Biomaterials Market at a CAGR of 14.5%

(IT-NEWSWIRE.COM, September 14, 2019 ) Emerging markets such as China, India, and Japan are the key areas of opportunity for players in this market. However, stringent clinical & regulatory processes and unfavorable healthcare reforms in the US are expected to restrain the growth of this market during the forecast period.

Factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases are driving the growth of the biomaterials market.

The biomaterials market is projected to reach $207 billion by 2024 from $105 billion in 2019, at a CAGR of 14.5%.

The metallic biomaterials dominated the biomaterials market in 2018

The biomaterials market is segmented into metallic, polymeric, ceramic, and natural biomaterials. The metallic biomaterials segment dominated the market in 2018. The dominant share of this segment is primarily attributed to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications. However, the polymeric biomaterials segment is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing use of polymers in soft-tissue applications such as plastic surgeries.

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Recent Developments

+ In July 2019, Royal DSM (Netherlands) entered into a partnership with ProMed Pharma (US). This partnership was aimed at developing novel sustained release drug delivery solutions in the polymeric drug delivery area.
+ In 2017, Royal DSM (Netherlands) launched Dyneema Purity Black Fiber.

The APAC market is expected to grow at the highest CAGR during the forecast period

North America dominated the biomaterials market in 2018. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period. Japan’s growing healthcare industry, rising geriatric population in China and India, and rising prevalence of cardiovascular diseases in India are some of the key factors driving the growth of the biomaterials market in the Asia Pacific region.

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Biomaterials Market at a CAGR of 14.5%