The Global Biomaterials Market has been estimated to be USD 70.03 billion in 2016 and it is poised to grow USD 130.17 billion by the end of 2021 at a CAGR of 13.2% during the forecast period from 2016 to 2021. Biomaterial is a biological or synthetic substance used to make devices to replace a part or an organ in a safe, reliable & compatible to the body. Biomaterials can be either extracted from the nature or synthesized using artificial processes. The usage of biomaterials is based on factors like its biocompatibility, bio-functionality & availability.
Biomaterials are used in plastic surgery, joint replacements, drug delivery devices, heart valves and in other medical implants. The medicinal areas which use biomaterials include Cardiovascular Medicine, Orthopedics, Dental Medicine, Ophthalmology, immunology, infection and others. The launch of new products in areas such as plastic surgery, neurology and, wound healing is expected to fuel the growth of this market. The cardiovascular medicine field dominates the global biomaterials market in terms of share due to high prevalence rates of cardiovascular diseases. The orthopedic segment is the second largest market.
Technological advancements, rise in the number of aging people, Increased funds & grants by government bodies worldwide, growing implantable devices market, , rising number of hip and knee replacement procedures, growing incidence of chronic diseases are driving the growth of this market. However, stringent safety and validation regulations, compatibility issues, and difficulty in wearing the products are some of the reasons hindering the growth of the biomaterials market.
The global market for medical biomaterials is segmented based on the Materials and Types. The material segment of the biomaterials market includes metallic, ceramic, polymers, and natural biomaterials. The type segment is sub-divided into Bio-inert Biomaterials, Bioactive Biomaterials & Bio-resorbable Biomaterials. Polymers sub-segment is expected to exhibit fastest growth in the coming years owing to its increased applications in healthcare.
Based on geography, the market is segmented into North America, Europe, Asia Pacific and Rest of the World). North America is the largest market for biomaterials owing to the sophisticated healthcare infrastructure and amicable reimbursement policies in this region, followed by Europe. Biomaterials market is expected to witness the highest growth rate in the Asia-Pacific region. Emerging countries such as India and China are contributing for a greater financials in Asia-Pacific biomaterials market because of rising patient awareness coupled with rising healthcare expenditure.
Many players in biomaterials market are trying to expand their product portfolio in order to top the global market. While few companies are entering into the market by acquisitions, top companies are expanding their growth in this market by acquiring other companies. The key market players are Royal DSM, Wright Medical Technology, Inc., Corbion N.V., Zimmer Biomet Holdings, Inc., Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., BASF SE, Invibio Ltd., Berkeley Advanced Biomaterials, Inc., and Collagen Matrix, Inc. among others.
Key Deliverables in the Study