The medical biomimetics market is expected to register a CAGR of 5.7% over the forecast period. The key contributor in the market growth are rising geriatric population, rising rates of organfailure and growing advancement in nanotechnology. Chronic kidney diseases damages the kidney and it couldn’t function properly which leads to failure of kidneys. According to the National Kidney Foundation, around 37 million adult population in the United States suffer from chronic kidney diseases and around 3,500 kidneys are discarded every year. Furthermore, biomimetics holds a promising future in case of regenerative medicine for treating various diseases. Biomimetic nanoplatforms that can act as a drug delivery platform are capable of providing a better therapeutic efficinecy as a it contains both fabricated and biological components.
Key Market Trends
Orthopaedic is Expected to Exhibit a Significant Growth Over the Forecast Period
Orthopedic segment is expected to show a steady growth in the medical biomimetics market. Biomimetics bones have been developed to support the patients with the disability to walk. Many research studies are being conducted on for designing the calcium-phosphate protein templates. Biomineralisation process has been approached to imitate the real tissues with respect to the morphology, checmical and physical properties.
Furthermore, with the rising number of accidents the adoption of biomimetics in case of orthopedic is expected to boom. As per the data of Association for Safe International Road Travel, each year around 20 to 50 million people globally suffer from non-fatal injuries which leads to permanent diability. Hence, these factors are expected to influence positively on the market in this segment.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to be a dominant region in the Medical Biomimetics market owing to increasing geriatric population, rising burden of chronic diseases and advancements in biomimetics. According to the U.S. Census Bureau, in 2018, around 52 million of people living in the United States are aged 65 and above. Older population is at higher risk of acquiring chronic diseases which sometimes leads to organ failure. According to the study of John Hopkins University, half of the people over 60 years are likely to develop kidney diseases. In addition to, according to the Centre for Disease Control and Prevention, almost 6 out of 10 adults in the America suffer from one or the other chronic disease. Hence, the aforementioned factors are expected to drive the medical biomimetic market in the North America.
Competitive Landscape
Key players in Medical Biomimetics market include Veryan Medical, SynTouch Inc., Blatchford Ltd., Skyland Brand Ventures, Avinent Science and Technology, Applied Biomimetic, Biomimetic Solutions, CellCore and Forschungszentrum Jülich.
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