LOS ANGELES, April 02, 2020 (GLOBE NEWSWIRE) -- The global biomaterials market size is expected to reach over US$ 285,696.8 Mn by 2026 and growing at a CAGR of around 14.5% during the forecast period 2019 to 2026.
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North America dominates the global biomaterial market, and it will maintain its lead in the market over the forecast period. Market growth in North America is driven by increased government investments in the biomaterial market, reimbursements received by the Center for Medicare and Medicaid Services (CMS) and increasing aging population, which are the key consumers of biomaterials. Due to increase in new products such as botulinum toxins, botox, and hyaluronic-based injectables, the North American biomaterial market is expected to receive a significant growth.
Advancements related to medical technology, such as the development of smart biomaterials and the development of health infrastructure, drive the growth of the market. Government and private programs have increased awareness of the application of biomaterials and the prevalence of neurological disorders, driving market growth in the Asia-Pacific region. High costs associated with the production of biomaterials, abrasive wear of implantable products, and issues of biocompatibility with products hamper the growth of the market.
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Biomaterial is a substance or mixture other than drugs, that is derived from synthetic or natural sources. According to U.S. National Institute of Health, such materials can be used at any time to substitute totally or partially any organ, tissue or body function to improve individual life. Biomaterials research is also known as the biomaterials science, and includes elements like anatomy, chemistry, medicine, and tissue engineering. Through the use of components such as metals, ceramics, polymers and composite materials, biomaterials either occur naturally or are synthesized in the laboratory using various chemical approaches. These often have medical applications and therefore have the potential to include some or all of the living system and biomedical equipment. The major factors driving the biomaterials market are increasing R&D investments in biomaterial development, increasing number of clinical diagnostic research studies, and rising private and public collaborations in life science and biotechnology.
The metal biomaterials currently dominate the global market, while the polymeric biomaterials are expected to grow steadily over the forecast period. Owing to their properties such as solid and resistant to fatigue degradation, metallic biomaterials are commonly used in orthopedic procedures for bone support and replacement. They are used in medical, cardiac and dental procedures. In fact, due to their good electrical conductivity, metals are used in neuromuscular stimulation devices.
Increase in the number of orthopedic surgeries using implants, orthopedic disorder is the largest product segment of the biomaterial market. Biomaterials are used to produce orthopedic implants that are used in a range of orthopedic procedures such as bioresorbable tissue repair devices, orthobiologics, spine implants, joint replacements, visco-supplementation, and non-conventional functional tumor implants.
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The global biomaterials market is highly competitive and consists of a key major manufactures like BASF SE; Royal DSM; Berkeley Advanced Biomaterials, Inc.; Zimmer Biomet Holdings, Inc.; CAM Bioceramics BV; Collagen Matrix, Inc.; Carpenter Technology Corporation; Evonik Industries AG; Invibio Ltd.; Covalon Technologies Ltd.; Medtronic, Inc.; Ticona GmbH; Purac Biomaterials; Osteotech, Inc.; Bayer AG. and among other. Furthermore, Royal DSM provides coatings, drug delivery systems, and a wide range of biomedical products for various applications, such as collagen, biomedical polyethylene, bioceramics, biomedical polyurethane, and ophthalmic biomaterials, such as sports medicine, orthopedics, general surgery, ophthalmology, and cardiology. Dyneema Purity Black Fiber, Dyneema Purity Radiopaque Fiber, Dyneema Purity Radiopaque Fiber, Dyneema Purity Woven, Dyneema Purity TG Fiber, Dyneema Purity UG / VG Fiber, Dyneema Purity SGX Fiber, and Dyneema Purity Membrane.
Key Developments:
- Royal DSM joined ProMed Pharma in collaboration. This collaboration is anticipated in the development of new continuous drug delivery solutions in the field of polymeric drug delivery
- Royal DSM launched Dyneema Purity Black Fiber
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