LONDON, Dec. 17, 2016 /PRNewswire/ -- The global biomaterial accounted for revenue of $62,068.0 million in 2015 and it is expected to grow at a CAGR of 16.1% during the forecast period. Based on material, the polymer biomaterial segment is expected to witness the fastest growth, a CAGR of 19.2% during the forecast period.
Biomaterial is a nonviable material used in medical devices or during interaction with biological systems. It is an essential material used for medical applications to substitute a part or a function of body in reliable, safe, and physiologically acceptable method. It poses properties such as biocompatibility, high corrosion resistance, adequate strength, and biofunctionality. Some of the commonly used biomaterials are cellulose, silicone rubber, collagen, titanium, stainless steel, polyurethanes, poly (methyl methacrylate) and hydrogels.
Biomaterials are used in bone plates, joint replacement, bone cement, contact lenses, blood vessel prostheses, artificial ligaments and tendons, cochlear replacements, heart valves, dental implants and skin repair device. The emergence of innovative biomaterial products and advances in technology has improved biomaterial applications and performance.
On the basis of type, the biomaterials market can be categorized as polymers, ceramics, metallic and other biomaterials. The biomaterials market can be categorized on the basis of applications as ophthalmology, cardiovascular, wound healing, plastic surgery, dental, neurological conditions and others.
The global biomaterial market is growing at a significant rate due to growing geriatric population, increasing number of hip and knee replacements, companies venturing into the orthobiologics market, and increasing incidence of cardiovascular diseases. In addition, the increasing demand for implantable devices, technological advancement of biomaterials and increasing healthcare expenditure are also driving the growth of the global market. However, the restraints associated with the growth of the global biomaterial market include strict regulatory requirements for approval of biomaterial and limitations of biomaterial products.
Geographically, North America is expected to maintain its dominance in the global market of biomaterial during the forecast period. This is due to increasing demand for plastic surgery, increasing incidence of cardiovascular disease and cancer in the region. In addition, the increasing research and development activities and increasing healthcare expenditure are also driving the growth of the North American biomaterial market.
The European biomaterial market is growing mainly due to increasing incidence of hip and knee replacement, growing geriatric population and increasing incidence of cardiovascular disease. However, the biomaterial market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. This is due to the growing healthcare industry, growing geriatric population, increasing healthcare expenditure, growing incidence of cardiovascular disease and growing incidence of hip and knee replacement.
Some of the key companies operating in the global biomaterial market include Wright Medical Technology Inc., Corbion N.V, Royal DSM, Zimmer Biomet Holdings Inc., Collagen Matrix Inc., Berkeley Advanced Biomaterials Inc., and Cam Bioceramics BV.
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