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The Biocompatible Materials Market to grow based on a devised digitized transformation
Biocompatible materials can be used in dental, orthopaedic and cardiovascular implants, drug delivery, hearing aids, tissue engineering scaffolds, prosthesis, cosmetics, and other medical device, as they are easily mouldable, biodegradable, and cost-effective. Biocompatible polymers experience harmless decomposition, which accelerates the healing process in the body. Moreover, manufacturers are focusing on developing their biocompatible portfolios and expanding their application for various diseases such as orthopedic disease and cardiovascular disease.
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High prevalence of orthopedic and cardiovascular disorders and technological advancements represent additional opportunities for manufacturers. Hence, increasing investments by companies for advanced product development that are non-toxic and non-immunogenic are also expected to create growth opportunities for the biocompatible materials market. Approval and commercialization of novel biocompatible materials are providing a huge opportunity in developing countries.
According to a latest report published by PMR, the global biocompatible materials market is anticipated to experience a CAGR of over 9% during the forecast period (2020 – 2030).
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Key Takeaways from Biocompatible Materials Market Study
The synthetic polymers segment, under material type, is expected to hold significant revenue share in the biocompatible materials market.
Surgical & medical instruments are the most attractive applications with the highest share, followed by biocompatible implants. These segments are expected to grow at a higher rate as compared to other applications.
In terms of regional growth, North America, Europe, and Asia Pacific are manufacturing hubs for biocompatible materials, and are anticipated to witness rapid growth in the global biocompatible materials market.
The COVID-19 outbreak has created hindrances for the growth of the biocompatible materials market, which will persist in the first half of 2021.
“Upsurge in demand for medical devices and biopharmaceutical products for treatment and diagnosis purposes will boost the global biocompatible materials market over the coming years,” says a PMR analyst.
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Collaborations & Acquisitions – Key Strategies amongst Market Players
Leading players in the biocompatible materials market are strengthening their product portfolios by launching new products.
For instance, in June 2020, Ensinger launched Laser direct structuring (LDS): TECACOMP LCP LDS 1049426 black, based on a Liquid Crystal Polymer (LCP).
Various players in the biocompatible materials market are focusing on growth strategies such as expansion, collaborations, and agreement licences.
In September, 2018, DuPont escalated the manufacturing capacity of the Kinston, North Carolina unit, for elevated production of the bio-based, high-performance DuPont™ Sorona® polymer.
In May 2019, Stratasys partnered with Solvay for an authorized materials partner program. The partnership will leverage the deposition modelling process of Stratasys with FDM Technology™ in 3D printing applications.
In October 2020, Covestro acquired the Resins & Functional Materials business (RFM) segment from Royal DSM. The acquisition will strengthen the portfolio of sustainable coating resins.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the biocompatible materials market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2020, on the basis of material type (polymers, metal, ceramic, and composites), application (surgical & medical instruments, implants, drug delivery, and others), end user (medical device manufacturers, academic and research institutes, and biopharmaceutical & pharmaceutical companies), across seven key regions.
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