Biomaterials are materials of either synthetic or natural origin that are used for interaction with biological systems for medical purposes such as treating or repairing damage tissues. They are used in joint replacements, plastic surgeries, drug delivery devices, skin repair, heart valves, and in other medical implants. The recent success in the usage of biomaterials was witnessed in the fields of cardiovascular medicine, immunology, orthopedics, dental medicine, infection, and ophthalmology, which has opened new avenues for biomaterials technology. Biomaterial is a groundbreaking technological innovation of medical technology that can enhance the functionalities of damaged tissues or organs.
The world biomaterials market is estimated to garner revenues worth $139,736 million by 2022, and projected to grow at a CAGR of 11.8% from 2016 to 2022. This is attributed to increase in geriatric population, rise in prevalence rates of cardiovascular & orthopedic disorders, advancement in medical technology, and increase in awareness regarding implantable devices. The other driving factors of the market are heavy fundings by government to increase R&D activities in the field of biomaterials and increasing awareness about the advantages of biomaterials products. However, high cost of biomaterial implants and compatibility issues are expected to hamper the market growth. Introduction of new technologies, namely, decellularized dermal matrixes for grafting and hydrogen scaffolding, presenting new products in field of plastic surgery, wound healing, and neurology offers lucrative opportunities to market players.
The report segments the world biomaterials market based on type, application, and geography. By type, the market is segmented into metallic, polymeric, ceramic, and natural. Metallic biomaterials are segmented into stainless steel, titanium & titanium alloys, cobalt-chrome alloys, gold, and silver. Polymeric biomaterials are divided into polymethyl methacrylate (PMMA), polyethylene, polyester, polyvinylchloride, silicone rubber, nylon, and polyetheretherketone. Ceramic biomaterials are segmented into calcium phosphate, zirconia, aluminum oxide, calcium sulfate, carbon, and glass. Natural biomaterials comprise hyaluronic acid, collagen & gelatin, fibrin, cellulose, chitin, alginates, and silk. Based on application, the market is classified into cardiovascular, dental, orthopedic, wound healing, plastic, surgery, ophthalmology, tissue engineering, neurological disorders, and drug delivery systems. The market has been analyzed based on four geographical regions, namely North America, Europe, Asia-Pacific, and LAMEA.
Introduction of novel biomaterials, such as inorganic nanomaterials for detecting enzyme activity is a recent trend of the industry. In July 2016, Cartiva, Inc. received premarket approval for Cartiva Synthetic Cartilage Implant (SCI) that is used for the treatment of osteoarthritis at the base of the great toe, where SCI is a synthetic cartilage joint formed by an organic polymer-based biomaterial. Furthermore, in December 2014, Karmed Saglik Group received first European approval for implant made using PEEK-OPTIMA™ HA enhanced polymer by Invibio Biomaterial Solutions. These implants are used for the treatment of degenerative spinal conditions. Acquisitions and partnerships are the key strategies adopted by market players in the biomaterial industry.
The key market players profiled in the report include:
Key market segments
The world biomaterials market is segmented as follows:
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