Healthcare Bioconvergence Market Size, Share, and Analysis By Application (Drug Discovery, Nanorobotics for Drug Delivery, Regenerative Medicine, Diagnostic & Biological Sensors, Bioelectronics, Engineered Living Materials, Optogenetics, Precision Medicine, and Others), By End User (Pharmaceutical & Biotechnology Industry, Contract Research Organization (CRO), and Others), and Regional Forecast, 2024-2032

Bioconvergence is a part of the healthcare and Lifesciences industry that emphasizes the integration between engineering and computerized system. Different fields of biology and engineering, such as genetic engineering, artificial intelligence, and material science, are integrated with healthcare bioconvergence. Healthcare bioconvergence has found its application in several research studies. Moreover, technological advancement, and increasing R&D projects in healthcare, are some of the factors propelling the market's growth.

• For instance, according to the article published by Congressional Budget Office in August 2019, around USD 83.00 billion was spent on research and development activities by pharmaceutical companies.

Moreover, government bodies of several countries have also increased the expenditure on drug development, thereby leading to an increase in growth prospects for the healthcare bioconvergence market. Furthermore, the use of personalized medicines in medical treatments is a significant trend in medical research. Personalized medicines determine the individual characteristics of the patient. It uses the genetics of the individual to identify and treat patients. It has a specific treatment approach, which differs from the traditional method. The treatment is designed specifically around individual patients suffering from a particular disease. The combination of bioconvergence and 3D printing technologies has made it possible to create personalized implants that have the right fit for patients. Moreover, bioprinting technologies are also used to develop an organ model that helps doctors to prepare for complicated surgeries, thus improving the patient’s treatment outcome.

Impact of COVID-19 on the Healthcare Bioconvergence Market

COVID-19 had a positive impact on the healthcare bioconvergence market. Bioconvergence technologies find their application in rapid diagnostic testing, gene therapies, and vaccine formulation, which creates opportunities for the players to expand their operations in the healthcare bioconvergence market. Furthermore, governments of several countries collaborated to take up investment opportunities in healthcare bio-convergence.

• For instance, in April 2020, Israel Innovation Authority (IIA) and European Investment Bank (EIB) collaborated to invest in bioconvergence in the healthcare domain. This funding helped several companies, such as Pluristem, to develop a treatment for COVID-19 patients.

Key Insights

The report will cover the following key insights:

• Prevalence of Chronic Diseases, Key Countries, 2021


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Technological Advancement in the Healthcare Bioconvergence Market


• Impact of COVID-19 on the market

Analysis by Application

The regenerative medicine segment constituted a major share of the global healthcare bioconvergence market. Several companies and government organization have increased their investment in regenerative medicine research owing to its use in several clinical applications. Moreover, several companies have collaborated with other companies to strengthen their research and development activities and commercialize innovative therapies to confirm the availability of products to their customers. For instance, in July 2021, Pharming Group N.V collaborated with Orchard Therapeutics for the development and commercialization of OTL-105, an investigational ex vivo autologous Hematopoietic Stem Cell (HSC) gene therapy for the treatment of Hereditary Angioedema (HAE).

Additionally, a government organization has invested in several research studies for the development of regenerative & advanced cell therapies. For instance, the National Institutes of Health (NIH) supports the scientific research community through NIH Regenerative Medicine Program. Thus, these factors are some of the factors driving the growth of the segment.

Regional Analysis

North America constituted the largest market share in the healthcare bioconvergence market. The increase in the prevalence of cancer and chronic diseases and the increase in the geriatric population are some of the factors contributing to the growth of the healthcare bioconvergence market in North America. For instance, according to the American Cancer Society, around 1.9 million new cancer cases were diagnosed, and 608,570 cancer deaths occurred in the U.S. Thus, owing to these factors, the demand for the healthcare bioconvergence. Thus, the demand for healthcare bioconvergence will continue to increase in North America owing to the aforementioned factors, thus driving the healthcare bioconvergence market.

Europe also constituted a major share of the global healthcare bioconvergence market. The increase in the adoption of advanced stem-cell technologies, tissue engineering devices, and the introduction of new technologies for developing advanced regenerative medicines are some of the factors driving the growth of the market across Europe.

Moreover, Asia Pacific is expected to grow significantly in the estimated forecast period. Government organizations and private companies have invested in developing countries' cell therapies and cancer research. These factors are anticipated to drive the growth of the market in the region.

Key Players Covered

The report will include profiles of key players such as BICO - THE BIO CONVERGENCE COMPANY, BioConvergent Health, Singota Solutions, Ezassi Inc., BiomX, Cytena, Anima Biotech Inc., Zymergen Inc., Pangea Biomed, and AB-Pred.

Segmentation

Key Industry Developments

• In March 2022, BICO - THE BIO CONVERGENCE COMPANY acquired Allegro 3D. The acquisition helped the company in expanding its offering for 3D bioprinters.


• In March 2022, MatTek Life Sciences (Part of the BICO Group) partnered with Cell4Pharma to distribute its products in the U.S. This approval helped the company to strengthen its customer base and existing business in the U.S. as the provider of human renal cells.