The medical biomimetics market is anticipated to grow substantially by 2027 owing to intensive R&D in the field of nanotechnology supported by favorable funding mechanisms around the world. Moreover, the expanding geriatric population is expected to propel market penetration across the field of cardiovascular, neurological, and other chronic diseases.

Recently, there has been an upsurge in the adoption of medical biomimetics in healthcare, especially in the cardiovascular field, which has augmented market growth significantly. Furthermore, major industry players have been implementing lucrative techniques to tap into prevalent trends in the sector through product launches, collaborations, mergers, and acquisitions, which has positively impacted market dynamics.

For instance, in April 2021, Veryan Medical, a medical equipment manufacturer, announced an important investment in its Galway center that was expected to help the company expand and diversify its product portfolio. In another instance, in April 2021, Abbott, a leading healthcare company, launched a new imaging platform in Europe. The imaging platform is powered by artificial intelligence (AI) and claims to enhance the visuals of blood vessels to enable a comprehensive diagnosis. This amalgamation of optical coherence tomography (OCT) and AI has created massive growth potential for the industry.

Additionally, in March 2020, AVINENT Corporation announced its collaboration with MEDIT Corporation for the distribution of MEDIT Corp’s intraoral scanners by AVINENT to clinics and laboratories owned and operated by MEDIT. This partnership marked a convergence of innovative corporate cultures with cutting-edge technological know-how and was intended to accommodate the unique needs of professionals working in the sector. Consequently, surging availability of technologically advanced products has boosted market development.

The medical biomimetics market has been bifurcated on the basis of product, application, and region. In terms of product, the market has further been divided into cardiovascular, dental, ophthalmology, orthopedic, and others.

The orthopedic product segment held a market share of over 25% in 2020 and is projected to see substantial growth through the forecast period. Growing geriatric population, coupled with rising incidences of musculoskeletal illnesses, is likely to drive segmental growth in the coming years.

In terms of application, the medical biomimetics market has been segregated into wound healing, drug delivery, plastic surgery, tissue engineering, and others. The plastic surgery application segment is set to amass considerable gains by the end of the review period, progressing at a robust pace over 2021-2027. Mounting awareness about aesthetic procedures, along with advancements in these procedures, is slated to facilitate segmental adoption through the forthcoming years.

From the regional point of view, the Europe medical biomimetics market is estimated to showcase a sharp growth trajectory over the analysis period. Rapid adoption of modern technologies and prominent research and development efforts across Europe are foreseen to stimulate regional market growth through the study timeframe.