DALLAS, May 5, 2011 /PRNewswire/ -- According to a new market research report, 'Global Biomaterials Market (2010-2015)', published by MarketsandMarkets ( http://www.marketsandmarkets.com), the global biomaterials market is expected to be worth U.S. $64.7 billion by 2015, and is expected to grow at a CAGR of 15% from 2010 to 2015.
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With the increase in the percentage of aging population worldwide, the number of individuals suffering from physical disability is also increasing. Baby boomers born between the years 1946 and 1964 are the major consumers of the biomaterial products. Plus, more than 20% of the global population is expected to be over 60 years in 2050 and this segment of the population will be significantly high in developing countries. This increase in the aging population will drive the demand for biomaterial products.
Biomaterials are widely used in medical devices, tissue replacements, and surface coating applications. These materials are also used in the human body to improve body functions and/or to replace damaged tissues. However, earlier there was no study done on biocompatibility and consequently there was no formalized approval process. Therefore, biomaterials were used only in external prosthetics and dental devices. With the emergence of biotechnology, the biomaterial market has expanded and is now playing a more important role in the medical sector. They have emerged from bio-inert materials (materials that do not react with the biological environment) to biodegradable materials. In 2010, the biomaterial market was worth $31.9 billion and in the next five years, the market is expected to grow at a CAGR of 15%. This indicates a great opportunity in the market in terms of revenues and market growth.
In the U.S., the orthopedic biomaterial market is the dominant segment, and is expected to generate revenues of $5.4 billion in 2010. This is expected to grow at a CAGR of 11.6% from the year 2010 to 2015 mainly due to an increase in the aging population. In 2007, the aging population in the U.S. was 50 million and this is expected to rise to $104 million in 2050. New biomaterials are expensive and their uptake is higher in the U.S. compared to other developing countries. Cardiovascular is the second-largest market and expected to reach $4.6 billion in 2010. The wound care biomaterial market is expected to grow at the highest CAGR of 19.2% from 2010 to 2015.
The increasing number of application areas that allow suppliers a larger bandwidth for their material development mainly drives the supply side of the market. The increasing application areas for biomaterial products are attracting more companies to invest in research and development of newer materials and improve the performance of the existing products leading to an increase in demand and boost the market size. Biomaterials are used in a variety of applications ranging from tissue replacements and surface coating to medical devices. They are also widely used in drug delivery, gene transfer, and tissue engineering applications.
Scope of the report This report analyzes the global biomaterials markets based on: - Biomaterial market, by products: - Orthopedic - Cardiovascular - Wound care - Gastrointestinal - Urological - Plastic surgery - Others - Biomaterial market, by materials: - Metals - Polymers - Ceramics - Composites - Biomaterial market, by applications: - General surgery - Surgical appliances and supplies - Surgical and medical instruments - dental products - Electro medical equipment - Other applications
Each sub-segment of the global biomaterials market is calculated for the four geographical regions such as U.S., Europe, Asia, and ROW. In addition to market sizes and forecasts, the report also provides a detailed analysis of the market trends and factors influencing market growth. The report draws the competitive landscape of the global biomaterial market, providing an in-depth comparative analysis of the technological and marketing strategies adopted by the key players in order to gain an edge over the their competitors.
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