MEDICAL BIOMIMETICS MARKET ANALYSIS

The Global Medical Biomimetics Market is estimated to be valued at US$ 33.5 Bn in 2023 and is expected to exhibit a CAGR of 6.5 % during the forecast period (2023-2030).

Analysts’ Views on Global Medical Mimetics Market:

Adoption of expansion strategies by key players such as entry into new markets is anticipated to drive the growth of the global medical biomimetics market during the forecast period. For instance, on February 2020, Osteopore International Pte Ltd, a Singapore-based medical devices company and a producer of 3D-printed bioresorbable implants to assist with natural tissue regeneration, announced its plans to enter markets in China and the U.S.

Figure 1. Global Medical Biomimetics Market Share (%), by Product Type, 2023

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Global Medical Biomimetics Market – Driver

The increasing incidence of chronic diseases

The increasing prevalence of chronic diseases such as cardiovascular diseases in developed and developing economies is predicted to propel the growth of the medical biomimetics market during the forecast period. For instance, according to the data provided by the Center for Disease Control and Prevention- a science-based, data-driven, service organization that protects the public's health in the U.S., on May 15, 2023, coronary artery diseases are among the most common type of heart disease in the U.S. because of which nearly 695,000 lives were lost in 2021.

Increased research and development activities

The increasing research and development activities to invent newer medical biomimetics can drive the growth of the global medical biomimetics market. For instance, in July 2020, Corneat Vision- a clinical-stage, biomimetic implants and technology company, received regulatory approval to begin a clinical trial of the CorNeat KPro, a synthetic cornea that bio-integrates with the eye wall at Beilinson Hospital in Israel.

Figure 2. Global Medical Biomimetics Market Share (%), by Region, 2023

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Global Medical Biomimetics Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global medical biomimetics market over the forecast period. This is due to the increasing number of mergers and acquisitions in this region. For instance, on May 17, 2023, Biomerics- a U.S.-based engineering company and integrated contract manufacturer for the interventional medical device market, announced that it had entered into definitive agreements to merge with Precision Concepts Group- a manufacturer of finished medical devices, to increase its product offerings.

Global Medical Biomimetics Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global medical biomimetics market. This is because of the delays and cancellations in cardiovascular, dental, and other medical procedures. For instance, in March 2020, the American Dental Association- a U.S.-based dental association that promotes good oral health to the public while representing the dental profession, recommended dentists worldwide postpone elective dental procedures.

Global Medical Biomimetics Market Segmentation:

The global medical biomimetics market report is segmented into product type, application, and region.

By Product Type, the market is segmented into cardiovascular, ophthalmology, dental, orthopedic, and others. Out of which, the cardiovascular segment is expected to hold a dominant position in the global medical biomimetics market during the forecast period and this is attributed to the rising prevalence of the disease conditions.

By Application, the market is segmented into Wound Healing, Plastic Surgery, Drug Delivery, and Others. Out of which, the wound healing segment is expected to hold a dominant position in the global medical biomimetics market during the forecast period and this is attributed to the growing number of surgeries globally.

By Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Out of which, the North America segment is expected to dominate the market over the forecast period and this is attributed to the increasing number of research and development activities in the region.

Among all the segmentations, the product type segment has the highest potential due to the increasing prevalence of cardiovascular disorders across the world. For instance, according to a report published in Neurology- a peer-reviewed neurology journal, on May 17, 2023, deaths caused by Ischemic Stroke are expected to increase to 4.90 million by 2030.

Global Medical Biomimetics Market Cross-Sectional Analysis:

Due to the increasing prevalence of chronic wounds, wound healing is expected to be the dominant application segment in North America region. For instance, according to the data shared by Mary Ann Liebert, Inc. - a privately held independent publishing company in March 2021, chronic wounds impact the quality of life of nearly 2.5% of the total population in the U.S. and the management of wounds has a significant economic impact on health care. Given the aging population, the continued threat of diabetes and obesity worldwide, and the persistent problem of infection, it is expected that chronic wounds will continue to be a substantial clinical, social, and economic challenge.

Global Medical Biomimetics Market: Key Developments

 In February 2022, NanoHive Medical- a company specializing in 3D printed spinal interbody implants and instruments, entered into an agreement with Accelus- a company specialized in providing patients with quality surgical care, expanding the distribution network for NanoHive’s Hive Soft Titanium portfolio of interbody fusion devices in the U.S.

In September 2021, Nexa3D- a company that provides 3D printing solutions from the desktop to industrial grade with validated workflows, software, and post-production capabilities, partnered with Henkel Corporation- a Germany-based multinational chemical and consumer goods company to develop an SKOP stethoscope for WeMed based on biomimetics design developed on the NXE400 3D printer.

In December 2021, Osteopore International Pte Ltd- a bone reconstruction technology company based in Singapore and Australia, won approval from the Hong Kong regulatory authority, allowing it to market its bioresorbable polymer implants. These implants facilitate natural bone growth across a void helping tissue regeneration in rhinoplasty procedures.

In September 2021, Blatchford Limited – a company that specializes in rehabilitation and mobility, launched a new waterproof prosthetic that enables an extended range of ankle movement for users – EchelonER.

Global Medical Biomimetics Market: Key Trends

On June 7, 2020, the U.S. Centers for Medicare & Medicaid Services updated its policy to remove the same or similar restrictions on ventilators. The same or similar denials happen when suppliers submit a claim for an item that a Medicare beneficiary already rents or owns that is still within its reasonable and useful timeline, usually about five years. Same or similar restrictions were precluding many patients from qualifying for a multi-functional ventilator if they have previously billed for oxygen, nebulizer device, etc. These restrictions were removed to increase access to integrated respiratory care for ventilator users. This will give access to the benefits of respiratory cure to ventilator users.

In September 2021, Keystone Dental Inc.- an independent dental implant company operating in North America, announced that it had completed the acquisition of Osteon Medical, an Australia-based technology company providing digital solutions for clinicians and dental laboratories.

Global Medical Biomimetics Market: Restraint

Product Recalls

The advent of recall of products from market circulation can restrain the growth of the global medical biomimetics market. For instance, in October 2022, F. Hoffmann-La Roche Ltd- a Switzerland-based biopharmaceutical company voluntarily recalled its new eye therapy Susvimo- an implant approved for wet age-related macular degeneration (AMD) that works by mimicking the structure of the cornea, after suspecting leakage fears.

Strict compliance with regulatory guidelines and adopting GMP can serve as an effective counterbalance against the above restraint.

Side effects and risk of biomimetic procedures

The side effects of engineering biomimetic dental and paradental tissues can restrain the growth of global medical biomimetics market. The most common side effect is sensitivity or general discomfort after a biomimetic restorative dentistry procedure. The risks of biomimetic dentistry include further tooth decay and a potential need to have a filling or other dental procedure redone.

This can be overcome by obtaining proper guidance from doctors, surgeons, or healthcare practitioners about the potential benefits and risks of biomimetic procedures.

Global Medical Biomimetics Market - Key Players

Major players operating in the global medical biomimetics market include AVINENT Science and Technology, SynTouch Inc., Wright Medical Group N.V., EPS Vascular, Varian Medical Systems, Inc., and Vandstorm, Inc.

*Definition: Biomimetics is the field of science in which inspirations are elicited from nature to design practical materials and systems that can imitate the structure and function of native biological systems. It is the term for the use of natural models in technology innovation. In other words, in biomimetics, humans seek to use natural examples and natural systems to inform the process of building some