Medical Biomimetics Market Analysis

Medical Biomimetics Market Analysis

The key players are highly invested in research and development activities for advanced and novel medical biomimetics will offer lucrative growth opportunities in the market. Several companies and organizations are providing funds to research institutes and universities to conduct research on biomimetics and its applications. Furthermore, numerous companies are undergoing collaborations and partnerships with research institutes and organizations for advancement in biomimetics.

Medical biomimetics market was affected by COVID-19 pandemic owing to restrictions on manufacturing units, disruption of supply chain and ban on import-export. Restrictions on travelling and limitations of healthcare infrastructure hampered the development and sales of the products as well as collaborations and partnership opportunities. However, use of biomimetics conjoining pathways in drug discovery, medical devices and nano molecules for COVID-19 treatment will positively impact on the industry progression.

The cardiovascular segment captured 40% of the medical biomimetics market share in 2020 led by the high prevalence of cardiovascular disorders. In addition, increasing usage of sedentary lifestyle and unhealthy diet among population leads to high risk of cardiac diseases. Advanced technological applications in biomimetics and tissue regeneration have enabled innovations in treatment of cardiovascular diseases and to improve heart function. The involvement of R&D activities to develop advanced biomimetics for heart health will propel the segment growth.
 

Drug delivery segment in the medical biomimetics market exceeded USD 6.5 billion in 2020. Growing adoption of three dimensional biomimetics models in controlled drug delivery in major economies has increased the industry demand. Advanced biomimetics technology-enabled devices assist in treatment of several conditions. Firms are involved in developmental activities to build strong product pipeline for drug delivery systems. The use of advanced medical engineering technologies and nanotechnology-enabled delivery of vaccines for better outcome will fuel the market revenue. Also, the use of biomimetics-based devices for drug delivery of nanocarriers is growing.
 

North America medical biomimetics market accounted for 45% of revenue share in 2020 due to the presence of leading companies with strong product demand in the industry. Surge in incidence of chronic diseases such as organ failure in region is driving the industry value. These biomimetics-based devices offer better and biocompatible solutions for organ transplantation.
 

According to Centers for Disease Control and Prevention (CDC), in 2018, 51.8% of US adults suffering from at least 1 chronic condition, and 27.2% suffering from multiple chronic conditions. Expansion of manufacturing capacities will further boost product availability and sales. Moreover, increasing number of products in portfolio will influence the regional growth in the coming years.