Medical Biomimetics Market by Type, by Application, and by Region - Global Forecast to 2023-2033

The medical biomimetics market size is estimated to be USD 29,589.5 million in 2022 and is expected to witness a CAGR of 6.98% during the forecast period 2023-2033. Rising government funding for biomimetics research and advancements of medical engineering and nanotechnology in healthcare are some of the factors projected to drive the market growth in near future. Furthermore, rising awareness and use of biomimetics and advancements in nanotechnology is expected to support the market growth. However, high price of medical biomimetics is predicted to limit market growth are expected to restrain the market growth.

Advancements in nanotechnology is projected to propel the market growth during the forecast period. Nanomaterials are appealing for use in biomedical applications and show great potential in synthetic biology medicine based on their biocompatibility, physical, and chemical properties. Nanomaterials have been functionalized and modified by cell membrane-derived elements to create biomimetic nanomaterials with improved biocompatibility, stability, targeting, and specificity as a result of the development of biomimetic functionalized nanotechnology.

Rising awareness and use of biomimetics is predicted to fuel the market growth during the forecast period. All countries would continue their efforts to promote organ donation, but it is also essential to discover other alternatives, including bioengineering. Products based on biomimetics are being developed by numerous businesses. For instance, CorNeat Vision created the patented CorNeat KPro implant, a synthetic cornea that provides a long-term medical remedy for blindness and corneal injuries. The device is on a 510K clearance and CE marking path, and it is anticipated that marketing approval will occur in late 2024.

Segmentation

By Type

The market is categorized into orthopedic, dental, cardiovascular, ophthalmology, and others. In 2022, the cardiovascular segment accounted for the highest revenue share due to the fact that CVD is the leading cause of death worldwide with 17.9 million deaths per year. Every year, more than 2.1 million people have CVD implants to extend their lives. In addition, during the projected period, the segment will benefit from the launch of technically advanced items supported by government funding. In order to grow human replacement tissues as next-generation implants for treating CVDs, LifeMatrix has created a unique bioengineering method. The proprietary LifeMatrix tissues can be produced as heart valves, blood vessels, and other cardiovascular components. The biomimetic device aids in reducing the risks connected with repeat major surgeries over the patient's lifetime. The orthopedic segment is anticipated to witness the fastest CAGR growth during the anticipated period. The segment is growing as a result of technological developments and the introduction of new items. For instance, Sparta Biomedical Inc. obtained the USFDA's Breakthrough Device Designation in March 2021 for its SBM-01 Biomimetic Implant.

By Application

The market is categorized into wound healing, drug delivery, tissue engineering, and others. In the global market, the wound healing segment accounted for the largest revenue share in 2022 owing to rising number of surgical cases and the global increase in the incidence of chronic diseases. Additionally, the market will expand due to certain demographic trends, such as an ageing population, an increase in diabetes and obesity, and a corresponding increase in sensitivity to chronic wounds. Around 2% of the country's population, or 6.9 million people, had chronic wounds in the United States in 2021. Additionally, the growing population of patients in need of better care places a significant financial burden on the healthcare system. The overall cost of treating chronic wounds is sharply rising, and the most recent predicted yearly cost in the United States surpasses USD 28 billion. The medical biomimetics market is expected to expand significantly in the drug delivery segment during the projected period. The shift in patient preferences toward the use of advanced medication administration systems, as well as increased research and development, can be attributed to this.

Regional Markets

In 2022, North America region accounted for the highest revenue in the medical biomimetics market and is expected to maintain its dominance during the forecast period. This is attributed to region's high levels of R&D activity, high adoption of cutting-edge technology, high disposable income, and the presence of major market participants in the area. The medical biomimetics market is anticipated to grow rapidly in the Asia Pacific region over the course of the forecast period due to the region's large patient population, growing awareness and acceptance of new technology, and increasing activities by government to promote the development of the biotechnology industry.

Competitor Insights

Some of the key players operating in the medical biomimetics market are Osteopore International Pte Ltd, LifeMatrix, NanoHive Medical LLC, Swedish Biomimetics 3000 ApS, Wright Medical, Biomimetics Technologies Inc, Abbott, CorNeat Vision, AVINENT Science and Technology, Veryan Medical, SynTouch Inc, Vandstrom, Inc., Keystone Dental Group, Curasan, Inc., and Zimmer Biomet.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

For instance, in February 2022, Accelus and NanoHive Medical, LLC, a leader in the development of 3D printed, biomimetic spinal interbody fusion devices, signed a distribution partnership. The arrangement supports in the growth of NanoHive Medical's interbody fusion device line made of Hive Soft Titanium in the United States.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including type and application from 2022 to 2033.

Segmentation: Medical Biomimetics Market Report 2022 - 2033

Type (Revenue, USD Million), 2022 - 2033

• Orthopedic
• Dental
• Cardiovascular
• Ophthalmology
• Others

Application (Revenue, USD Million), 2022 - 2033

• Wound Healing
• Drug Delivery
• Tissue Engineering
• Others

By Region (Revenue, USD Million), 2022 - 2033

North America

• U.S.
• Canada

Europe

• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC

Latin America

• Brazil
• Mexico
• Argentina
• Rest of LATAM

Middle East & Africa

• South Africa
• GCC
• Rest of MEA