Medical Biomimetics Industry Overview, Company Statistics, Research Report, 2024: Fractovia.org
Medical Biomimetics Market is gaining high popularity as a future technology owing to enhanced support in the form of government funding for conducting advanced research pertaining to this this technology. For instance, the national cancer institute (NCI) and national institutes of health (NIH) are investing heavily in biomimetic tissueengineering technologies to support the cancer research. Furthermore, growing oldage population, an increase in the rate of organ failure, and breakthroughs in nanotechnology are predicted to fuel the medical biomimetics market growth over the coming years. As per the UN, the global aging population which was nearly 809 million in 2012, is expected to reach approximately 2 billion by 2050. The UNOS (United Network for organ sharing) data figures display that there was a fifteen-fold rise in the number of patients requiring liver transplantation in the past 10 years and it is predicted to grow further in future with the rise in geriatric population as the rate of organ failure in elderly people is higher. This is expected to boost the application of medical biomimetics technologies for organ regeneration. According to Global Market Insights Inc. reports, “The medical biomimetics market worth USD 21.4 billion in 2015, is forecast to reach USD 34.4 billion by 2024, growing at a CAGR of 5.5% over the period of 2016-2024.�
Medical Biomemetics technology finds applications in plastic surgery, drug delivery, wound healing, and tissue engineering. It finds large applications in tissue engineering sector due to the recent technological breakthroughs in tissue & organ regeneration coupled with a rise in chronic ailments. Amongst the various kinds of medical biomimetics such as cardiovascular, dental, orthopedic, and ophthalmology, the cardiovascular medical biomimetics market dominated the global industry share by accounting for 36% of the overall share in 2015. It is expected to grow at a CAGR of 5.6% over the period of 2016-2024 owing to the growing occurrence of cardiovascular disorders in the rapidly increasing geriatric population. Furthermore, inactive lifestyle, growing obesity, and enhanced government support in the U.S. and Europe, is predicted to stimulate the cardiovascular medical biomimetics demand. The North America medical biomimetics market share worth USD 10 billion in 2015, is predicted to witness a heavy surge over the period of 2016-2024 owing to the fast1|Page