Medical Biomimetics Market growing at 5.5% CAGR to 2024: Global Market Insights, Inc.

Global medical biomimetics market size worth USD 21.4 billion, is expected to reach USD 34.4 billion by 2024, owing to its growing application in tissue engineering, plastic surgery, drug delivery, and wound healing sectors. Moreover, growing breakthroughs in nanotechnology along with new developments in tissue engineering will further boost medical biomimetics market growth over the coming years. Furthermore, rise in the aging population, increase in rate of organ failures, and high expenditure on health & medical research has positively influenced medical biomimetics market growth.

Growing need to carry out extensive research in the field of medical biomimetics technologies along high government funding of research centers such as BioMembrane Plasticity Research Center and Biomimetic Robot Research Center, will drive medical biomimetics industry growth over the next few years. In addition to this, rapid medical infrastructure expansion along with large patient population will further boost the growth of medical biomimetics market in the near future.

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Asia Pacific medical biomimetics market is expected to register highest gains of 7.7% over the period of 2016-2024, owing to rise in medical tourism along with growing awareness about the application of biomimetics in various fields. Countries like India, Japan, China, Thailand, and Malaysia are predicted to contribute significantly towards the regional share.

North America medical biomimetics market revenue estimated at USD 10 billion in 2015, is expected to grow considerably over the coming years. The growth can be attributed to rising awareness about medical biomimetics among the patients along with new developments in medical biomimetics technology. In addition to this, high investments in medical research and increase in aging population base with high disposable incomes, are predicted to further drive the industry growth. U.S. is expected to be the major regional revenue pocket.

Europe medical biomimetics market is expected to witness a significant growth over the timeframe. UK and Germany are expected to drive the regional growth. Latin America medical biomimetics industry is expected to grow considerably over the next few years. Mexico and Brazil are predicted to be the key regional revenue contributors.

Key medical biomimetics industry participants include Avinent, Biomimetics Technologies, Hstar Technologies Corporation, Forschungszentrum Jülich, Applied Biomimetics, and BioHorizons.

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