Biomaterials Market on eye to reach $139 Billion by 2022 : Allied Market Research

Biomaterials are non-viable substances that can be implanted to replace or repair missing tissue. It can be natural or synthesized in the laboratory. When used for medical purposes, biomaterials can be injected to replace or repair missing tissue.

Biomaterials such as bone substitutes and collagen membranes are routinely used in regenerative dentistry as well as bone and cartilage regeneration in orthopedics.

The metal biomaterials segment accounts for the highest percentage of sales in the world market due to the use of orthopedic treatments for bone support and replacement due to resistance to strength and fatigue failure.

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The polymer biomaterials sector is expected to grow at a CAGR of 13.0% between 2016 and 2022 due to increased demand for biodegradable products and their use in a variety of applications such as lightweight, excellent biocompatibility and physical and mechanical properties.

Orthopedic disease was the leading application in the market, followed by cardiovascular disease and drug delivery systems, and contributed approximately three-quarters of the global market. This is due to the high frequency of conditions characterized by degenerative symptoms and notable remedies provided by biomaterial-based products. Neurological disorder is a major area of application for the biomaterials market and is expected to provide profitable investment opportunities in the near future. Tissue engineering, however, is expected to grow fastest with the introduction of scaffolds, one of the biomaterials used in 3D printing.

Key Findings of the Biomaterials Market

• North America is the leading region in the global biomaterials market.
• North America and Europe jointly contributed over three-fourths share of the overall revenue in 2015.
• Asia-Pacific biomaterials market is expected to be the fastest growing region during study period.
• Chinese biomaterials market is expected to grow at a significant CAGR of 18.5% from 2016 to 2022.
• In 2015, metallic biomaterials segment contributed significantly to the revenue of the global market, and is projected to maintain this trend during the forecast period.
• Among biomaterials, polymeric biomaterial segment is projected to grow rapidly registering a CAGR of 13.0% from 2016 to 2022.
• Tissue engineering is projected to be the fastest growing application segment of biomaterials market with CAGR of 35.6% during analysis period.

The key players in this market have adopted product development & launch as their key strategies to cater to the changing needs of the industry. Furthermore, companies have collaborated with other key players to develop cost-effective and technologically efficient technologies to strengthen their market positions. The development of novel products with innovative technologies and acquisition of companies possessing innovative technologies are the top strategies adopted by leading players in the market. The key players profiled in this report include Royal DSM, Wright Medical Group N.V., Corbion N.V., Zimmer Biomet Holdings, Inc., Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., Evonik Industries AG, BASF SE, Victrex plc., and Collagen Matrix, Inc.

In 2015, North America accounted for significant revenue share in the global biomaterials market, and is expected to maintain this trend throughout the forecast period. This is attributed to increase in prevalence of chronic and degenerative diseases coupled with growth in geriatric population, advent of innovative technologies, heavy funding by government agencies for R&D activities, and growing need to improve quality of life in North America.

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Asia-Pacific is expected to be the fastest growing region throughout 2022, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of cardiovascular, neurological & orthopedic disorders, increasing awareness about biomaterials advantages, and rising acceptance of advanced technologies in this region.

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