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Biotransplants are becoming more sophisticated and have become a way of life. The market is eyeing a projected value of $235 billion by 2026, even though accurate forecasts are not needed in real time. Not only can bionic devices help with bodily functions but they can also incorporate the use of solar energy to make the necessary batteries without interacting with other humans.
Bio implants are made of biomacromolecules that can enhance the natural functions of organs such as the pancreas to help prevent diabetes and its complications. The global bioimplantation market is expected to register a CAGR of 10.4 percent during 2016-2021.
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According to a new report by Decisive Markets Insights, the global bioimplantation market was valued at US$7,853.6 million in 2015 and is projected to reach US$27,475.3 million by 2020.
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Opportunities in the Bio-implantation Market
The Bio Implants market is projected to reach $13.2 billion by 2025 from $6.7 billion in 2018 and reports a massive compound annual growth rate of 12 percent due to the increasing prevalence of chronic disease.
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A significant increase in the number of implants being sold and increasing R&D investment is expected to drive the growth of this market. The market is expected to cross US$8 billion by 2024.