Global Biomaterials Market – Highlights
Biomaterials have become an integral and inseparable aspect of healthcare, changing the perception of medicines, treatment & care. Healthcare segment extensively absorbs Biomaterials for a range of medical applications across the medical verticals from medicines to implants.
Over the past decade, Biomaterials have evolved greatly. Combining medicine, biology, physics, and chemistry Biomaterials have presented the world with the regenerative medicine and tissue engineering.
Biodegradable and bio-absorbable, are manufactured using a diverse range of materials like ceramics, metals, plastic, glass, and even living cells and tissues. These materials can be reengineered into fibers, coatings, films, fabrics, and foams for use in biomedical devices and products.
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Due to which the Biomaterials market is growing pervasively. Te market is witnessing an exponential growth backed by the increasing investments in the R&D activities, attracting new entrants, simultaneously.
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to the report, continuing with the same trends the global Biomaterials market is projected to accrue voluminously by 2023 and will register a phenomenal 12% of a CAGR during the review period (2017 to 2023).
Market Growth Analysis
Factors such as growing population and urbanization worldwide are fostering the market growth. Improving economic conditions that enable access to the quality life & to the improved healthcare worldwide are providing impetus to the market growth.
Seminal efforts &investments put in the development of innovative drugs & therapies, by the key market players are paying off well, driving the market growth. Initiatives taken by the Government are playing a major role in fostering the market growth.
On the other hand, factors such as low awareness among people about availability of treatment, high manufacturing cost of Biomaterials along with the scepticism of physicians towards the advancement & efficacies of these devices are likely to impede the market growth.
However, the demand for sophisticated devices by the physicians and patients, in turn, would contribute to the market growth to a great deal.
Global Biomaterials Market – Segmentations
The report is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
By Types : Comprises Metallic (stainless steel, titanium & titanium alloys, cobalt-chrome alloys, silver, gold, and magnesium.), Ceramics (calcium phosphate, aluminum oxide, zirconia, calcium sulfate, carbon, and glass.), Polymeric (PMMA (polymethyl methacrylate), polyethylene, polyester, polyvinyl chloride, silicone rubber, nylon, PEEK (polyetheretherketone), polylactic acid, poly glycolic acid, and poly(lactide-coglycolide), and Natural Biomaterials (hyaluronic acid, collagen, gelatin, fibrin, cellulose, chitin, alginate, and silk), among others
By Applications : Orthopedic (joint replacement, viscosupplementation, bioresorbable tissue fixation/engineering, spine, fracture fixation devices, and orthobiologics.), Ophthalmology, Cardiovascular (catheters, stents, implantable cardiac defibrillators, pacemakers, sensors, heart valves, vascular grafts, guidewires, and others.), Plastic Surgery, Neurological Conditions, among others (wound healing, dental, plastic surgery, etc)
By Regions : North America, Europe, APAC and Rest of the World.
Detailed Geographical Analysis
The North America market dominates the global biomaterials market owing to the increasing healthcare expenditure followed by Europe and Asia Pacific.
North America market for Biomaterials is expected to continue with its dominance in the years to come owing to the favorable government regulations coupled with the increasing integration of Biomaterials in the region.
While Europe region accounts for the second largest market for the biomaterials attributing to the increased research & development activities in the field backed by the government support and funds.
Whereas attributing to the huge population and the burgeoning medical treatment market in the region, Asia-Pacific market is emerging as the fastest growing market for Biomaterials.
Growing markets of India, China, and Brazil backed by the prevalence of obesity, increasing consumers’ awareness & improved lifestyle along with the emergence of biomaterials in cancer research, provide impetus to the market growth.
On the other hand, the MEA (Middle East & Africa) Market witnesses impedimental growth due to the unmet medical needs due to the unavailability of funds, limited medical facilities and the poor political conditions in Africa.
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Global Biomaterials Market – Competitive Landscape
Biomaterials market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Vendors operating in the Market strive to develop innovative technologies, and best practices.
Incorporating acquisition, collaboration, partnership, and expansion the well established players gain competitive advantage to maintain their market position. Also they make substantial investments in manufacturing & expansion programme. Expansions help in reducing logistic cost, and increase production capacities and potential to fetch larger turnovers.
Industry/ Innovation /Related News
March 19, 2018 – Researchers at the biomedical engineering, Duke University (US) presented their study of a new method they developed to create self-assembled biomaterials, depending on protein modifications and temperature.
This hybrid method will allow the researchers to regulate self-assembly more precisely, which will resultantly prove beneficial in to several biomedical applications from drug delivery to wound healing.
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