Medical Biomimetics Market to Reach $68.9 Billion, Globally, by 2031 at 7.2% CAGR: Allied Market Research

A rise in the incidence of heart and dental diseases, a rise in incidence of trauma and accidents, increase in awareness regarding biomimetics product in developing countries, an increase in the number of clinical trials of biomimetics products, and a rise in the discovery & development of effective medical biomimetics product drive the global medical biomimetics market.

PORTLAND, Ore., Feb. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Biomimetics Market by Disease Type (Cardiovascular, Orthopedic, Ophthalmology, Dental, Others), by Application (Wound Healing, Tissue Engineering, Drug Delivery, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global medical biomimetics industry was valued at $35.4 billion in 2021 and is estimated to generate $68.9 billion by 2031, witnessing a CAGR of 7.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

A rise in the incidence of heart and dental diseases, the rise in incidence of trauma and accidents, increase in awareness regarding biomimetics product in developing countries, increase in the number of clinical trials of biomimetics products, and a rise in the discovery & development of effective medical biomimetics product fuel the growth of the global medical biomimetics market. However, strict regulatory rules and high per-unit cost of production, complications with implant procedure, and shortage of skilled surgeons especially in developing economies hinder the global market growth. On the other hand, a rise in R&D investments, a significant increase in capital income in developed countries will present new growth opportunities for the global medical biomimetics market in the coming years.

Covid-19 Scenario

• The outbreak of the COVID-19 pandemic negatively impacted the medical biomimetics market in the initial period. Lockdowns in several countries and other restrictions affected overall sales of medical biomimetics products sales mainly due to the cancellation of appointments with doctors. A huge number of medical colleges and hospitals across the globe were reconstructed to increase hospital capacity for patients diagnosed with COVID-19, and the shortage of supply chain.
• However, with relaxation in lockdowns, positive impacts of vaccinations, and a decline in COVID-19 cases, companies have resumed their operations to meet the demand for products and have returned to the pre-pandemic level sales.

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The dental segment to dominate the market during the forecast period

Based on disease type, the dental segment contributed to the largest share of more than one-third of the global medical biomimetics market in 2021 and is expected to dominate during the forecast period. The same segment is projected to witness the fastest CAGR of 7.6% from 2022 to 2031. This is owing to the high adoption of dental biomimetics products, the availability of various biomimetics products for dental diseases, and a rise in the prevalence of dental diseases.

The wound healing segment to maintain its leadership in terms of revenue during the forecast period

Based on application, the wound healing segment held the largest share of more than one-third of the global medical biomimetics market in 2021 and is expected to maintain a prominent revenue during the forecast period. This is owing to the high demand for biomimetic products for wound healing and the increase in availability of biomimetic products for wound healing. However, the tissue engineering segment is expected to exhibit the highest CAGR of 7.9% in 2031. This is owing to the rise in research and development activities for the use of biomimetics products in tissue engineering and an increase in focus on creating functional tissue grafts globally.

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North America to garner the largest revenue by 2031

Based on region, the market in North America was the largest in 2021, accounting for nearly half of the global medical biomimetics market and is expected to maintain its dominance during the forecast period. This is due to the presence of well-established healthcare infrastructure, high purchasing power of people, and rise in adoption of biomimetics products in the region. However, the market in Asia-Pacific is likely to show the fastest CAGR of 8.5% during the forecast period. The is due to the rise in the number of heart and orthopedic diseases in this region and growth in the purchasing power of populated countries, such as China and India.

Leading Market Players

• AVINENT Science and Technology
• CorNeat Vision
• Osteopore International Pte Ltd.
• Curasan, Inc.
• Biohorizons
• Otsuka Medical Devices Co., Ltd.
• Swedish Biomimetics 3000 ApS
• Keystone Dental Group
• Blatchford Limited
• Zimmer Biomet Holding Inc.

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