(PharmaNewsWire.Com, May 29, 2020 ) Growth in this market is primarily attributed to increasing funds and grants by government bodies and universities for the development of novel biomaterials, increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidences of cardiovascular diseases, and rising awareness and research on regenerative medicine.
What the Market Looks Like?
Predicted to grow at a CAGR of 14.5% during the forecast period, the global Biomaterials Market is estimated to reach USD 207 Billion by the end of 2024. Emerging markets such as China, India, and Japan are the key areas of opportunity for players in this market. However, stringent clinical & regulatory processes and unfavorable healthcare reforms in the US are expected to restrain the growth of this market during the forecast period.
The metallic biomaterials segment accounted for the largest share of the biomaterials market, by type, in 2018. This is primarily attributed to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications. It is expected that the rise in geriatric population globally will increase the demand for these devices, as age increases susceptibility to orthopedic, dental, ophthalmological, neurological, and cardiovascular disorders. In line with this, according to the American Joint Replacement Registry (AJRR), 860,080 hip and knee replacement procedures were performed in the US in 2017. This number is expected to reach 3.48 million procedures per year by 2030.
The cardiovascular applications segment accounted for the largest share of the biomaterials market, by application, in 2018. This is primarily due to the increasing prevalence of cardiovascular diseases, rising geriatric population, growing number of angiography procedures, and the increasing adoption of cardiac stents, pacemakers, and implantable cardiac defibrillators. For instance, according to the World Health Organization (WHO), 17.9 million people die each year from CVDs, which is an estimated 31% of all deaths worldwide. This figure is expected to grow to more than 23.6 million by 2030.
The growth of the global market for biomaterials is primarily influenced by the following factors:
Increased Funds and Grants by Government Bodies and Universities for the Development of Novel Biomaterials Increasing Demand for Implantable Devices Growing Demand for Biomaterials in Plastic Surgery and Wound Healing Applications Rising Incidence of Cardiovascular Diseases Increasing Research on Regenerative Medicine Geographical growth scenario of Biomaterials Market
In 2018, North America accounted for the largest share of the biomaterials market, followed by Europe. Increase in biomaterial-based research, rising demand for plastic surgeries, growing incidence of cancer, and the rising prevalence of cardiovascular diseases are the factors propelling the growth of the biomaterials market in this region.
The Asia Pacific region is projected to register the highest growth rate in the biomaterials market during the forecast period, primarily due to the rising geriatric population in China and India, Japan’s growing healthcare industry, and the rising prevalence of cardiovascular diseases in India.
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