Biomaterials Market To Reach 128.7 Billion USD By 2023
Meticulous Research® –
leading global market research company published a research report titled “Biomaterials Market by Material Type
[(Metal (Alloy, Pure Metal), Ceramic (Inert, Bioresorbable), Polymer, Natural
Materials, Composites)], and Application (Heart Disease, Orthopedic, Opthalmic,
Dental Application, Neurostimulator)- Global Forecast 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
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.
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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.
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
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Global Sales and Marketing
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