Global Biomaterials Market is Estimated to be Worth USD 107000 million in 2019 and is Projected to Reach USD 214000 million by 2027, at A CAGR of 16.2% From 2020 to 2027: Proficient Market
At Proficient Market, Global Biomaterials Market research report presents a comprehensive overview of market size, share, evolution, trends, and forecast, and growth opportunities of biomaterials market by product type, application, key manufacturers and key regions and countries. This report offers comprehensive analysis on global biomaterials market along with, market trends, drivers, and restraints of the biomaterials market. In-depth study of market size with data Tables, Bar & Pie Charts, and Graphs & Statistics which helps easy to understand detailed breakdown of market.
According to the report, Global Biomaterials Market in 2019 stood at USD 107000 million and is expected to reach USD 214000 million by 2027 growing at a CAGR of 16.2% from 2020 to 2027.
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Biomaterials are artificially derived synthetic or natural materials that are used in medical technology to improve the functionality of damaged tissues and organs. These biomaterials are used to interact with biological systems for medical purposes and treatments of cardiovascular, dental, orthopedic, and neurological disorders. Moreover, biomaterials science can be implemented in various advanced medical technologies such, tissue engineering, plastic surgery, drug delivery devices, and other medical implants. Biomaterial applications are finding prominence in the research on biomed engineering, biomineralization, and biomolecules.
Biomaterials Market Key Players: The research study includes profiles of leading companies operating in the global biomaterials market. Key players profiled in the report include:
Carpenter Technology Corporation
Berkeley Advanced Biomaterials
Cam Bioceramics B.V.
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In July 2019, Royal DSM entered into a partnership with ProMed Pharma. This partnership was aimed at developing novel sustained release drug delivery solutions in the polymeric drug delivery area.
Drivers for the Global Biomaterials Market: Increase in geriatric population, high prevalence of cardiovascular, neurological, & orthopedic disorders, and heavy funding by government organizations to launch new products, increase awareness regarding the advantages of biomaterials products, increase production of implantable products, and advancements in medical technology are the key drivers of the market. Thus all these are creating a positive impact at the growth of the biomaterials market.
Opportunities for the Global Biomaterials Market: Factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases are driving the growth of the market. Emerging markets such as China, India, and Japan are the key areas of opportunity for players in this market. Thus all these factors are creating a lucrative opportunity for the growth of the biomaterials market.
Restrains for the Global Biomaterials Market: A stringent clinical & regulatory processes and unfavorable healthcare reforms in the US are restraining the growth of this market. While the growth of the market is hindered by factors, such as high cost of biomaterial production, occurrence of inflammatory responses due to compatibility issues, and complications associated with the use of these products. Thus all these factors are hampering the growth of the biomaterials market.
Region Wise, Global Biomaterials Market Analysis: Report covers the region wise analysis, global Biomaterials market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia-pacific leads the global Biomaterials market share followed by North-America and Europe. While the Asia-pacific leads the global Biomaterials market due to the Japan’s growing healthcare industry, rising geriatric population in China and India, and rising prevalence of cardiovascular diseases in India are some of the key factors driving the growth of the market in the Asia Pacific region. The strategic initiatives adopted by the regional participants to reinforce their presence in local as well as global markets. This led to fueling the growth of this market in this region.
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Global Biomaterials Market: Product analysis
On the basis of type, Metallic accounted for largest share of total revenue generated. Due to the wide usage of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications. However, the polymeric biomaterials segment is growing rapidly. This is mainly due to the increasing use of polymers in soft-tissue applications such as plastic surgeries. Thus all these factors led to fueling the growth of the biomaterials market.
Global Biomaterials Market: Application analysis
The demand of Global Biomaterials Market is highest from Orthopedic, due to Increasing adoption of metallic biomaterials in orthopedic applications due to their high load-bearing capacity is one of the factors driving the segment growth. Besides, continuous developments for the introduction of advanced orthopedic implants by market vendors are also expected to propel the revenue generation. Thus all these factors led to fueling the growth of the biomaterials market.
Global Biomaterials Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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