According to the report Global biomaterials market, published by Market Data Forecast, the Market is estimated at USD 66.12 Billion in 2016 and is poised to reach USD 125.152 Billion by 2021, growing at a CAGR of 14% during the forecast period. Biomaterials are the combination of elements, artificial or naturally derived, used in medical applications for instance replacement of tissue and organ transplantation.
Advancements in medical technology have taken a hefty toll on plastic materials that are used in medical applications, which has been further worsened by developments in the fields of medical plastic, stainless steel /titanium metal replacement implant materials, being predominantly driven by concerns of biocompatibility, in addition to demand for superior implant mechanical performance.
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Increased use of biomaterials is mainly attributed to the tremendous research on advancements in medical technology for the efficient functionality of medical implants. In addition, Increased government grants, investment and funding, and growing usage of polymer in biomaterials are some of the factors driving the growth for global biomaterials market. And also due to the increasing number of geriatric patients, the demand for usage of biomaterials in cardiology, wound healing, neurology and plastic surgery is on a rise. Besides, new technologies such as hydrogen scaffolding and decellularized dermal matrixes for grafting will contribute to the market in growing at a healthy rate throughout the forecast period.
However, adverse reaction to biomaterial implants, strict regulatory requirements, inflammation and fracture issues, high cost associated with and difficulties in manufacturing are the major factors off-putting the growth for global biomaterials market.
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Based on the types of material, the global biomaterials market is categorized into ceramic, metallic, polymers, and natural biomaterials. Polymers will have the fastest growth rate in the coming years owing to its increased applications in healthcare and distinct material properties such as bio- inertness, flexibility, longevity, biocompatibility and durability. Polymers biomaterials have widespread applications such as in percutaneous transluminal coronary angioplasty (PTCA) catheters, strong frame for dental prosthesis and dentures, contact lenses, heart valves, and intraocular lenses. With persistent demand from geriatrics and rising incidence of ophthalmic disorders, the mainstream usage of polymers for ophthalmological purposes will surge in the next few years.
Further, based on application, the market is segmented into orthopaedic, dental, cardiovascular, plastic surgery, wound healing, ophthalmology, tissue engineering, neurological /central nervous systems, and other applications which include drug delivery systems, bariatric surgery, gastrointestinal and urinary applications.
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Some of the key players in the global biomaterials market include Royal DSM, Zimmer Biomet Holdings, Inc., Evonik Industries AG, Wright Medical Technology, Inc., Corbion N.V., Berkeley Advanced Biomaterials, Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., BASF SE, Invibio Ltd., Inc., CAM Bioceramics BV, and Collagen Matrix, Inc.
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