Press release
APAC Biomaterials Market to be Worth over $26.9 Billion By 2023, How it will grow at a CAGR of 8.8% from 2018 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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The rising healthcare expenditure; increasing research and development activities; increasing incidence of cardiovascular diseases, neurological diseases, and other neurodegenerative disorders along with aging population; increasing awareness of implantable devices; and expanded application of neurostimulators in treating chronic or neuropathic pain are the major factors driving the growth of biomaterials market in Asia-Pacific (APAC) region.
The biomaterials market is segmented on the basis of type of material (metals & alloys, ceramics, polymers, composite materials, and natural materials), and application (cardiovascular, orthopedic, ophthalmology, dental, neurostimulators, and other applications). On the basis of type of material, metals & alloys held the largest share of APAC biomaterial market in 2017 and is expected to continue its dominance during the forecast period. The largest share of metals & alloys is mainly attributed 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. However, composite biomaterials are rapidly gaining traction.
Based on application, cardiovascular diseases accounted for the largest share in the biomaterials market in 2017. This was mainly attributed to the rising adoption of implantable medical devices like pacemakers, defibrillators, valves, heart monitors, and stents for prevention of sudden cardiac deaths (SCD) in high risk patients; 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 applications are expected to witness fastest growth during the forecast period.
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China will be the growth engine of APAC biomaterials market.
The Chinese biomaterial market presents significant growth opportunities in the near future. Cardiovascular diseases (CVDs) represent the leading cause of death in China. According to the National Center for Cardiovascular Diseases report, in 2017, the total number of CVD patients was 290 million. The number of pacemaker implants have grown significantly in recent past. For instance, the number of pacemaker implants has witnessed 69.5% increase from 38,768 implants in 2010 to 65,697 pacemaker implants in 2015. This number is expected to continue to grow rapidly in the future, along with the rising burden of CVDs. Thus, there will be huge demand for cardiovascular intervention devices in China which in turn will provide significant opportunity for biomaterials market during the forecast period.
Some of the key players in the biomaterial market are KONINKLIJKE DSM, 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, BASF SE, Evonik Industries AG, Zimmer Biomet Holdings, Inc., and Wright Medical Group N.V.
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About Meticulous Research®
Meticulous Research® was 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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