Healthcare Bioconvergence Market Size, Share & Trends Analysis Report By Application (Drug Discovery, Regenerative Medicine, Bioelectronics), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2022 - 2030

Report Overview

The global healthcare bioconvergence market size was valued at USD 110.9 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030. The significant market growth can be attributed to the increasing elderly population and the accelerating stem cell technology for the fixing of injured cells, tissues, and organs. The combination of high-tech advancements such as robotics, machine learning, ergonomics (relationship between individuals and their environment), and artificial intelligence (AI) along with biology and cloud computation is also expected to contribute to market growth in the coming years. Along with healthcare, bioconvergence helps in the improvement of various other sectors such as agriculture, energy, food, security, climate, and others. A few instances include hybrid biochemical components used during the establishment of operational 3D tissue cells for stem cell therapy, brain-computer interactions to study the root causes and precipitating activities of neurological diseases, bio-sensors & hybrid equipment for enhancing constant monitoring & diagnosis, and target-oriented delivery system in the delivery of drugs crafted of material science and nano-robotics.

The COVID-19 pandemic has considerably impacted health technology, medication research, and medical technology. AI-based tools help in predicting drugs or peptide bonds directly from the genomic sequences of an infected individual, resulting in the boost of drugs or vaccine development and advanced technologies by reducing the time required in bringing a drug to the market by speeding up the discovery of the sequence, virtual selection, and process of validation.

In 2021, the U.S. administration announced an approximate investment of USD 1.7 billion to improve the tracking, identification, and prevention of mutants of Coronavirus and the development of infrastructure for forthcoming genomic sequencing requirements. Likewise, in February 2021, LifeArc (a U.K.-based medical research firm) announced a funding of USD 5.74 million (£5 million) to assist the Gen OMICC COVID-19 project, which also covered the costs associated with patient enrollment, sample gathering, and sample processing, as well as patient bioinformatics analysis.

The rising prevalence of chronic diseases is impacting global inhabitants and influencing the key players to develop ground-breaking discoveries in the area of bioconvergence. Bioconvergence can also be used in other applications such as gene therapy, bioelectronics, drug delivery, diagnostic & biological sensors, regenerative medicine, and precision medicine. Optimizing the accuracy and precision of drug delivery has been a significant challenge for the medical community. The development of nano-robots from biological systems and bioconvergence has helped revolutionize the delivery of drugs to target-oriented and site-specific cells.

Application Insights

Based on application, the drug discovery segment dominated the market with a revenue share of 20.0% in 2021, owing to the increasing prevalence of a broad range of diseases (such as CNS-related disorders, and cardiovascular disorders), rising healthcare costs, as well as the approaching patent expiration of popular medications. As per the American Cancer Society, around new 1.8 million cases of cancer were identified in 2020, and around 606,520 deaths were caused by cancer in the U.S.

The rising consequences of a wide range of ailments across all age categories globally fueled the demand for the discovery of drugs worldwide. The growth of the drug discovery segment is followed by the regenerative medicine segment. The regenerative medicine segment is expected to expand at a CAGR of 8.7% during the forecast period, owing to the potential to replace or heal damaged cells, tissues as well as organs deformed due to trauma, disorder, or age.

Regional Insights

In 2021, Europe dominated the healthcare bioconvergence market with a revenue share of 29.8%, owing to the presence of leading research institutes, hospitals, and medical centers which serve as a solid basis for identifying and creating innovative medical and scientific treatments. The key driving factor of the market is the well-developed healthcare industry as well as the prevalence of advanced healthcare infrastructure in economies such as the U.K., Germany, Romania, France, and Portugal among others. Factors boosting the industry growth include rising government financing for cell gathering and growing R&D expenditure for 3D cell culture technologies based in Europe.

Asia Pacific is anticipated to witness the fastest growth rate of 8.0% during the forecast period, owing to the growing penetration of technology advancement in the R&D sector. The significant factor anticipated to propel the growth of the biotechnology market throughout the forecast period is the rising prevalence of chronic diseases such as diabetes, stroke, heart disease, arthritis, multiple sclerosis, cancer, and others in the region.

Key Companies & Market Share Insights

The key players operating in the market are focusing on the adoption of various innovative technologies such as machine learning, artificial intelligence, cloud computing, Internet of Things (IoT), digitalization, augmented reality, ergonomics, and big data mining. Healthcare stakeholders are integrating nanotechnology, information and communication technology, biology, and engineering to explore a wide range of possibilities. In July 2019, Ginkgo announced the development of a synthetic biotic medicine to treat homocystinuria in collaboration with Synlogic, utilizing Ginkgo Biowork's cell programming platform. Some of the key players operating in the global healthcare bioconvergence market include:

• BiomX

• Singota Solutions

• Anima Biotech Inc.

• Ginkgo Bioworks

• SetPoint Medical Corporation

• Zymergen Inc.

• Galvani Bioelectronics

• BICO - The Bio Convergence Company

Healthcare Bioconvergence Market Report Scope

Global Healthcare Bioconvergence Market Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global healthcare bioconvergence market based on application and region:

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Drug Discovery

  • Nanorobotics for Drug Delivery

  • Regenerative Medicine

  • Diagnostic and Biological Sensor

  • Bioelectronics

  • Engineered Living Materials

  • Optogenetics

  • Precision Medicine

• Regional Outlook (Revenue,USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Israel