The healthcare bioconvergence market was valued at USD 122 billion by 2022 will advance at 7.5% CAGR during the projected period, to touch USD 216 billion by 2030.
The market is on the rise due to the increasing count of elderly people and the growing usage of stem cells for regenerating organs, tissues, and injured cells.
Moreover, the fondness of end users for combinations of cutting-edge technologies, including ML, robotics, ergonomics, and AI, with cloud computing and biology, will come in handy toward the development of the industry in the years to come.
The drug discovery category dominated the industry with a share of approximately 22%, in 2022, because of the growing burden of CVDs, cancer, and CNS related disorders, increasing costs of medical treatments, and the patent expiry of numerous medications.
As per the several government records, in the U.S., about 1.9 million new cancer cases were documented and about 609,360 deaths were resulted by it in 2022.
Pharma and biotech companies are growing considerably, credited to the quickly growing count of clinical trials and the increasing acceptance of advanced techniques by them for development of drugs. These companies are targeting to bring medicines faster, more efficiently, and at lesser costs, accompanied by focusing on patient safety.
Furthermore, extensive research is conducted on mRNA’s pertinence in treating non-infectious diseases, for example cancer.
The Fourth Industrial Revolution is altering the way treatment and diagnosis are done and hastening the procedure of the new drug discovery. The acceptance of IoT and AI, is powering this revolution. Amidst this, healthcare is converting into a cyber– physical system with, IoT, RFID, medical robots, intelligent sensors, and many other objects and technologies, which are now also armed with cloud computing, big data analysis, and decision support methods.
Europe is leading the healthcare bioconvergence market, as stated by a market expert at P&S Intelligence and this will continue by the end of this decade, with USD 73 billion. The region is growing because of the existence of important, medical centers, research institutes, and hospitals.
For example, in February 2021, LifeArc, U.K.-based medical research firm reinforced the work of the Gen OMICC COVID-19 project by proclaiming funding of USD 5.74 million. The funding was to assist the project in sample gathering and handing, patient enrollment, along with patient bioinformatics analysis.
Furthermore, Europe has a well-established medical industry, propelling the demand for new-generation healthcare technologies.
Due to the increasing use of stem cells for regenerating tissues, organs and injured cells, the demand for healthcare bioconvergence will continue to grow in the years to come, all over the world.
