Biomaterials Market to Account Revenue of US$33.600 Million in Coming Years, Says TMR
Biomaterials are used in medical implantable devices which directly interact with the biological systems. Heart valves, artificial hip joints, dental implants and intraocular lenses are some of the most widely adopted implants to treat critical medical conditions. The high success rates of medical implants have led to greater demand of biomaterials for manufacturing high quality devices. Rising prevalence of osteoarthritis, rheumatoid arthritis and sports injuries are driving the demand for orthopedic implants which in turn increases the demand for biomaterials. In addition, year-on-year rise in cardiac stents implants and non-vascular stents is also driving the market across the globe. The global biomaterials market was valued at USD 25,277.8 million in 2012 and is expected to reach USD 33,600 million in 2019, growing at a CAGR of 4.1% during the forecast period 2013 to 2019.
According to a recent market research report published by Transparency Market Research, the global biomaterials market is expected to expand at a CAGR of 4.1% during the period between 2013 and 2019. The report, titled “Biomaterials Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” projects the global biomaterials market to reach a valuation of US$33.6 bn by 2019. The overall market was worth close to US$25.3 bn in 2012.
Biomaterials can be derived from either synthetic or natural sources and are used extensively in treating various medical conditions such as tissue damage, dental problems, cardiovascular problems, and orthopedic injuries. The report points out that the rising number of successful medical implants have led to their increased preference among the medical fraternity, thereby propelling the growth of the global biomaterials market. However, post-implantation infections and implant product recalls have restrained the market. Further, uncertain liability protection offered through the biomaterials access assurance act (BAAA) of 1998 has hindered the growth of the market. The overall biomaterials market has a huge opportunity to grow with the advent of nanomaterials and tissue engineering.
Describing the competitive landscape of the market, the report profiles some of the key players in the global biomaterials market, such as Biomet Inc., AdvanSource Biomaterials Corporation, Ceradyne Inc., Celanese Corporation, Corbion Purac, Collagen Matrix Inc., DuPont, Invibio Inc., Evonik Industries AG, Orthofix Holdings Inc., Royal DSM, and Ulbrich Stainless Steels, and Special Metals Inc. The report also provides further information about the key players, including their financial overview, product portfolio, business strategies, and recent developments.