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) 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), as highlighted in a new report published by Coherent Market Insights.
Adoption of inorganic strategies such as mergers and acquisitions, expansion of production capabilities, and new product development by key players for expanding their product portfolio in the market is expected to drive market growth. For instance, in September 2020, Veryan Medical- a medical device company, announced the launch of the BioMimics 3D Vascular Stent System in the U.S. The BioMimics 3D self-expanding, nitinol stent features a helical center-line design that achieved positive clinical outcomes in clinical trials.
Global Medical Biomimetics Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global medical biomimetics market. This is because of the associated restrictions and lockdowns affecting overall sales of biomimetic products owing to delayed medical surgeries and procedures. For instance, according to a report published by National Health Service (NHS)- the conglomerate name for the publicly funded healthcare systems of the U.K., in March 2021, a worldwide survey spanning 60 cardiac surgery centers identified that cardiac surgery reduced by 50–75% during the pandemic. In England, all NHS hospitals were told by NHS England’s Chief Executive to suspend all elective surgery from 15th April for at least 3 months during the pandemic.
Global Medical Biomimetics Market: Key Developments
The increasing prevalence of non-communicable diseases (NCDs) is driving demand for medical biomimetics products. For instance, according to the World Health Organization’s September 2022 reports, noncommunicable diseases (NCDs) kill 41 million people each year, which is equivalent to 74% of all deaths globally. Each year, 17 million people die from an NCD before age 70; 86% of these premature deaths occur in low- and middle-income countries. Therefore, to cope with rising disease incidence, manufacturers are focused on expanding their portfolio and geographical reach through product launches and approvals.
Browse 25 Market Data Tables and 28 Figures spread through 145 Pages and in-depth TOC on “Global Medical Biomimetics Market”- Forecast to 2030, 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)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-biomimetics-market-3786
Key Takeaways of the Global Medical Biomimetics Market:
- The global medical biomimetics market is expected to exhibit a CAGR of 6.5% over the forecast period owing to the increasing use of biomimetics to treat breast cancer. For instance, according to reports published by the American Cancer Society in 2023, around 297,790 new cases of invasive breast cancer will be diagnosed in women, and an estimated 43,700 women will die from breast cancer in 2023. The incidence rate has increased by 0.5% per year.
- Among product type, the cardiovascular segment is expected to witness significant CAGR in the global medical biomimetics market in 2020 owing to the high prevalence of cardiovascular diseases and disorders in the region. For instance, according to a report published on February 17, 2023, by the American Heart Association- a nonprofit organization in the U.S. that funds cardiovascular medical research, educates consumers on healthy living, and fosters appropriate cardiac care in an effort to reduce disability and deaths caused by cardiovascular disease and stroke, more than 122 million people in the U.S, had high blood pressure in 2022.
- Among application, the wound healing segment is estimated to hold a dominant position in the global medical biomimetics market. For instance, according to a report published in PubMed- a free biological database for medical reports, in August 2020, in the U.S., medicare cost projections for all wounds ranged from $28.1 to $96.8 billion, including costs for infection management, among which surgical wounds and diabetic ulcers were the most expensive to treat. The outpatient costs (US$ 9.9– US$ 35.8 billion) were higher than inpatient costs (US$ 5.0– US$ 24.3 billion).
- 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., Vandstorm, Inc.
