The healthcare bioconvergence market size is expected to advance at a CAGR of 7.5% during 2022–2030, to reach USD 216 billion by 2030. This is ascribed to the increasing need for better treatments for chronic diseases among the growing geriatric population.
Cloud computing is an emerging trend in the healthcare sector as it aids in improving the efficiency of healthcare processes, by offering real-time data access. In addition, the growing digital health market and the rising demand for personalized medicine are contributing to the surge in the usage of the bioconvergence approach. It can also be used to enhance surgical procedures and transform them into less-invasive surgeries.
One of the major challenges the healthcare industry faces in the 21st century is minimizing the use of antibiotics, to reduce the evolution of bacteria that are resistant to such agents. Moreover, it is difficult to distinguish between a bacterial and a viral infection, and it requires improved diagnostic capability. Biological sensing is a novel and advanced technology that combines nanotechnology and biotechnology. It uses several biological molecules, such as enzymes, antibodies, and nucleic acids, in order to identify and discover specific materials.
This technology has enabled the creation of similar kinds of more-sensitive, faster, specific, and efficient sensors for the detection and classification of any kind of pathogen. Another major challenge faced by the pharmaceutical industry is the requirement for precise delivery of drugs to the diseased area and specific cells. Nano-robots, which are made from biological systems, such as cells, DNA, and bacteria, for the purpose of drug delivery to the targeted cells, can also store drugs and materials, identify the signal by reacting to the external surroundings, for unloading the drug, and release them at the appropriate time and location, in a controlled manner.
Asia-Pacific is expected to witness the fastest growth, at a CAGR of more than 8%, during the forecast period, attributed to the boom in the healthcare research and development sector with a special focus on advanced diagnostic and therapeutic technologies. Essentially, the rising prevalence of chronic diseases, such as stroke, diabetes, heart diseases, multiple sclerosis, cancer, and arthritis, in the region is contributing toward the development of the market.
Moreover, the increasing population of patients, particularly in India and China, is propelling the adoption of bioconvergence for advanced healthcare solutions. Their governments are releasing funding in order to accelerate research in it and related fields, to offer improved care to patients.
The most-significant healthcare bioconvergence market players are Signota Solutions, BICO - The Bio Convergence Company, Merck KGaA, Azapharm, and BioConvergent Health.