The global biomaterials market is projected to reach USD 206.64 billion by 2024 from USD 105.18 billion in 2019, at a CAGR of 14.5% during the forecast period. Growth in this market is primarily attributed to increasing funds and grants by government bodies and universities for the development of novel biomaterials, increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidences of cardiovascular diseases, and rising awareness and research on regenerative medicine. However, stringent clinical & regulatory processes and unfavorable healthcare reforms in the US, limitations of biomaterial-based products, and shortage of skilled surgeons are expected to restrain the growth of this market during the forecast period.
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Growing healthcare market in emerging economies
The biomaterials market in emerging countries is expected to witness significant growth during the forecast period. This can majorly be attributed to the increasing patient population, rising adoption of implantable devices, growing awareness of CVD, rising disposable income, improving healthcare infrastructure, and the presence of less-stringent regulatory guidelines (as compared to developed countries) in these countries.
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. The World Economic Forum has estimated these emerging economies would account for one-third of the global healthcare expenditure by 2020. The growing demand for surgical procedures, rising geriatric population, and the increasing incidence of target diseases are some of the major factors that are expected to drive the demand for advanced healthcare services and novel medical devices in the respective healthcare systems of these countries. This is expected to offer potential growth opportunities to players operating in the biomaterials market in the coming years.
Limitations of biomaterial-based products
Although significant breakthroughs have been achieved in the field of biomaterials, there are some limitations associated with biomaterial-based products. For instance, the stability and toughness of bioceramics decrease at elevated temperatures, making their manufacturing difficult. In addition, ceramic implants have a shorter life cycle as they undergo continuous loosening and dislocation. Similarly, metal polymers corrode easily when exposed to harsh internal environments, such as body acids and enzymes. Leaching of metal ions can also occur from the surface of implants, which results in their wear and tear.
Problems such as stress shielding and implant failure in biomaterial-based orthopedic applications (such as knee, hip, and joint prostheses) are common. Also, biomaterials sometimes generate adverse immunological and inflammatory reactions and result in infections when in contact with human tissues/organs. These risks posed by biomaterials to patient health are expected to limit the use of biomaterial-based products in certain cases.
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