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Biomaterials Market 2018-2023
Biomaterials Market to Reach 128.7 Billion USD by 2023
Says Meticulous Research
Meticulous Research® – leading global market research company published a research
report titled “Biomaterials Market by Material Type [(Metal (Alloy, Pure Metal),
Ceramic (Inert, Bioresorbable), Polymer, Natural Materials, Composites)], and
Application (Heart Disease, Orthopedic, Opthalmic, Dental Application,
Neurostimulator)- Global Forecast to 2023”.
According to this latest publication from Meticulous Research®, the global
biomaterials market will grow at a CAGR of 8.8% from 2018 to 2023 to reach USD
128.7 billion by 2023, driven by increasing incidence of chronic conditions with rising
geriatric population, increasing demand for implantable medical devices, rising
number of hip and knee replacements, significantly growing number of cosmetic &
reconstructive plastic surgery procedures, and various technological advancements in
this field. Moreover, factors such as growing healthcare market in emerging
economies, increasing number of free trade agreement, and rising investments in the
R&D for development of new biomaterials further provides major opportunities in the
global biomaterials market.
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Key Findings from Biomaterials Market Report:
Metallic Biomaterials Dominates the Global Market
The use of implants has grown dramatically over the past years, driven by growing
aging population and thereby the increasing incidence & prevalence of chronic
diseases, and the desire of the patients to maintain the same level of activity and
quality of life. Consequently, the demand for high-performance implantable
biomaterials that can address unique challenges in cardiology, vascular therapy,
orthopedics, trauma, spine, dental, and wound care has also been increasing steadily.
Metals are used as biomaterials due to their excellent electrical and thermal
conductivity and mechanical properties. Moreover, the availability of bioactive
ceramics like hydroxyapatite has been improving its bone conductivity. Therefore, the
wide adoption of metals in various applications has been significantly improving the
patient’s life in recent years.
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Biomaterials Market 2018-2023
Cardiovascular application Segment Driving Gains
The heart failure is one of the leading causes of morbidity and mortality all over the
world. More than 5 million patients are suffering from chronic heart failure postmyocardial infarction caused due to ischemic heart disease. The disease develops over
a period of time due to loss of cardiomyocytes. The condition is further aggravated
due to complications related to obesity, hypertension, diabetes, smoking, and alcohol
consumption. Currently available treatments for diseased blood vessels, heart valves
and myocardium include organ transplantation from one individual to another, tissue
transfer from a healthy site to the diseased site in the same individual (such as
coronary artery bypass with autologous vein and Ross operation), and replacement by
using artificial prosthesis (including synthetic vascular grafts, mechanical and
biological valves and left ventricular assist device). However, advanced therapy such
as tissue engineering helps to develop biological substitutes that restore, maintain, and
improve tissue or organ function. This is emerging as an alternative approach to treat
cardiovascular diseases. This alternative approach can be a permanent solution, a costeffective treatment in the long term, and does not have any need of supplementary
therapies which can further drive the gains in this application area.
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Market Segmentation:
Based on type of materials, metals & alloys held the largest share of global biomaterials
market in 2017 and expected to continue its dominance during the forecast period owing
to the wide adoption of metallic biomaterials in orthopaedic implants due to their
strength and resistance to fatigue degradation to provide strong and durable support &
replacement to the damaged bones. In addition, they are also commonly used in dental,
cardiovascular, and neuromuscular stimulation devices due to their good strength and
electrical conductivity. However, composite biomaterials are the emerging and rapidly
growing biomaterials owing to their rising adoption in various applications to optimize
the level of mechanical, biological or chemical characteristics of various basic
biomaterials in the bioimplants.
On the basis of application, cardiovascular disease area accounted for the major share
in the global biomaterials market in 2017. This was mainly attributed to the rising
adoption of implantable medical devices like pacemaker, defibrillators, valves, heart
monitors, and stents, and others for the prevention of sudden cardiac deaths (SCD) in
patients at high risk for SCD with increasing incidence of cardiac arrest, atrial
fibrillation, and atherosclerosis; increasing burden of high blood pressure; and
congenital heart defects. However, other applications including plastic surgery, wound
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Biomaterials Market 2018-2023
healing, tissue engineering, urinary applications, and gastrointestinal application are
expected to grow at the fastest CAGRs than other matured application areas during the
forecast period.
Based on geography, North America accounted for the major share of the global
biomaterials market in 2017, followed by Europe, and Asia-Pacific. The major share
of the North American region is mainly attributed to the matured healthcare market
with higher healthcare expenditure, higher penetration & adoption of implantable
medical devices and advanced surgical instruments, cordial reimbursement policies,
and presence of large pool of patients with various chronic and non-communicable
diseases. However, Asia-Pacific region offers lucrative growth potential for the
biomaterials market during the forecast period owing to the increasing base of
population with various chronic diseases, increasing awareness towards implantable
devices coupled with rising healthcare expenditure, and increasing research and
development activities in biomedical and translational field.
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Key questions answered in the report:
• Which are the high growth market segments in terms of type of material,
application, and regions/countries?
• What is the historical market for biomaterials across the globe?
• What are the market forecasts and estimates for the period of 2018-2023?
• What are the major drivers, restrains, and opportunities in the global
biomaterials market?
• Who are the major players in the global biomaterials market and what share
of the market do they hold?
• Who are the major players in various countries and what share of the market
do they hold?
• What are the competitive landscapes and who are the market leaders by subregion in the global biomaterials market?
• What are the recent developments in the global biomaterials market?
• What are the different strategies adopted by the major players in the global
biomaterials market?
• What are the geographical trends and high growth regions/countries?
• Who are the local emerging players in the global biomaterials market and
how do they compete with the global players?
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Biomaterials Market 2018-2023
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