High Demand from End-User Industry to Keep Biomaterials Market Growth on The Peak
Biomaterials Market Insights
The global biomaterial market is set to touch the mark of 12% CAGR during the forecast period, 2017-2023, according to market research future.
More funding and grants from government agencies around the world for the development of new biomaterials, the growing demand for medical implants, and the rising incidence of cardiovascular disease are driving the growth of the market. However, stringent clinical and regulatory processes and health care reforms are expected to slow the growth of this market over the forecast period.
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High investment for funding and grants from government agencies across the globe dedicated to biomaterials research and development is expected to flourish the global biomaterial market. Growing occurrence of cardiovascular diseases and escalating demand for medical implants will drive the global market.
On the other hand, stringent regulatory and clinical processes and execution of health care reforms might restrain the growth of the global market.
The global biomaterial market is broadly segmented based on factors such as type and application.
The type segment of the global biomaterial market is bifurcated into polymeric, metallic, natural biomaterials, and ceramics. The metallic segment is classified into cobalt-chrome alloys, stainless steel, silver, magnesium, gold, and cobalt-chrome alloys. The polymeric subsegment is divided into polyethylene, silicone rubber, polyvinyl chloride, polyetheretherketone PEEK, polyester, polyglycolic acid, poly(lactide-coglycolide), and nylon. Further, the ceramic subsegment is also segmented into calcium phosphate, glass, aluminum oxide, carbon, zirconia, and calcium sulfate. The type segments natural biomaterials subsegment is also diversified into alginate, gelatin, silk hyaluronic acid, collagen, cellulose, fibrin, and chitin.
Based on the application, the global biomaterial market is bifurcated into plastic surgery, wound healing cardiovascular, tissue engineering, dental, orthopedic, ophthalmology, and neurological disorders.
Further cardiovascular subsegment is also bifurcated into implantable cardiac defibrillators, guidewires, stents, catheters, sensors, pacemakers, vascular grafts, and heart valves. Similarly, the orthopedic subsegment is further divided into fracture fixation devices, joint replacement, spine, viscosupplementation, orthobiologics, and bioresorbable tissue fixation.
In addition, ophthalmology subsegment in the global biomaterial market is also classified into contact lenses, synthetic corneas, intraocular lens, and ocular tissues functional replacements.
North and South America dominate the global biomaterials market as a result of rising healthcare-related expenditure. According to the American Heart Association, the death toll due to cardiovascular disease is estimated at over 800,000 in the United States. About 2,200 Americans die every day from cardiovascular disease. This increased mortality rate in North America is expected to stimulate demand for biomaterial-based cardiovascular systems. Europe is second in the global biomaterials market, this attributed to government support for research and development and the availability of research funding.
The Asia Pacific region is the rapidly emerging region due to rising obesity, the introduction of biomaterials in cancer research, raising patient awareness and improving living standards in expanding economies such as India, China, and Brazil. opportunities in the biomaterials market. In addition, the region has the highest growth potential during the forecast period due to the outcome of developing economies such as India and China.
Rest of World, specifically the middle east & Africa have the lowest shareholding owing to restrained medical facilities, lack of funds, and unstable political conditions in Africa region.
Some of the key competitors in the global biomaterials market include Corbion N.V., Carpenter Technology Corporation, BASF SE, Berkeley Advanced Biomaterials, Royal DSM, Zimmer Biomet Holdings, Wright Medical Technology, Covestro, Evonik Industries AG, CAM Bioceramics BV, Celanese Corporation, Invibio Ltd., Bayer AG, and Collagen Matrix.
In September 2019, London Design Fair honored the resulting biomaterial as the “Material of the Year.” Jimmy MacDonald, director of the Fair anticipated that these materials would evolve the industrial supply chain.
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