Healthcare Bioconvergence Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global healthcare bioconvergence market provides qualitative and quantitative analysis for the period from 2021-2030. The global healthcare bio convergence market was valued at USD 112.74 billion in 2022 and is expected to reach USD 232.57 billion in 2030, with a CAGR of 8.3% during the forecast period 2023-2030. The study on healthcare bioconvergence market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

The increasing aging geriatric population and growing utilization of stem cells for healing damaged tissues, and organs drive the Healthcare Bio Convergence market. As per the World Health Organization, “It is projected that the number of individuals in the world who are 60 or older will reach up to 2.1 billion by 2050. Between 2020 and 2050, the number of people 80 or older is projected to reach 426 million”. Stem cells are cells with the potential to develop into many different types of cells in the body. They serve as a repair system for the body. As the aging population is highly suffering from damaged cells and weak organs, the demand for stem cells increases.

The global healthcare bio convergence market is bifurcated by Application and By End User. By Application, the segment is further bifurcated into Drug Discovery, Nanorobotics for Drug Delivery, Regenerative Medicine, Diagnostic and Biological Sensors, Bioelectronics, Engineered Living Materials, and Others. The drug discovery segment is anticipated to have significant market growth during the forecast period. The growth of the segment is attributed to the various benefits as drug discovery is required to prepare new drugs to treat the symptoms of new diseases but also to prevent the spread of new diseases by vaccination. The drug development industry is impacted by the increased occurrence of diseases such as those that affect the central nervous system, cardiovascular problems, and infectious infections. As the market demand for drug discovery increases, pharmaceutical companies are also integrating recent technologies such as AI-based platforms to reduce the time required for the drug discovery process. The increasing R&D activities also influence the growth rate of the market, the expansion of biotechnology sectors also propels the market of drug discovery segment during the forecast period.

The global healthcare bio convergence market is segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America. North America is predicted to be the dominating region within the global market share. A few of the factors influencing the expansion of the geriatric population are the rise in chronic diseases like cancer and the geriatric population. For instance, the American Cancer Society reports that in the U.S., there were 608,570 cancer deaths and approximately 1.9 million newly diagnosed cancer cases. Therefore, these issues have increased the need for healthcare bio convergence. Additionally, the region's dominant position is a result of its advanced healthcare infrastructure, significant investments in research and development, and a robust regulatory environment.

Report Findings

1) Drivers

• The increasing aging population and growing utilization of stem cells for healing damaged cells, tissues, and organs drive the healthcare bioconvergence market.
• Integration of high-tech technologies and advancement of life science propels the growth of the healthcare bioconvergence market.

2) Restraints

• Adoption of technologies in healthcare is associated with risks such as cybersecurity and data privacy which can limit the growth of the health bio convergence market.

3) Opportunities

• Increasing healthcare expenditure on technological advancement in emerging countries can lead to market expansion.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents.

The primary respondents are approached include

1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segment Covered

The global healthcare bioconvergence market is segmented on the basis of application, and end user.

The Global Healthcare Bioconvergence Market by Application

• Drug Discovery
• Nanorobotics for Drug Delivery
• Regenerative Medicine
• Diagnostic and Biological Sensors
• Bioelectronics
• Engineered Living Materials
• Others

The Global Healthcare Bioconvergence Market by End User

• Pharmaceutical & Biotechnology Industry
• Contract Research Organization
• Others

Company Profiles

The companies covered in the report include

• BiomX
• Singota Solutions
• Anima Biotech Inc.
• Ginkgo Bioworks
• SetPoint Medical
• Zymergen (acquired by Ginkgo)
• Galvani Bioelectronics
• BICO
• Abpred/Protein-sol
• Pangea Biomed

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the healthcare bioconvergence market.
2. Complete coverage of all the segments in the healthcare bioconvergence market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global healthcare bioconvergence market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.