(PharmaNewsWire.Com, August 29, 2017 ) According to the report Latin America biomaterials market, published by Market Data Forecast, the Market is estimated at $5.2 Billion and is poised to reach $9.164 Billion by 2021, growing at a CAGR of 13% during the forecast period. Advancements in medical technology have taken a hefty toll on plastic materials that are used in medical applications, which re being predominantly effected by concerns of biocompatibility, in addition to demand for superior implant mechanical performance.
With the increase in Latin America aging population, the demand for usage of biomaterials in cardiology, neurology, wound healing, and plastic surgery is also on a rise. Further, the tremendous research on advancements in medical technology for the efficient functionality of medical implants, new technologies such as hydrogen scaffolding and decellularized dermal matrixes for grafting, increase in government grants, investment and funding are some of the factors driving the growth for Latin America biomaterials market.
However, adverse reaction to biomaterial implants, inflammation and fracture issues and high cost associated with manufacturing are the major factors effecting the growth of Latin America biomaterials market. Based on the types of material, the Latin America biomaterials market is categorized into ceramic, metallic, polymers, and natural biomaterials. Due to the increased applications of polymers in healthcare and their distinct material properties such as flexibility, bio-inertness, longevity, biocompatibility and durability, the polymers segment will have the highest growth rate in the coming years. 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, ophthalmology, tissue engineering, neurological /central nervous systems, wound healing, and other applications which include drug delivery systems, bariatric surgery, gastrointestinal and urinary applications. Moreover, on the basis of geography, the Latin America Market is analysed under various regions namely, Argentina, Brazil, Mexico and Rest of Latin America.
Some of the key players in the Latin America 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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