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Biomaterial Market

Biomaterial Market by Material (Metallic, Polymer, Ceramic), by Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Ophthalmology, Neurological Condition), by Geography (US, Canada, UK, Germany, France, China, India, Japan) - Global Market Size, Share, Development, Growth and Demand Forecast, 2012-2022

Published: August 2016
Report Code: LS10149
Available Format:
Pages: 117
Category : Healthcare

Biomaterial Market Overview

Biomaterial market size was $62.1 billion in 2015, which is expected to reach $175.1 billion by 2022, growing at a CAGR of 16.1%. Biomaterial refers to any material of natural or synthetic origin which is used to augment, treat or replace tissue, organ, or a function of human body. These materials are biocompatible, have high corrosion resistance, possess adequate strength and bio-functionality. Some of the commonly used biomaterials include cellulose, silicone rubber, collagen, titanium, stainless steel, polyurethanes, poly (methyl methacrylate) and hydrogels.

 

GLOBAL BIOMATERIAL MARKET SHARE, BY MATERIAL (2015)

Biomaterial Market

 

The biomaterial market has been segmented on the basis of material and application.

Based on material, the biomaterial market has been further segmented into metallic, polymer, ceramic and other biomaterials. Metallic biomaterial held the largest share of the global market in 2015. The polymer biomaterial segment is expected to witness the highest growth during 2016-2022 due to its increased application in the healthcare sector.

On the basis of application, the biomaterial market has been segmented into cardiovascular, orthopedic, dental, plastic surgery, wound healing, ophthalmology, neurological condition and others. Cardiovascular held the largest share of the global market. The plastic surgery segment is expected to be the fastest growing application in the biomaterial market during 2016-2022, mainly due to the rising number of plastic surgeries performed globally.

Biomaterial Market Dynamics

Growing geriatric population, increasing prevalence of cardiovascular diseases, technological advancements, growing implantable devices market, increasing number of hip and knee replacements, rising research and development activities, and increasing healthcare expenditure are some of the factors driving the biomaterial market, globally. However, stringent regulatory requirements and limitations of biomaterials such as limited mechanical properties and potential to trigger unwanted immune reactions due to impurities are some of the factors acting as restraints for the biomaterial market.

Opportunities

The growing healthcare market in emerging economies and increasing free trade agreements are creating ample opportunities for the players operating in the biomaterial market. The healthcare industry in emerging economies has grown significant over the past few years. The healthcare market size in the emerging economies is still a fraction of that in developed countries such as the U.S. and the Western European countries. However, the difference in size of healthcare market in the emerging economies compared to that of developed countries such as the U.S. and Western European countries illustrates the strong potential of emerging economies, especially in Asia-Pacific and Latin America. The massive unexplored biomaterial market in these economies is likely to create ample revenue generation opportunities for the biomaterials manufacturers. The fragmented healthcare industry and high operating margins in the emerging economies make them attractive for the investors, as compared to the developed economies. Countries such as China and India have large population base and the healthcare infrastructure in these countries is improving over time, thus illustrating immense potential. The middle-class population in these countries is willing to pay for better medical services. These factors further support the biomaterials manufacturers as healthcare services in emerging economies are commercial pay-based, with low insurance penetration.

Additionally, free-trade agreements offer greater variety in the trade of goods and services and also increases the competition in the market; hence compelling the companies to innovate and offer better products and leads to higher productivity at lower cost. Some of the other benefits of free trade agreements include increase in Gross Domestic Product (GDP), regional economic integration, sustainable economic development, and encouragement of domestic reform and liberalization of trade.

For instance, the U.S. implemented free trade agreements with approximately 20 countries and is negotiating the Trans-Pacific Partnership with Asia-Pacific countries and Transatlantic Trade and Investment Partnership with the European Union (EU). Similar initiatives are being taken in South Asian region as well to improve cooperation and trade flow among the countries in the region. Therefore, increasing number of free trade agreement creates ample growth opportunities for the players in the market.

Growth Drivers

Older people are at higher risk of cardiovascular diseases, musculoskeletal injuries, ophthalmic disorders and dental problems. This increases the demand for implants such as hip joint, knee joint, pacemaker, intraocular lens and artificial heart valve. An increase in demand for implants further leads to increase in the use of biomaterials. According to the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing at a high rate. In 2013, the share of people aged 60 or above was 11.7% globally and it is expected to reach 21.1% by the end of 2050.

Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050. High incidence of cardiovascular diseases indicates increased demand of these implant devices, thus creating huge demand for biomaterials. According to the World Health Organization (WHO), globally around 17.5 million people died due to cardiovascular diseases in 2012, while the number is expected to reach 23.3 million by 2030. Over the last decade, several developments have taken place in the field of cardiology. Researchers have developed and commercialized advanced artificial heart valve, pacemaker and stents. This has created huge demand for high quality biomaterials across the globe.

Furthermore, biomaterials have revolutionized the medical device industry. Advanced biomaterials are resilient, easy to fabricate, highly biocompatible, inert and highly strong. Biomaterial advances in implants and regeneration have led to the high success rate of the implants. New instrumentation along with advances in regenerative medicine allows simpler and highly predictable augmentation. The use of computer added technologies is increasing for the design and manufacturing of biomaterial based products. This has increased the quality and affordability of custom implant development and manufacturing. All the aforementioned factors tend to contribute to the expansion of the biomaterial market.

Biomaterial Market Competitive Landscape

Some of the key players 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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