Medical Biomimetics Market, By Product Type (Cardiovascular, Ophthalmology, Dental, Orthopedic, and Others), By Application (Wound Healing, Plastic Surgery, Drug Delivery, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) -

Published In : Jul 2023

Code : CMI3786

Pages :145

Formats :

Excel and PDF

Industry : Medical Devices

Medical Biomimetics MarketSize and Trends

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).

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

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

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.