The biomaterials market is projected to reach 149.17 billion by 2021 million from 70.90 billion in 2016, at a CAGR of 16.0%.
Factors such as increasing funds and grants by governments worldwide, rising incidence of cardiovascular diseases, technological advancements, the growing implantable devices market, globally rising cases of hip and knee replacement procedures, rising awareness of tissue engineering, and high growth in geriatric population are driving the growth of the market. On the other hand, stringent clinical and regulatory processes and unfavorable healthcare reforms in the U.S., is expected to restrain the growth of the market.
The demand for biodegradable polymers has increased, owing to its superior biocompatibility and ability to slowly degrade inside the body, thus eliminating the need for removal. Superior physicochemical & biocompatible properties and the increasing application areas of polymeric materials are likely to boost the growth of the market. However, polymers are costly, which can hinder the growth of this market. A biomaterial is a natural or synthetic material suited to replace or treat natural body tissues and organs on interaction with biological systems.
The plastic surgery segment is expected to grow at the highest CAGR during forecast period, due to growing number of elderly people, positive public perception towards cosmetic surgeries, and technological advances are factors increasing the demand for plastic surgeries. In 2016, the cardiovascular segment is expected to account for the largest share of the market, due to factors such as increasing prevalence of cardiovascular diseases, increasing angiography procedures, and growing usage of cardiac stents that are considered a safe option for coronary angioplasty treatment.
In 2016, North America is expected to account for the largest share of the global biomaterial market, followed by Europe, Asia-Pacific, and RoW. Rising biomaterial-based research, increasing demand for plastic surgeries, increasing conferences on biomaterials, growing cancer incidence, and the rising prevalence of cardiovascular diseases are expected to drive market growth in this region. In the coming years, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to factors such as increasing Japan’s growing healthcare industry, increasing aging population, and high incidence of cardiovascular diseases in India and China.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (agreements, partnerships, joint ventures, collaborations, expansions, new product launches, and acquisitions) to increase their market shares and establish a strong foothold in the global biomaterials market.
In-depth interviews were conducted with CEOs, sales and marketing directors, other innovation and technology directors, and executives from various key organizations operating in the biomaterials market.
- By Company Type: Tier 1: 34%, Tier 2: 38%, Tier 3: 28%
- By Designation: Director-level: 31%, C-level: 35%, Others: 34%
- By Region: North America: 28%, Europe: 31%, APAC: 24%, RoW: 17%
The report includes the study of key players
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps the firms to garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of top players in the biomaterials market. The report analyzes the biomaterials market, by type of material and application
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the biomaterials market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for various biomaterials across regions
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the biomaterials market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the biomaterials market