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Biomaterials Market To Reach 128.7 Billion USD By 2023
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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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The global biomaterials market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018) and forecasts for 2023 by type of material (metals & alloys, ceramics, polymers, composite materials, and natural materials), and application (cardiovascular, orthopedic, ophthalmology, dental, neurostimulators, and other applications). The study also evaluates industry competitors and analyzes the market at regional and country level.
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 orthopedic 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 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.
The key players in the global biomaterials market are Koninklijke DSM N.V., Corbion N.V., EPTAM Plastics, Ltd., DiSanto Technology, Inc., CoorsTek Medical LLC, Carpenter Technology Corporation, Zapp AG, United Titanium, Inc., CAM Bioceramics B.V., Celanese Corporation, Victrex Plc, Wright Medical Group N.V., BASF SE, Evonik Industries AG, and Zimmer Biomet Holdings, Inc. among others.
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About Meticulous Research®
Meticulous Research® is founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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Viren Shrivastava
AVP- Global Sales and Marketing
Meticulous Research®
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