Selbyville, Delaware, Aug. 18, 2021 (GLOBE NEWSWIRE) —
The medical biomimetics market size is anticipated to record a valuation of USD 53 billion by 2027, according to the most recent study by Global Market Insights Inc. The market is touted to record substantial gains in the ensuing years, propelled by the adoption of new techniques by industry players for the provision of advanced devices to customers. The industry expansion is also impelled by an upsurge in the implementation of strategic moves comprising acquisitions, mergers, partnerships, as well as product launches by these participants for the consolidation of market value.
One such instance is Wright Medical’s March 2019 closing of a contingent value rights agreement that was associated with its takeover of BioMimetic Therapeutics. Wright had agreed to a payment of $380 million in stock, cash, and milestone payments for picking up BioMimetic and the company’s Augment bone graft back in the year 2013.
Another exemplar is the January 2021 expansion of Applied Biomimetics, Inc. The company expanded its research laboratory and production units in Gaithersburg, Maryland. This will help the company in the building and maintenance of high inventory and the improvement of performance for fulfilling the requirements of customers.
Few major trends that are likely to transform the medical biomimetics market landscape comprise:
Rising preference tissue engineering
The tissue engineering segment is anticipated to grow at a commendable CAGR of 7.5% between the period of 2021 and 2027. Tissue engineering fosters the restoration of damaged tissue by merging biomimetic materials with cells from the body.
The demand for biomimetics is expected to escalate due to the increasing burden of numerous healthcare problems. The surging burn-related and trauma cases are set to boost the adoption of regenerative medicine and tissue engineering in the ensuing years.
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Soaring demand for biomimetic dentistry products
The dental segment accounted for over USD 3.5 million in the medical biomimetics market in 2020 and is projected to record considerable growth through the analysis period. Biomimetic dentistry products help in the conservation of teeth from decays and fractures, keeping them strong and covering them from bacterial attack.
These products are set to be in high demand for the restoration of biomechanics & function of natural teeth and for the treatment and prevention of intact tooth structure. The industry outlook is expected to be propelled by the rising incidences of dental disorders.
Escalating R&D activities in the Asia Pacific
Medical biomimetics market in the Asia Pacific is touted to expand at a lucrative CAGR of 8.2% over the assessment span. The regional growth is due to an escalation in research and development activities and the surging adoption of advanced technology.
These factors are further supplemented by the increasing prevalence of cardiovascular diseases and numerous initiatives undertaken by the government towards the development of healthcare facilities.
Constant technological advancements
The medical biomimetics industry will grow due to the increasing geriatric population and the surging prevalence of neurological, cardiovascular, and orthopedic diseases. Other factors boosting market expansion comprise technological advancements in the healthcare sector.
The recent advancements in the field of nanotechnology show dynamic biomimetic behavior and hold the potential for illustrating single cells at high output. Such developments are slated to bolster the deployment of biomimetics in nanotechnology in the near future.
On the whole, the soaring rate of organ failure and the increasing elderly population base will augment medical biomimetics market share through the assessment period.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.