PUNE, India, May 15, 2020 /PRNewswire/ -- The global biomaterials market is set to gain impetus from the increasing usage of a wide variety of biomaterials because of their clinical efficiencies. They also provide several benefits in wound healing applications. Fortune Business Insights™ published this information in a recent report, titled, "Biomaterials Market Size, Share and Industry Analysis, By Material (Metallic Biomaterials, Ceramic Biomaterials, Polymers, and Natural Biomaterials), By Application (Cardiovascular, Dental, Orthopedic, Plastic Surgery, Urology, Gastroenterology, and Others), and Regional Forecast, 2020-2027." The report further mentions that the biomaterials market size was USD 110.0 billion in 2019 and is projected to reach USD 245.6 billion by 2027, thereby exhibiting a CAGR of 12.2% during the forecast period from 2020–2027.
How will the market be affected in the coming years?
Which strategies are being adopted by key companies to aid growth?
What are the market growth drivers and hindrances?
An Overview of the Impact of COVID-19 on this Market:
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Rising Usage of Natural & Synthetic Biomaterials for Cardiac Repair to Aid Growth
Cardiovascular diseases are considered to be one of the major causes of death worldwide. Even though there are multiple pharmacological and surgical interventions that can be applied to enhance the quality of life of the patients affected by such diseases, less-invasive and cost-effective procedures are always more preferable. Both synthetic and natural biomaterials showcase high potential in cardiac regeneration and repair. Nowadays injectable biomaterials are used the most as they preserve cardiac functions, increase angiogenesis, and reduce left ventricular dilatation. However, there are numerous strict regulatory and clinical processes that the biomaterial-based devices have to go through to ensure their quality and efficacy. It may hamper the implantable biomaterials market growth.
Metallic Biomaterials Segment to Lead Backed by Usage in Several Medical Applications
In terms of material, the metallic biomaterials segment held 30.1% market share in 2019 and is likely to lead throughout the forthcoming period. They are specially developed to deliver internal support to biological tissues. They are mainly used for orthopedic fixations, stents, dental implants, and joint replacements. In addition to that, they possess various mechanical properties, such as swiftness. These make them best suited for load-bearing implants.
North America to Dominate Owing to High Government Funding in Development Activities
Based on geography, the market is segregated into the Middle East & Africa, Asia Pacific, North America, Latin America, and Europe. Out of these, North America is set to dominate the market. It had procured USD 44.83 billion revenue in 2019. This growth is attributable to the increasing funding by the governments of various countries in this region in development activities. Apart from this, the rising number of new product launches by industry giants, as well as higher incidence orthopedic replacements and cardiovascular diseases would contribute to the growth of the market in this region. Europe is anticipated to remain in the second position fueled by the emergence of innovative products in this region.
Key Players Aim to Gain Competitive Edge by Acquiring Other Companies
The market houses a large number of enterprises that are presently focusing on the strategies of acquisitions and achieving fast track approvals from the regulatory bodies for new biomaterials. Below are a couple of the latest key industry developments:
November 2019: DiFusion, a biotechnology company based in Texas, bagged the 510K clearance from the USFDA. It was meant for the company's Xiphos-ZF spinal interbody device. The device is created from ZFUZE, a new biomaterial that has proven to reduce Interleukin 6 and Interleukin 1-Beta significantly. It has also exhibited M2 macrophage response.
December 2019: Advanced Medical Solutions (AMS), developer and manufacturer of technologically advanced and unique products for advanced wound care and surgical markets, successfully acquired Biomatlante, a surgical biomaterial technologies company. The total deal is worth €8 million. This new acquisition would aid AMS in strengthening its market access, R&D pipeline, and portfolio.
Fortune Business Insights™ lists out all the companies operating in the global Biomaterials Market. They are as follows:
Cardiac Biomarkers Market Size, Share and Global Trend By Type (Troponin, Creatine kinase-MB (CK-MB), B-type Natriuretic Peptide (BNP), and N-terminal pro b-type natriuretic peptide (NT-proBNP), Myoglobin), By Application (Acute Coronary Syndrome, Myocardial Infarction, Congestive Heart Failure), By End User (Hospitals, Diagnostic Centers, Homecare Settings) and Geography Forecast till 2026
Cardiovascular Devices Market Size, Share and Industry Analysis, By Device Type (Diagnostic and Monitoring Devices, and Therapeutic and Surgical Devices), By Application (Coronary Artery Disease (CAD), Cardiac Arrhythmia, Heart Failure, and Others), By End User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2019-2026
Cardiovascular Drugs Market Size, Share & Industry Analysis, By Drug Type (Antihypertensive, Antihyperlipidemic, Anticoagulants, Antiplatelet Drugs, Others), By Disease Indication (Hypertension, Hyperlipidemia, Coronary Artery Disease, Arrhythmia, Others), By Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Online Pharmacies, Others) and Regional Forecast, 2019 -2026
Cardiovascular Stents Market Size, Share and Industry Analysis By Product Type (Coronary Stenting, Peripheral Stenting), Stent Type (Drug Eluting Stents (DES), Bioresorbable Stents, Bare Metal Stents & Others), Disease Indication (Venous Disease, Arterial Disease), End User and Regional Forecast, 2018 - 2025
Healthcare Asset Management Market Size, Share & Industry Analysis, By Product (Radiofrequency Identification (RFID), Real-time Location Systems (RTLS), and Others), By Application (Staff Management, Equipment Tracking, Patient Tracking, and Supply Chain Management), By End User (Hospitals, Laboratories, and Others) and Regional Forecast, 2020-2027
Medical Electrodes Market Size, Share & Industry Analysis, By Product (Wet Electrodes, Dry Electrodes, Needle Electrodes), By Application (Cardiology, Neurophysiology, Others) By Usage (Disposable Medical Electrodes, Reusable Medical Electrodes) By End User (Hospitals & Ambulatory Surgery Centers (ASCs), Specialty Clinics & Diagnostics Centers) and Regional Forecast, 2020-2027
Medical Equipment Financing Market Size, Share & Industry Analysis, By Device Type (Diagnostic Equipment, Therapeutic Equipment, Patient Monitoring Equipment, and Others), By End User (Hospitals & Clinics, Laboratories and Diagnostic Centers, and Others), and Regional Forecast, 2020-2027
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