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Brazil Biomaterials Market will grow at 18.30% CAGR to exceed $ 5.18bn in 2022

Press Release   •   Jan 16, 2018 07:28 EST

The biomaterial is any material which has been engineered to help the biological systems for a therapeutic or diagnostic purpose. The biomaterial is a nonviable material used in medical devices, intended to interact with biological systems. Biomaterials possess biocompatibility i.e. ability of a material to perform an appropriate host response in the specific application. The rapidly growing healthcare sector in Brazil is expected to drive the biomaterials market in this region.

According to the report, demand for Brazil biomaterials market in was valued at over USD1.89 billion in 2016, is expected to reach above USD 5.18 billion in 2022 and is anticipated to grow at a CAGR of slightly above 18.30% between 2017 and 2022.

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Biomaterials find applications in various products such as skin repair, contact lenses, blood vessel prosthesis, drug delivery, gene transfer and dental.This factor is expected to amplify the biomaterial market in the coming years. Moreover, the high prevalence of diseases owing to the sharp rise in the discretional income has led to the unhealthy lifestyle which is expected to assist the biomaterials market growth within the forecast period. Growing fad towards western food has led to high incidence of cardiovascular disease; this factor may trigger the growth of biomaterial market in upcoming years.Nevertheless, ongoing intense research & development for introducing innovative and a bio-inert material is likely to optimize the growth of the biomaterials market in upcoming years.

On the basis of product, the biomaterials market can be segmented cardiovascular biomaterials, orthopedic biomaterials, wound care biomaterials, urological biomaterials plastic surgery biomaterials and gastrointestinal biomaterials. Cardiovascular biomaterials consist of vascular access devices, cardiac stents, artificial heart valves, peripheral vascular grafts, cardiac pacemakers and implantable cardioverter defibrillators. The orthopedic includes sub-segments such as implantable cardioverter defibrillators, trauma orthopedic biomaterials, trauma orthopedic biomaterials, bone cement, ortho biologics biomaterials, and reconstructive biomaterials. Orthopedic biomaterials segment is gaining huge importance in the recent times owing to high product penetration and ease to use. Based on the material used, the biomaterials can be segmented as ceramics, metals, and polymers. Metals account for the highest market share as compared to ceramics and polymers, owing to diverse properties of metals and their high biocompatibility. Ceramics are generally used up in dental products and are expected to emerge as a potent segment in the coming years. Polymers are also expected to exhibit huge growth in the coming years owing to various innovations in the polymer industry. Biomaterials are mainly used in applications such as drug delivery, dental products, surgical appliances & supplies, general surgery, electromedical equipment and other applications.

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Brazil is witnessing an unprecedented boom in recent times and is expected to fortify the biomaterials market in near future. There has been a sharp rise in the occurrence of various cardiovascular diseases along with the growing aging population which is accelerating the growth of biomaterials in this region. Growing demand for junk food owing to hectic lifestyle has led to high rate of diseases this factor expected to foster the demand for biomaterials market in Brazil.

Some of the global major players in the biomaterials market are Allergan Inc., Artimplant Ab, Alphatec Spine Inc, Biomet Inc., Synthes Inc., Integra Life Sciences Holdings Corporation, Wright Medical Group, Inc., Stryker Corporation, Baxter International Inc. and Boston Scientific Corporation. The presence of various vendors in the Brazil market forces the players to focus on the product development to sustain in the biomaterials market.

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