Drug Discovery was the Leading Category in the Healthcare Bioconvergence Market

The healthcare bioconvergence market will power at a rate of 7.5% rate by the end of this decade, to touch USD 216 billion by 2030.The industry is growing due to the growing count of elderly people and the growing usage of stem cells for regenerating organs, tissues, and injured cells.  

Moreover, the preference of users for combinations of cutting-edge technologies, including ML, ergonomics, robotics, and AI, with cloud computing and biology, will contribute in the direction of the industry expansion in the years to come. 

The drug discovery category led the industry with a share of about 22%, in the past, on the basis of the application segment, due to the growing burden of cancer, cardiovascular, and CNS-related ailments, growing costs of medical treatments, and the patent expiry of numerous medications. 

As per the numerous records of the government, in the U.S., about 1.9 million new cancer cases were recorded and about 609,360 deaths happened by it in 2022. 

Furthermore, the growing elderly populace, suffering from numerous diseases, raises the requirement for drug discoveries, which fuels the development of the industry. Also, pioneering engineering solutions are needed to streamline and hasten the expansion of new and cutting-edge drugs and lower the prices of the complete procedure, to, eventually, offer fast and accurate care. 

The regenerative medicine will have the fastest growth about 8%, in the years to come, credited to the capability of such treatments to treat or replace injured tissues, cells, and organs that have suffered trauma or deformed because of age related disorders. 

Healthcare Bioconvergence Market Size & Share Report, 2030

Pharma and biotech corporations are growing rapidly, credited to the rapidly growing count of clinical trials and the mounting acceptance of cutting-edge methods by them for the development of drugs.  

These corporations are aiming to transport medicines quicker, more competently, and at reduced costs, accompanied by concentrating on their safety for patients. Furthermore, widespread research is conducted on mRNA’s pertinence in treating non-communicable ailments, for example cancer. 

Europe leads the healthcare bioconvergence market, and this will be the case till the end of this decade, with USD 73 billion. The industry is growing credited to the existence of important research organizations, hospitals and medical centers. For example, in 2021 February, a U.K.- based medical research firm, LifeArc, reinforced the work of the Gen OMICC COVID-19 will be announcing funding at a value of USD 5.74 million. 

It is because of the growing usage for stem cells for regenerating injured tissues, cells, and organs all over the world, the demand for healthcare bioconvergence is on the rise. This trend will also continue in the years to come as well. 

SOURCE: P&S Intelligence