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Biological derived devices are machines, instruments, materials, or others that are purposed for the safe and effective prevention, treatment, diagnosis, and rehabilitation of illness and disease for human beings. The Biological derived are mostly used in applications such as regenerative medicine, neurology, orthopedics, and few others. The industry is primarily driven by increasing incidence of injuries pertaining to spinal chord, cardiovascular disorders, weakening of bones and lowering of bone density and many other factors.
Technological advancements has led to increasing demand for therapeutic repairs such as stem cell treatments, replacement of cartilage, bone growth stimulators and biopharmaceuticals, thereby offering lucrative growth opportunities for the biological derived devices industry. Moreover, the growth of this market is predominantly attributed to factors such as the increasing demand for synthetic cells & synthetic genes, varied range of applications for molecular biology, declining cost of DNA synthesizing and sequencing, rising funds for research and development of synthetic biology, and increasing investments in the market.
However, the high cost associated with these devices is projected to limit the adoption in emerging countries of Asia Pacific and Latin America.
Key Market Driver -
Technological advancements in biological derived devices
Key Market Restraint -
High cost of devices could limit adoption in emerging countries
Globally, the biological derived devices market can be categorized on the basis of application, end user and region. Among the segmentation of application, the market can be categorized regenerative medicine, neurology, oncology, orthopedics, diabetes, and others. Based on end user the market can be further classified as hospitals, specialty clinics, and others.
Geographically, the Biological Derived Devices market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the Biological Derived Devices market are Integra LifeSciences Corporation, B. Braun Melsungen AG, NuVasive, Inc., Osiris Therapeutics Inc., STEMCELL Technologies Inc., Zimmer Biomet Holdings, Inc. Celgene Corporation, Bioventus LLC, BD Diagnostics, TERUMO BCT, INC., Thermo Fisher Scientific, Inc., and others.
Based on segmentation of geography, the Biological Derived Devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North American region is expected to dominate the global Biological Derived Devices market. The factors driving the market in the region are greater technological advancement, higher investment in research and development by the government, and larger presence of key players.
On the other hand, the market in Europe is driven by factors such as higher funding in research institutes by the government. Increasing affordability and evolving healthcare infrastructure of countries such as China and India is projected to positively influence the growth of the market in Asia Pacific. Developments in public and private healthcare sectors in countries of Latin America and Middle East and Africa is anticipated to surge the market growth in these region.
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