous companies are actively engaged in advancing biomimetics-based products. For example, CorNeat Vision has pioneered the CorNeat KPro implant, a patented synthetic cornea offering a durable medical remedy for corneal injury and blindness. Currently progressing through the CE marking and 510K clearance pathway, the product is anticipated to receive marketing approval by late 2024. Moreover, in October 2021, the company secured a substantial USD 2.44 million grant from the European Innovation Council to bolster clinical activities, automation, and manufacturing processes. This strategic funding aims to facilitate the company's entry into the market with this groundbreaking solution.
The Global Medical Biomimetics Market is segmented on the basis of Product, Application, and Region.
The market is divided into five categories based on product: Cardiovascular, Orthopedic, Ophthalmology, Dental and Others. The cardiovascular sector emerged as the leading segment in the medical biomimetics market, securing the largest share of revenue in 2022. Cardiovascular disease (CVD) stands as the primary global cause of mortality, impacting 17.9 million deaths annually. Annually, over 2.1 million individuals worldwide receive CVD implants to prevent fatalities. Additionally, the introduction of advanced technological products, coupled with government funding, presents promising prospects for this segment throughout the projected period.
The market is divided into four categories based on Application: Wound Healing, Tissue Engineering, Drug Delivery and Other Applications.The wound healing domain led the charge in the medical biomimetics market, claiming the highest revenue share in 2022. The increasing demand for wound care products and healing solutions is attributed to the escalating number of surgical procedures and the growing prevalence of chronic illnesses worldwide. Further, this segment is poised for continual growth due to specific demographic shifts, including an aging population, heightened incidence rates of diabetes and obesity, and the subsequent rise in susceptibility to non-healing chronic wounds. In the United States alone, the prevalence of chronic wounds in 2021 affected roughly 2% of the population, accounting for approximately 6.9 million individuals grappling with such conditions. Moreover, the expanding populace requiring enhanced treatments poses a substantial financial burden on healthcare systems. The expenses associated with managing chronic wounds are sharply escalating, with the projected annual cost in the U.S. exceeding USD 28 billion.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies involved in Medical Biomimetics adopt a multifaceted approach to innovation, amalgamating extensive research leveraging insights from biological systems and engaging in interdisciplinary collaborations to craft biomimetic products and technologies. Through emulating nature's efficiency and functionality, these entities produce pioneering solutions such as prosthetics replicating natural movement or drug delivery systems mirroring biological transport mechanisms. Collaborations with academic institutions and strict adherence to regulatory standards are pivotal, ensuring safety and efficacy before commercialization. Moreover, strategic market positioning, ongoing innovation, and stakeholder education aid in the widespread acceptance and adoption of these biomimetic advancements in the medical sphere. Key players in medical biomimetics are implementing diverse strategies encompassing partnerships via mergers and acquisitions, geographical expansion, and strategic collaborations to augment their market presence.
In November 2021, Otsuka Medical Devices Co., Ltd. introduced the BioMimics 3D Vascular Stent System, a product instrumental in addressing acute blockages resulting from unsuccessful treatments in patients.
Similarly, in February 2022, NanoHive Medical, LLC, a leading innovator in 3D printed biomimetic spinal interbody fusion solutions, disclosed a distribution agreement with Accelus, furthering their reach and distribution capabilities for their groundbreaking spinal solutions.
The scope of this report covers the market by its major segments, which include as follows: