February 14, 2020
According to the research report titled ‘Medical Biomimetics Market Size By Product [Cardiovascular, Orthopedic (Prostheses, Exoskeleton), Ophthalmology, Dental], By Application (Plastic Surgery, Wound Healing, Tissue Engineering, Drug Delivery), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global medical biomimetics market is expected to be worth USD 35 billion by the year 2025.
According to the report, high occurrence of organ failure along with growing elderly population are major factors driving the medical biomimetics market growth. Rising adoption of unhealthy diet and sedentary lifestyle has led to rising prevalence of cardiovascular diseases. This factor along with increasing utilization of biomimetics in ophthalmology, cardiology, orthopedics, and dentistry are further aiding the market expansion. Moreover, rising R&D activities for the development of innovative products in tandem with robust advancements in tissue engineering and nanotechnology are fostering the product demand across the globe. However, costly R&D activities coupled with strict government regulations may hinder the market growth.
As per product type, the report states that orthopedic biomimetics market segment held 30% share in the year 2018 and is expected to register continuous growth during the estimated timeframe. Growing demand for orthopedic implants and prosthesis in consort with development of bone graft is contributing towards the popularity of orthopedic biomimetics across the globe.
Based on the application spectrum, the plastic surgery segment is expected to grow with a CAGR of 6.3% during the period of 2019-2025. Increasing usage of biomimetics in plastic surgery applications for scaffold formation and craniofacial surgery in order to restore facial form, function and aesthetics are stimulating the industry outlook.
Considering the geographical landscape, the report cites that Germany held the largest share of Europe medical biomimetics industry in the year 2018 and is presumed to expand with a CAGR of 5.8% through 2025. Rising prevalence of cardiovascular, orthopedic, and ophthalmology disorders, rising elderly population susceptible to organ failure, and technological advancements are augmenting the demand for medical biomimetics across Europe.
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On the other hand, medical biomimetics market in Saudi Arabia is expected to grow with a CAGR of 5.2% between 2019 and 2025. Rising preference for cosmetic surgeries among women, increasing awareness pertaining to medical biomimetics, and advancements in healthcare technology are favoring the market outlook. Increased pervasiveness of coronary heart diseases and rising adoption of unhealthy habits such as smoking and alcoholism are contributing towards the growth of Saudi Arabia medical biomimetics industry.
The prominent companies operating in the medical biomimetics market are Applied Biomimetic A/S, Veryan Medical, SynTouch LLC, Helmholtz Zentrum Geesthacht Zentrum für Material-und Küstenforschung GmbH, Hstar Technologies Corporation, Forschungszentrum Jülich GmbH, Chas A Blatchford & Sons Ltd. (Endolite), BioTomo Pty, Ltd. (Biomimetics), BioMimetic Laboratories, Inc., BioHorizons, Avinent Implant System, and Abbott.
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