Biomaterials Market to Witness 16.1% CAGR in Near Future

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Asia-Pacific biomaterial market is expected to witness the fastest growth, a CAGR of 18.3% during the forecast period.

The implantable devices niche is expanding rapidly due to the growing geriatric population, continuous innovation and development of products, increasing number of hip and knee replacements, and surging prevalence of diseases. Implantable devices are used for replacing a part of body, such as an organ, when it fails to perform its functions. These devices then are placed inside the body through medical intervention. Various applications of implantable devices include neurological conditions, plastic surgery, cardiovascular, obstetrics, dentistry, and ophthalmology. The demand for devices, such as artificial pacemaker, implantable cardioverter defibrillator, stents, and artificial heart valve, is increasing rapidly due to high incidence of heart failures or cardiovascular diseases. Similarly, the rising incidence of knee and hip injuries are resulting in the increasing requirement for their replacement. Since implantable devices are made up of biomaterials, their demand is increasing with the rising need for biocompatible devices.

Any synthetic or natural material used as a part of body to treat, replace, or augment tissue, or organ is referred to as biomaterial. Biomaterials are highly corrosion resistant, biocompatible, biofunctional, and have adequate strength. As per a study conducted by the P&S Intelligence, the global biomaterial market is expected to generate a revenue of $175.9 billion, witnessing a CAGR of 16.1%, in the coming years. Different materials used for making biomaterials include polymer, ceramic, and metallic. Out of these, the highest demand during 2012–2015 was created for metallic biomaterials. In the near future, the fastest growth in demand is predicted to be witnessed by polymer biomaterials.

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The expanding healthcare domain in developing countries is expected to provide wide scope to biomaterial manufacturers. The healthcare domain in emerging economies is still a fraction of that in developed countries, however, it has experienced considerable growth in the past few years and is further projected to grow significantly in the coming years, especially in the Latin America and Asia-Pacific regions. Since the market in these regions is fragmented, along with the improving healthcare infrastructure and presence of large population base, investors are attracted toward them more rather than the developed countries. Moreover, the overall cost of manufacturing of medical devices in emerging economies tend to be low leading to reduced cost of the product without compromising the quality. Also, as the income level of people in these countries is increasing, they are now in a position to afford high-quality implants, hence resulting in rising demand for biomaterial.

Some of the key companies operating in the global biomaterials market include Wright Medical Technology Inc., Corbion N.V., Royal DSM, Zimmer Biomet Holdings Inc., Collagen Matrix Inc., Berkeley Advanced Biomaterials Inc., and Cam Bioceramics BV.