SEATTLE, April 20, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global medical biomimetics market was valued at US$ 26.2 billion in 2019, and is projected to exhibit a CAGR of 6.5% over the forecast period (2020–2027).
Key Trends and Analysis of the Global Medical Biomimetics Market:
Key trends in market are the rising incidence of breast cancer, cardiovascular disorders, increasing product approvals, and large potential in emerging economies is expected to fuel the growth of the medical biomimetics market.
According to Breastcancer.org, around 250,000 cases of invasive breast cancer are expected to be diagnosed in the U.S. in 2017, along with 60,000 cases of non-invasive breast cancer. This is projected to create a highly conducive environment for the growth of the global medical biomimetics market in the near future.
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Furthermore, the growing population in emerging economies such as India, and the increasing focus of regional governments on strengthening the healthcare infrastructure are expected to drive growth of the global medical biomimetics market in the near future. For instance, according to a report published by the India Brand Equity Foundation in 2019, the healthcare expenditure in India increased to 1.4% in 2018 compared to 1.2% in 2012. The report also suggested that the government of India is planning to increase public health spending to 2.5% of the country's GDP by 2025.
Key Market Takeaways:
- The global medical biomimetics market is expected to exhibit a CAGR of 6.5% during the forecast period (2020–2027) owing to the increasing incidence of chronic diseases in developing and developed economies of the world, as well as research regarding the use of biomimetics in ophthalmology and the rising healthcare expenditure. For instance, in 2019, researchers from the University of California conducted a study on the use of biomemetics in ophthalmology for neuromuscular oculomotor control.
- Key players in the market are focused on development of new products and strategic collaborations to expand their product portfolio which is expected to propel the market growth during the forecast period. For instance, in 2016, AVINENT Science and Technology launched the new Biomimetic PEARL mini implant, a minimally invasive solution for removable prosthesis.
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Key players operating in the global medical biomimetics market are—
AVINENT Science and Technology, SynTouch Inc., Wright Medical Group N.V., EP Endovascular AB, Varian Medical Systems, Inc., Abbott, Osteopore International Pte Ltd., and Applied Biomimetic
Market Segmentation:
- Global Medical Biomimetics Market, By Product Type:
- Cardiovascular
- Ophthalmology
- Dental
- Orthopedic
- Others
- Global Medical Biomimetics Market, By Application:
- Wound Healing
- Plastic Surgery
- Drug Delivery
- Others
- Global Medical Biomimetics Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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