Medical Biomimetics Global Forecasts Report 2024: Market to Reach $81.79 Billion by 2034 from $35.95 Billion in 2023 as Personalized Medicine Trends Elevate Biomimetic Device Developments
Dublin, Jan. 09, 2025 (GLOBE NEWSWIRE) — The “Medical Biomimetics Market by Type, by Application, by End-User, and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global medical biomimetics market size was estimated to be USD 35.95 billion in 2023 and is expected to reach USD 81.79 billion by 2034 with a CAGR of 7.76% during the forecast period 2024-2034.
The market will grow as a result of technological advancements in biomimetic devices, an aging population, an increase in chronic diseases and organ failure, higher investments in research and development, and an emphasis on personalized medicine.Strategic collaboration is pivotal in driving growth within the medical biomimetics market. Collaborations enable companies to leverage each other’s strengths, innovate more rapidly, and expand their market presence. A notable example of this trend occurred on May 17, 2023, when Biomerics announced its merger with Precision Concepts Group, illustrating how such partnerships can enhance product offerings and capabilities.
North American region is anticipated for the highest revenue share during the forecast period owing to the advanced healthcare infrastructure, high adoption of innovative technologies, and increasing prevalence of chronic diseases.
Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the growing healthcare investments, expanding patient population, and rising adoption of advanced medical technologies. For instance, Stryker extended its research and development to include a medical device testing facility in India in June 2024. To assure the quality and safety of their new goods, the business expanded its enormous R&D center in India, which was originally dedicated to medical technology innovation, to incorporate state-of-the-art testing labs.
By type, the cardiovascular segment accounted for the highest revenue-grossing segment in the global medical biomimetics market in 2023 owing to the increasing prevalence of cardiovascular diseases, the demand for advanced cardiac therapies, and innovations in biomimetic technologies that enhance patient care and treatment outcomes.
For instance, in May 2023, scientists at North Carolina State University created and evaluated a range of textile fibers with the ability to flex and exert force, much like a muscle. The first study, which was published in Actuators, examined the impact of materials on the contraction length and strength of artificial muscles. Researchers may be able to modify the fibers for various uses with the aid of these results. Additionally, the orthopedics segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing prevalence of musculoskeletal disorders, advancements in minimally invasive surgical techniques, and the rising adoption of innovative orthopedic devices that improve patient outcomes.
By application, the wound healing segment accounted for the highest revenue-grossing segment in the global medical biomimetics market in 2023 owing to the increasing number of surgical cases, rising chronic diseases, and growing demand for advanced wound care solutions incorporating biomimetic technologies.
For instance, Nobel Biocare will introduce Creos Syntogain, a new regeneration product line under the Creos brand, in January 2023. MimetikOss, also known as Creos Syntogain, is a popular biomimetic bone graft substitute that has been on the Spanish market since 2016. Its goal is to promote successful regeneration. Additionally, the drug delivery segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for targeted therapies, technological advancements, and the rising prevalence of chronic diseases.
By end-user, the hospital segment accounted for the highest revenue-grossing segment in the global medical biomimetics market in 2023 owing to the rising adoption of biomimetic technologies for advanced treatments, increasing patient admissions, and growing demand for specialized healthcare services.
For instance, OsStic was designated as a “Breakthrough Device” by the FDA in December 2023. This important breakthrough, which highlights developments in the medical technology industry, is the result of GP Bio Ltd. and PBC BioMed’s ten-year collaboration. Additionally, the ambulatory surgery clinics segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing preference for outpatient procedures, cost-effectiveness, and advancements in minimally invasive surgical techniques.