The global healthcare bioconvergence market size is expected to reach USD 249.24 billion by 2032, according to a new study by Polaris Market Research. The report “Healthcare Bioconvergence Market Share, Size, Trends, Industry Analysis Report, By Application (Drug Discovery, Regenerative Medicine, Nanorobotics for Drug Delivery, Bioelectronics, Engineered Living Materials, Optogenetics, Precision Medicine, and Diagnostic and Biological Sensor); By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rapidly growing number of clinical trials and adoption of advanced bio convergence techniques among both government and private healthcare organizations mainly in developed countries like the United States, Canada, France, and Spain coupled with the high focus on effective and fast diagnosis of chronic disorders are key factors boosting the growth of the global market. Moreover, significant research & development expenditures on bio-convergence technology for advancements in the healthcare sector and not only impact healthcare, but also various different sectors including food security, agriculture, and climate.
For instance, in May 2022, Israel announced the launch of a national five-year plan for the advancements in the field of bio-convergence worth about USD 127 million. It includes the establishment of infrastructure centers for applied industrial research & development and the set-up of consortiums of companies. It helps to integrate biology with additional disciplines including electronics, physics, computer science, and advanced genetic engineering.
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Moreover, regenerative medicines have gained high traction and applications in the treatment of a wide range of diseases including neurology, hepatology, injuries, diabetes, oncology, and many others due to the rapidly increasing geriatric population and demand for early detection of diseases all over the world in the last few years, and are likely to have a positive impact on the market growth. Additionally, there is wide anticipation for stem-based cell therapies because of high penetration among patients, as they are much safer and effective and have the potential for replacing and healing injured or damaged organs and tissues.
The extensively increasing recognition and prevalence of precision medicines across the globe, as scientists are looking for new procurement methods, that can easily utilize for the development and enhancement of personalized medicines is also promoting the growth of the market.
For instance, in October 2022, Century Therapeutics and Bristol Myers Squibb entered into a strategic agreement and collaboration for the commercialization of iPSC-derived allogenic cell-based therapies. With this collaboration, both companies will strengthen their market position and expand their presence in the field of personalized medicine.
Healthcare Bioconvergence Market Report Highlights
Polaris Market Research has segmented the healthcare bioconvergence market report based on application and region:
Healthcare Bioconvergence, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Healthcare Bioconvergence, Regional Outlook (Revenue - USD Billion, 2019 - 2032)