Healthcare Bioconvergence Market Size Estimated to Reach USD 259.55 Bn by 2032

Ottawa, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The global healthcare bioconvergence market size accounted for USD 130.49 billion in 2023, and grew to USD 140.85 billion in 2024, According to Precedence Research. Europe region dominated the market with the largest market share of 30% in 2022.

Bioconvergence is a specialized healthcare and life science research area that combines engineering/technology with computerized systems. It acknowledges that biology and technology, the two main aspects of biotechnology, can work together effectively. This approach recognizes that biological processes and technological innovations can collaborate and advance biotechnology .

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Bioconvergence is a well-established strategy in Israel and the United States, proving to be an asset for progress in life sciences and the healthcare sector. Its application is anticipated to enhance global health and improve quality of life. Bioconvergence is ready to bring about significant changes in personalized and precision medicine . This approach is expected to revolutionize healthcare by promoting more efficient treatment methods, potentially reversing illnesses, optimizing healthcare systems, reducing innovation costs, enhancing patient management, and addressing healthcare disparities globally.

• For instance, in May 2022, Israel unveiled a five-year plan dedicated to convergence initiatives, allocating around $ 127 million. The plan involves establishing infrastructure centers for applied industrial research and development and forming collaborative consortiums among companies. This initiative aims to facilitate the integration of biology with diverse disciplines, including electronics, physics, computer science, and advanced genetic engineering.
  

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Growth Factors

• The fusion of cutting-edge technologies like robotics, machine learning, ergonomics, and artificial intelligence (AI), along with biology and cloud computation, is anticipated to drive market growth in the foreseeable future. Beyond healthcare, convergence is pivotal in enhancing multiple sectors such as security, agriculture, energy, food, climate, etc.
  
  
• The increasing occurrence of chronic diseases worldwide is prompting significant efforts from key players to make groundbreaking advancements in convergence. Bioconvergence finds applications in medical treatments and areas like gene therapy, bioelectronics, drug delivery, diagnostic and biological sensors, regenerative medicine, and precision medicine. Enhancing the accuracy and precision of drug delivery has been a notable challenge for the medical community. The use of nano-robots derived from biological systems, facilitated by bioconvergence, has played a transformative role in revolutionizing drug delivery to specific target cells with precision.
  
  
• Regenerative medicines have gained significant traction and applications in treating various diseases such as injuries, neurology, hepatology, diabetes, oncology, and various other medical domains. This surge in interest is attributed to the rapidly growing elderly population and the global demand for early disease detection. In recent years, they have promised positive impacts on market growth. Furthermore, there is considerable anticipation surrounding stem-based cell therapies, which have gained wide acceptance among patients due to their perceived safety and effectiveness. These therapies can potentially replace and heal injured or damaged organs and tissues.
  
  
• The global market for healthcare bioconvergence is experiencing notable growth due to the increasing recognition and prevalence of customized treatments worldwide. Scientists are actively exploring new procurement methods to facilitate the development and enhancement of these medicines. For instance, in October 2022, Century Therapeutics and Bristol Myers Squibb forged a strategic collaboration to commercialize iPSC-derived allogenic cell-based therapies, strengthening their market positions and expanding their footprint in personalized medicine. This trend underscores a broader shift towards tailored and targeted medical solutions.
  

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Healthcare Bioconvergence Market Report Scope:

Regional snapshot:

Europe holds the dominating share of the healthcare bioconvergence market. Europe has a strong tradition of research and development in various scientific and medical fields. The region is home to leading academic institutions, research organizations, and universities that contribute significantly to advancements in healthcare technologies and bioconvergence. Many European governments provide substantial support and funding for healthcare research and innovation. Public investment in healthcare infrastructure, technology, and interdisciplinary projects creates an environment conducive to bioconvergence.

Europe has been at the forefront of the personalized medicine movement, which involves tailoring medical treatment to individual characteristics. Bioconvergence plays a crucial role in the integration of various data sources, including genomics, proteomics, and patient records, to enable personalized treatment plans.

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Application insights:

The drug discovery segment dominated the market with the largest market shar of 21% in 2022; the segment is observed to sustain the market in the upcoming period. Ongoing global health challenges, such as infectious diseases and the rise of chronic conditions, necessitate the development of new drugs and therapies. The drug discovery segment is at the forefront of addressing these challenges through the identification of new treatment options. The trend toward personalized or precision medicine, which tailors treatments to individual patient characteristics, has increased the importance of drug discovery. This requires a deep understanding of the biological mechanisms underlying diseases, driving research efforts in this domain.

The regenerative medicine segment is projected to grow at the remarkable CAGR of 9% from 2023 to 2032. due to its exceptional potential to treat chronic diseases such as Parkinson's disease, Alzheimer's disease, and brain injury tissue repair and to treat chronic ailments by target-oriented and site-specific delivery of specific drugs.

Market Potential

The integration of digital health technologies, such as wearables, remote monitoring devices, and health apps, with traditional healthcare systems can enhance patient care, improve diagnostics, and streamline healthcare processes. The market is advancing through integrating digital and genetic technologies to address complexities effectively. Timely and precise diagnosis and medical intervention can prevent or delay the onset of chronic diseases.

Healthcare systems worldwide are strategically focusing on enhancing early and accurate medical intervention and delivering preventive medicine. Incorporating digital and genetic technologies strengthens the identification and resolution of complexities associated with chronic diseases. The expanding size of the healthcare bioconvergence market is driven by a growing demand for value-based care approaches, prompting the transition from volume-based care models to value-based care models in healthcare systems.

Industry Spotlight

• In July 2023, the Israel Innovation Authority (IIA) unveiled a program focused on advancing technological leadership in three pivotal sectors: delivery technology, health tech utilising Bio-Convergence technologies, and technology solutions for schools and campus security.
  
  
• In March 2023, Albert Einstein Hospital, a prominent healthcare institution in Latin America, announced that it is advancing to the subsequent phase of its multimillion-dollar technology and innovation strategy. The objective is to enhance accessibility to advanced medical services by collaborating globally with entities such as startups, technology, and healthcare organisations.
  
  
• In 2022, Century Therapeutics and Bristol Myers Squibb entered a collaboration agreement to commercialise IPSC-derived allogenic cell-based therapies. This collaboration aims to enhance the market positions of both companies and extend their influence in personalised medicine.
  
  
• In 2022, the Abu Dhabi Department of Health and the Israel Innovation Authority established a partnership to collaborate on health innovation projects of critical strategic significance. This collaboration includes initiatives such as proof of concept projects and clinical trials.
  

Browse More Reports:

Personalized Medicine Market: The global personalized medicine market size was valued at USD 548.72 billion in 2022 and is expected to reach over USD 988.72 billion by 2030, poised to grow at a notable CAGR of 7.6% from 2023 to 2030.

Stem Cells Market: The global stem cells market size accounted for USD 9.3 billion in 2020, and it is expected to hit around USD 17.79 billion by 2027, poised to grow at a CAGR of 8.61% from 8.61 to 2027.

Clinical Trials Market: The global clinical trials market size was valued at USD 48.68 billion in 2022 and is predicted to hit USD 83.55 bn by 2032 with a registered CAGR of 5.6% during the forecast period 2023 to 2032. U.S. clinical trials market was valued at USD 24.61 billion in 2022.

Drug Discovery Market: The global drug discovery market size was valued at US$ 55.46 billion in 2022 and is expected to be worth around US$ 133.11 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.

3D Bioprinting Market: The global 3D bioprinting market size accounted for USD 2.13 billion in 2022 and is expected to hit around USD 8.3 billion by 2030 and is poised to grow at a compound annual growth rate (CAGR) of 18.51% during the forecast period 2022 to 2030.

Key Market Players:

• BiomX
• Singota Solutions
• Anima Biotech Inc.
• Ginkgo Bioworks
• SetPoint Medical Corporation
• Zymergen Inc.
• Galvani Bioelectronics
• BICO - The Bio Convergence Company

Company Synopsis

BiomX

It is a microbiome company specializing in creating tailored phage therapies to combat harmful bacteria linked to chronic diseases such as inflammatory bowel disease (IBD), colorectal cancer (CRC), and skin-related conditions. In January 2022, BiomX Inc., a clinical-stage microbiome company specializing in innovative natural and engineered phage therapies targeting specific pathogenic bacteria, disclosed that it is set to receive a Therapeutics Development Award of up to $5 million from the Cystic Fibrosis Foundation (CF Foundation).

Anima Biotech Inc.

Anima is a Tech. Bio company focusing on the intersection of mRNA biology and AI. They advance the mRNA Lightning platform for discovering mRNA drugs and targets. They integrate mRNA biology with AI imaging to visualize cells' complete mRNA life cycle and decode disease-related mRNA biology. On December 11, 2023, Anima Biotech, a prominent player in Tech. Bio, specializing in exploring mRNA drugs and targets, declared its involvement in the forthcoming 6th Annual RNA-Targeted Drug Discovery and Development Summit scheduled in Boston, MA, from December 12 to 14, 2023.

Market Key Segments:

By Application

• Drug Discovery
• Nanorobotics for Drug Discovery
• Regenerative Medicine
• Diagnostic and Biological Sensor
• Bioelectronics
• Engineered living materials
• Optogenetics
• Precision Medicine
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  

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CAGR (2023 to 2032)