Global Healthcare Bioconvergence Market Overview
The Healthcare Bioconvergence Market Size was valued at USD 31.2 Billion in 2022 and is projected to grow from USD 34.6 in 2023 to USD 112.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.25% during the forecast period (2023 - 2032). The growing aging population and the advancement of stem cell technologies for the repair of damaged cells, tissues, and organs are the factors helping the market growth. Robotics, machine learning, ergonomics (the link between people and their surroundings), and artificial intelligence (AI), as well as biology and cloud computing, are projected to contribute to market growth in the coming years.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Healthcare Bioconvergence Market Trends
- Growing prevalence of chronic diseases to boost the market growth
The growing prevalence of chronic diseases has facilitated the increasing demand for highly personalized and proactive treatments, making it essential to adopt healthcare IT solutions. This has witnessed the development of numerous disruptive technologies, such as big data analytics, which is expected to be one of the drivers for the market growth of the healthcare bioconvergence. Other uses for bioconvergence include gene therapy, bioelectronics, medication delivery, diagnostic & biological sensors, regenerative medicine, and precision medicine. The medical community has faced considerable challenges in improving the accuracy and precision of drug delivery. The development of nano-robots derived from biological systems and bioconvergence has aided in the revolutionization of drug delivery to target-oriented and site-specific cells. Therefore, the growing prevalence of chronic diseases is positively aiding in the market growth of the Healthcare Bioconvergence.
Healthcare Bioconvergence Market Segment Insights:
Healthcare Bioconvergence Application Insights
The Market segments of Healthcare Bioconvergence, based on application, includes drug discovery, nanorobotics for drug delivery, regenerative medicine, diagnostic and biological sensor, bioelectronics, engineered living materials, optogenetics, and precision medicine. The drug discovery segment held the majority share in 2022 in the Healthcare Bioconvergence Market revenue due to the growing prevalence of a wide range of diseases (including CNS-related disorders and cardiovascular disorders), rising healthcare expenses, and the approaching patent expiration of popular pharmaceuticals. According to the American Cancer Society, around 1.8 million new cases of cancer were identified in 2020, with cancer accounting for approximately 606,520 deaths in the US. The increasing consequences of a wide range of diseases across all age groups globally are driving the demand for drug discovery.
July 2023: BiomX Inc. (Israel) and Keio University partners observed significant amounts of K. pneumoniae and Enterococcus gallinarum in fecal samples from 45 patients with primary sclerosing cholangitis and showed that carriers of both infections had high disease activity and poor clinical outcomes. The authors developed a lytic phage cocktail that targets K. pneumoniae strains derived from the stool of patients with primary sclerosing cholangitis, and found that oral and intravenous administration of the cocktail suppressed gut K. pneumoniae levels, as well as liver inflammation and disease severity, in hepatobiliary injury-prone mice.
Healthcare Bioconvergence End User Insights
The Healthcare Bioconvergence Market segmentation based on end user includes pharmaceutical & biotechnology industry, contract research organization (CRO), and others. The pharmaceutical & biotechnology industry segment dominated the market in 2022. The rapidly growing awareness and ubiquity of precision medicines worldwide, as the pharmaceutical & biotechnology industry seeks innovative procurement methods for the development and refinement of tailored medicines, is also fueling market expansion.
Figure 2: Healthcare Bioconvergence Market, By End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Healthcare Bioconvergence Regional Insights
By region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America healthcare bioconvergence market is expected to account for USD 6.2 billion in 2022 and is expected to exhibit an 8.12% CAGR during the study period. This is attributed to the constantly increasing number of clinical trials and the adoption of advanced bioconvergence techniques by both public and private healthcare organizations, mostly in industrialized countries such as the US and Canada, further fueling the growth of the market.
Further, the major countries studied are the , Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: HEALTHCARE BIOCONVERGENCE MARKET SHARE BY REGION 2022 & 2032 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe healthcare bioconvergence market is expected to account for the second-largest market share due to the presence of leading research institutes, hospitals, and medical centers that provide a firm foundation for finding and developing novel medical and scientific therapies. The well-developed healthcare industry, as well as the prevalence of advanced healthcare infrastructure in economies such as the UK, Germany, Romania, France, and Portugal, are significant driving factors in the market. Further, the Germany market of healthcare bioconvergence is expected to hold third place for the market share, and the UK market of healthcare bioconvergence is expected to be the fastest-growing market, which is in the 4th place in the European region. Furthermore, France market of healthcare bioconvergence will hold the 5th place for the market share.
The Asia-Pacific healthcare bioconvergence market is expected to grow at a high growth rate from 2023 to 2032. This is due to the increasing penetration of technological innovation in the R&D sector. The increased prevalence of chronic diseases in the region, such as diabetes, stroke, heart disease, arthritis, multiple sclerosis, cancer, and others, is expected to drive the expansion of the market in the region. Moreover, China market of healthcare bioconvergence is expected to hold the largest market share, and the India healthcare bioconvergence market is expected to be the fastest-growing market in the Asia-Pacific region.
The Rest of the World includes the Middle East, Africa, and Latin America. Government initiatives to increase medical expenditure and increase healthcare infrastructure in the region contribute to the market growth of the rest of the global healthcare bioconvergence.
Healthcare Bioconvergence Key Market Players & Competitive Insights
The leading players are investing a high amount of money in research and development activities to develop innovative products to enhance their product portfolios. They are also focusing on various strategic initiatives such as acquisitions and mergers, collaborations, partnerships, new product launches, and product expansions to strengthen their positions in the market.
One of the primary business strategies adopted by manufacturers in the global healthcare bioconvergence industry to benefit clients and expand the market sector of healthcare bioconvergence is to manufacture locally to reduce operating costs.
GE Healthcare is part of the General Electric Company. The company's products are sold worldwide, primarily to hospitals, medical facilities, pharmaceutical and biotechnology companies, and the life science research industry. The company provides healthcare technologies in medical imaging, digital solutions, patient monitoring, diagnostics, drug discovery, biopharmaceutical manufacturing technologies, and performance enhancement solutions. General Electric Company has a strong presence in the global market in more than 170 countries.
Moreover, Siemens is a technology-driven company that focuses on developing innovative products. It has a strong distribution network and offers its products to more than five million patients worldwide. The company has a strong network and presence in over 200 countries. It operates through the digital industries, smart infrastructure, Siemens Healthineers, mobility, portfolio companies, and financial services segments. Siemens Healthineers is one of the company's core business segments, which is manufacturing medical equipment. It also offers a range of automation solutions in its product portfolio via several subsidiaries. Its subsidiaries include Siemens Healthineers, Siemens Mobility, Mendix, Mentor Graphics, Siemens Canada, Siemens Technology and Services, Dresser-Rand, Siemens Schweiez AG, and others.
Key Companies in the market of Healthcare Bioconvergence include
- Ginkgo Bioworks (US)
- Thermo Fisher Scientific Inc. (US)
- GE Healthcare (US)
- Siemens (Germany)
- BiomX (Israel)
- Century Therapeutics (US)
- Singota Solutions (US)
- Galvani Bioelectronics (UK)
- Bico Group (US)
- SetPoint Medical (US), among others
Healthcare Bioconvergence Industry Developments
October 2022: Century Therapeutics (US) and Bristol Myers Squibb (US) have formed a strategic partnership to commercialize iPSC-derived allogenic cell-based treatments. Both organizations will benefit from this collaboration by strengthening their market position and expanding their footprint in the field of personalized medicine.
May 2022: Israel announced the launch of a national five-year strategy for bio-convergence developments of approximately USD 127 million. It entails the building of infrastructure centers for applied industrial research and development, as well as the formation of company consortiums. It aids in the integration of biology with other fields, such as electronics, physics, computer science, and sophisticated genetic engineering.
Healthcare Bioconvergence Market Segmentation:
Healthcare Bioconvergence Application Outlook
- Drug Discovery
- Nanorobotics for Drug Delivery
- Regenerative Medicine
- Diagnostic and Biological Sensor
- Engineered Living Materials
- Precision Medicine
Healthcare Bioconvergence End User Outlook
- Pharmaceutical & Biotechnology Industry
- Contract Research Organization (CRO)
Healthcare Bioconvergence Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
Market Size 2022
USD 31.2 billion
Market Size 2023
USD 34.6 billion
Market Size 2032
USD 112.4 billion
Compound Annual Growth Rate (CAGR)
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Application, End User, and Region
North America, Europe, , and the Rest of the World
The , Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled
Ginkgo Bioworks (US), Thermo Fisher Scientific Inc. (US), GE Healthcare (US), Siemens (Germany), BiomX (Israel), Century Therapeutics (US), Singota Solutions (US), Galvani Bioelectronics (UK), Bico Group (US), and SetPoint Medical (US)
Key Market Opportunities
· Growing technological advancements
Key Market Dynamics
· Rising number of clinical trials
· Increasing prevalence of chronic diseases
· Growing preference for precision medicine
Frequently Asked Questions (FAQ) :
The Healthcare Bioconvergence Market is anticipated to reach USD 112.4 billion during the forecast period of 2023 to 2032.
The US healthcare bioconvergence market is anticipated to reach USD 7.4 billion at a CAGR of 4.93% during the forecast period of 2023 to 2032.
The Healthcare Bioconvergence Market is expected to register a CAGR of 8.25% during the forecast period of 2023 to 2032.
The North America healthcare bioconvergence market accounted for USD 6.2 billion in 2022 and is expected to exhibit an 8.12% CAGR during the study period.
Ginkgo Bioworks (US), Thermo Fisher Scientific Inc. (US), GE Healthcare (US), Siemens (Germany), BiomX (Israel), Century Therapeutics (US), Singota Solutions (US), Galvani Bioelectronics (UK), Bico Group (US), and SetPoint Medical (US).
The drug discovery segment held the majority share in 2022 in the Healthcare Bioconvergence Market.
The pharmaceutical & biotechnology Industry segment dominated the market in 2022.
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