Published: August 2016 | Report Code: LS10149 | Available Format: PDF | Pages: 117
Biomaterial Market Overview
The global biomaterial market size is projected to cross $175.9 billion by 2022, growing at a CAGR of 16.1% during the forecast period. The market is growing due to the growing geriatric population, increasing prevalence of cardiovascular diseases, technological advancements and growing implantable devices market. In addition, the increasing number of hip and knee replacements, increasing research and development activities, and increasing healthcare expenditure are also driving the growth of the global biomaterial industry.
GLOBAL BIOMATERIAL MARKET SHARE, BY MATERIAL (2015)
Based on material, the biomaterial market is segmented into metallic, polymer, ceramic and other biomaterials. The metallic biomaterial held the largest share in the global market during the forecast period and it is projected to hold a market share of over 35% by 2022. The polymer biomaterial is expected to witness the fastest growth in demand during the forecast period.
Based on application, the biomaterial market has been segmented into cardiovascular, orthopedic, dental, plastic surgery, wound healing, ophthalmology, neurological condition and others. The cardiovascular segment was globally the largest application area of biomaterials during the historical period and by 2022, it is projected to hold a market share of 35%. The plastic surgery segment is the fastest growing application area of biomaterials during the forecast period.
Geographically, North America was the largest contributor to the biomaterial market during the historical period and by 2022, it is projected to hold a market share of 39%. The North American biomaterial industry is growing significantly due to technological advancement, high healthcare expenditure, growing geriatric population and cardiovascular diseases and developed healthcare infrastructure. The increasing chronic diseases prevalence is also driving the usage of biomaterials. Among the North American nations, the U.S. was the largest market for biomaterials during the historical period. The market for biomaterials in the U.S. is expected to witness the fastest growth in demand during the forecast period.
Biomaterial Market Dynamics
The healthcare expenditure is increasing across the globe with increasing prevalence of diseases and increasing government and non-government initiatives. According to the WHO, the increase in total healthcare expenditure is leading to the improvement in healthcare infrastructure. The increase in healthcare expenditure leads to increase in affordability and accessibility of implants and prosthetics and thus contributing to the demand for biomaterials. Moreover, increased healthcare expenditure also supports the ongoing research and development activities for biomaterials.
The governments in different countries are investing significant portion of their GDP for healthcare. Although, there are huge variations among the healthcare spending of different countries, healthcare has been one of the primary focus for all. Healthcare spending in the developed economies of North America and Europe is considerably higher in comparison to the developing countries. The lower spending in developing countries is primarily due to their low income per capita GDP. However, per capita healthcare spending in developing countries is increasing due to the increasing government initiatives. The increasing healthcare expenditure leads to the increased adoption of biomaterial-based products, thus driving the growth of the biomaterial market.
A major factor hindering the growth of the biomaterial market is the limitations of biomaterials. Each type of biomaterials has its limitations; thus, limiting the usage in all application areas. Metallic biomaterials may cause metal ion toxicity and are susceptible to corrode due to biochemical reaction. Polymers are biodegradable and have comparatively lower strength. Ceramic materials are difficult to manufacture and have poor mechanical properties such as tensile strength. These materials are also biodegradable. On the other hand, the high cost of composites limits their usage as biomaterials.
Moreover, several procedural risks such as surgical site infection and allergic to anaesthesia also limit the usage of biomaterials. Patients using metallic implants cannot be diagnosed through magnetic resonance imaging. All these factors tend to limit the usage of biomaterials; therefore, hampering the growth of the biomaterial market.
Biomaterial Market Competitive Landscape
Some of the key players operating in the biomaterial market include Corbion N.V, Royal DSM, Zimmer Biomet Holdings Inc., Wright Medical Technology Inc., Berkeley Advanced Biomaterials Inc., Cam Bioceramics BV and Collagen Matrix Inc.,
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