Burlingame, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights has recently published a report, titled, Space Medicine Market, By Type (Private Aerospace Service and Non-private Aerospace Service), By Application (Oncology, Regeneration Medicine, Neurobiology, Microbiology, and Others), By End User (Commercial, Government, Military, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2031”. According to the report, the global space medicine market generated $770.0 million in 2023, and is anticipated to generate $1,600.0 million by 2031, witnessing a CAGR of 11% from 2024 to 2031.
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Increasing research initiatives by various organization is expected to drive the global space medicine market growth. For instance, in April 2023, Cedars-Sinai, a not-for-profit hospital in the U.S., and Axiom Space, Inc., a privately-funded space infrastructure developer, jointly announced that they are planning to send stem cells to space to explore whether microgravity can make it easier and more efficient to produce large batches of stem cells.
Market Dynamics:
The space medicine market is driven by the rising demand for telemedicine services from space stations and spacecrafts. Telemedicine allows astronauts, physicians, and engineers to communicate remotely for medical diagnosis, treatment, and educational purposes. It enables real-time transmission of medical information such as medical history, audio-visual data, and space medical parameters from astronauts to ground-based physicians for advice and emergency response. Furthermore, increasing funding by government space agencies for research activities associated with space biomedicine and human spaceflight missions is also expected to aid the market growth over the forecast period.
Market Key Developments:
In December 2022, Melbourne Medical School, an Australia-based medical school, announced that it had launched a space medicine education program in the U.S.
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Key Takeaways of the Global Space Medicine Market:
The global space medicine market is expected to exhibit a CAGR 11.0% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global space medicine market.
Among region, North America is expected to be dominant in the global space medicine market, owing to the presence of major players such as SpacePharma, Merck & Co., Inc., and other key market player contributing to the growth in this region
Major players operating in the global space medicine market include SpacePharma, Angiex, INC, ICECUBES, Merck & Co., Inc., MEDES, and Space Pharma
Market Drivers:
Growing Advances in Space Technology Driving Demand for Space Medicine
As space technology continues to rapidly advance, more countries are developing ambitious space programs that involve sending astronauts to space for longer periods of time. This includes organizations like NASA, SpaceX, Blue Origin planning missions to ISS, moon, Mars and beyond. Such ambitious space programs will require advanced space medicine research and technologies to ensure the health, safety and well-being of astronauts during these lengthy space missions. The growing scope and duration of space missions is a major driver fueling growth in the space medicine market.
Market Opportunity:
Growing Space Tourism and Commercial Spaceflight Opportunities
The commercial spaceflight industry is witnessing tremendous growth with increasing number of private spaceflight companies offering orbital and suborbital spaceflights/space tourism opportunities. Companies like Virgin Galactic, Blue Origin, Space Perspective are selling seats and planning routine space tourism flights as early as 2023. This emerging revenue generating commercial human spaceflight sector will require advanced on-orbit medical care, health monitoring and emergency response capabilities. It presents a lucrative business opportunity for space medicine solution providers to cater to space tourists/private astronauts' healthcare needs and ensure their well-being during flights. The growth of commercial human spaceflight industry will drive significant demand in the space medicine market.
Read complete market research report,"Space Medicine Market, By Type, By Application, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Market Trend:
Rise of Telemedicine and Digital Health Technologies for Space
With more ambitious long duration space missions planned, remotely monitoring astronauts' health and providing medical care from ground has become an important aspect of space medicine. This has boosted development of specialized telemedicine and digital health technologies suitable for use in space environments. Technologies like miniature biosensors, wireless health monitoring devices, virtual/augmented reality systems for remote medical diagnosis and surgery practice, satellite enabled teleconsultations are being developed and tested. Space agencies and private companies are integrating such new-age digital health capabilities into space missions. The increasing application of telemedicine and digital technologies is a major trend gaining traction in the space medicine domain, positively impacting the market.
Market Restrain:
High Cost of Developing Space Medicine Technologies
Space medicine research involves complex challenges that are very expensive to address. It requires sophisticated ground facilities, equipment and technologies to simulate space environment conditions for research and testing. Developing technologies suited for space like miniaturized monitoring devices, telemedicine solutions also has high costs associated with R&D, manufacturing, testing and certification for use in space. The overall high costs involved in space medicine technologies development poses a major restrain to the market's growth. Researchers and private companies have to overcome substantial budgetary constraints to make progress.
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Market Segmentation:
- By Type
- Private Aerospace Service
- Non-private Aerospace Service
- By Application
- Oncology
- Regeneration Medicine
- Neurobiology
- Microbiology
- Others
- By End User
- Commercial
- Government
- Military
- Others
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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