Biomaterials Market – Overview
The global biomaterials market is predicted to expand at 12% CAGR during the forecast period (2017-2023) owing to the accelerating incidences of cardiovascular diseases, asserts Market Research Future (MRFR).
Biomaterials are referred to as materials of synthetic or natural origin which can be used as implants to substitute any damaged tissue or organ in order to improve the functionality. They are extensively used in drug delivery as nano-shells or capsules.
Being bioresorbable and biodegradable in nature, biomaterials disappear from the organisms after completing their function.
Most Eminent Players
The prominent players operating the global biomaterials market are Royal DSM (Netherlands), Wright Medical Technology Inc. (U.S.), Zimmer Biomet Holdings Inc. (U.S.), Evonik Industries AG (Germany), CAM Bioceramics BV (Netherlands), BASF SE (Germany), Corbion N.V. (Netherlands), Bayer AG (Germany), Berkeley Advanced Biomaterials Inc. (U.S.), Carpenter Technology Corporation (U.S.), Celanese Corporation (U.S.), Collagen Matrix (U.S.), Invibio Ltd. (U.K.), and Covestro (Germany).
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Biomaterials Market – Segmental Analysis
The global biomaterials market has been segmented on the basis of application and type.
By mode of type, the global biomaterials market has been segmented into ceramics, metallic, natural biomaterials, polymeric, and others. Among these, the metallic biomaterial is considered to dominate the global biomaterials market and is likely to expand at a rapid pace in the coming years.
Metallic biomaterials are extensively used in the orthopedic procedures for bone replacement and support, as they are resistant to fatigue degradation and are strong.
By mode of application, the global biomaterials market has been segmented into orthopedic, cardiovascular, dental, ophthalmology, wound healing, plastic surgery, neurological disorders, tissue engineering, and others.
Among these, the orthopedic disorder segment is predicted to be the largest application due to the accelerating number of orthopedic surgeries using implants.
They are extensively used in the development of orthopedic implants and are used in several orthopedic procedures, like bioresorbable tissue fixation products, orthobiologics, spine implants, joint replacements, nonconventional modular tumor implants, and visco-supplementation.
Market Drivers and Constraints
With the increasing prevalence of cardiovascular diseases, rising wound healing therapies, and increasing demand for implantable devices, the global biomaterials market is considered to flourish during the assessment period.
Additional factors promoting the market growth are the superior properties of biomaterials, ever-increasing geriatric population, accelerating orthopedic disorders, growing awareness regarding regenerative medicine, and high funds provided by the government for research and development activities.
Biomaterials can also be implemented in several advanced medical technologies like plastic surgery, tissue engineering, medical implants, and drug delivery devices, thereby contributing to the market growth across the globe.
Moreover, the accelerating number of clinical diagnostic research studies, rising public and private partnerships in biotechnology and life science, and increasing R&D investments in precision medicine and molecular biology are some of the other factors considered to drive the market growth in the coming years.
On the flip side, the high cost associated with the production of material, biocompatibility issues, and abrasive wear of the implantable products is some of the major concerns considered to dampen the market growth during the forecast period.
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Biomaterials Market – Regional Insights
Geographically, the biomaterials market span across regions namely, Europe, the Americas, the Middle East & Africa, and the Asia Pacific.
Among all the regions, the American region is considered to dominate the global biomaterials market and is likely to retain its dominance in the coming years. The growth is credited to the rising expenditure on healthcare.
The accelerating death ratio in the North American region is considered to trigger demand for biomaterials-based cardiovascular systems. As per the American Heart Association, death occurred due to cardiovascular disease was more than 800,000 in the U.S.
The European region is predicted to occupy the second position in the global market due to the extensive government support for research & development activities coupled with the availability of funds for research.
The Asia Pacific region is considered to be the fastest growing region and is likely to retain its dominance over the years. The growth is credited to the rising obesity, increasing patient awareness along with improved lifestyle, and the advent of biomaterials in cancer research in economies such as China, India, and Brazil.
On the other hand, the Middle East & Africa is likely to occupy the least market share due to the less availability of funds, deprived political conditions, and limited medical facilities in Africa.
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