According to a recent market research report published by Transparency Market Research, the global biomaterials market is expected to expand at a CAGR of 4.1% during the period between 2013 and 2019. The report, titled “Biomaterials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” projects the global biomaterials market to reach a valuation of US$33.6 bn by 2019. The overall market was worth close to US$25.3 bn in 2012.
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Biomaterials can be derived from either synthetic or natural sources and are used extensively in treating various medical conditions such as tissue damage, dental problems, cardiovascular problems, and orthopedic injuries. The report points out that the rising number of successful medical implants have led to their increased preference among the medical fraternity, thereby propelling the growth of the global biomaterials market. However, post-implantation infections and implant product recalls have restrained the market. Further, uncertain liability protection offered through the biomaterials access assurance act (BAAA) of 1998 has hindered the growth of the market. The overall biomaterials market has a huge opportunity to grow with the advent of nanomaterials and tissue engineering.
On the basis of material type, the global biomaterials market has been segmented into metals, polymers, ceramics, and natural biomaterials. In 2012, metal-based biomaterials accounted for the major share in the market, followed by polymers. During the forecast horizon, the polymers segment is expected to witness the fastest growth in the market due to the increased application of polymers across the healthcare sector and their unique properties such as bioinertness, flexibility, longevity, biocompatibility, and durability. Polymers biomaterials are used in contact lenses, percutaneous transluminal coronary angioplasty (PTCA) catheters, heart valves, and intraocular lenses. With the growing prevalence of ophthalmic disorders, the demand for polymers for ophthalmic applications will drive the market in the coming years. In 2012, orthopedic applications of biomaterials accounted for the majority share in the market.
The report studies the global biomaterials market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. North America is the largest market for biomaterials, closely followed by Europe. The U.S., Canada, Germany, Italy, France, the U.K., and Spain are some of the countries recording a leading number of medical implant procedures, thereby boosting the regional biomaterials market. However, during the forecast horizon, Asia Pacific is expected to witness significant growth with surging demand for biomaterials from South Korea, India, China, Japan, and Taiwan.
Describing the competitive landscape of the market, the report profiles some of the key players in the global biomaterials market, such as Biomet Inc., AdvanSource Biomaterials Corporation, Ceradyne Inc., Celanese Corporation, Corbion Purac, Collagen Matrix Inc., DuPont, Invibio Inc., Evonik Industries AG, Orthofix Holdings Inc., Royal DSM, and Ulbrich Stainless Steels, and Special Metals Inc. The report also provides further information about the key players, including their financial overview, product portfolio, business strategies, and recent developments.
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