Biomaterials Market to Log 4.1% CAGR from 2013 to 2019, Demand for Biomaterials across Ophthalmic Applications to Rise
The global biomaterials market for implantable devices is currently exhibiting a highly fragmented vendor landscape. The presence of a large number of companies has triggered intense rivalry among the existing players. As an inevitable response to the prevailing competition, these companies have been engaged in extensive research and development activities. Enterprises such as AdvanSource Biomaterials Corp., Celanese Corp., Celanese Corp., Evonik Industries AG, DuPont, and others have been investing in technological developments to rake in higher revenues.
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As per Transparency Market Research (TMR), the global biomaterials market is expected to rise at a CAGR of 4.1% between 2013 and 2019. The market was valued at US$25.2 bn in 2012 and is expected to reach US$33.6 bn by the end of 2019. Among the various biomaterial types available in the market, metals held a share of over 47.9% based on value in 2012.
Regionally, North America held over 44.4% of the global biomaterials market and is expected to maintain its dominance through the forecast period. An aging population and sedentary lifestyles of consumers in the region have spurred the chances of bone-related diseases, eye disorders, and fractures, which is in turn fuelling the demand for bone graft substitutes in North America.
Advancements in Technology Have Bolstered Uptake of Medical Implants, thereby Fuelling Biomaterial Sales
Recent advancements in material science and the medical technology have been boosting the uptake of medical implants. These advances have helped in overcoming drawbacks of conventional procedures involving the use of implantable devices. For instance, with the advent of digital mapping technologies, orthopedic surgeons are now able to obtain precise measurements of bones during bone replacement surgeries. Such developments have created lucrative opportunities for biomaterial sales.
Overall, the market is expected to gain impetus from the rising demand for medical implants. “The use of medical implants for the treatment of musculoskeletal, dental, and cardiovascular diseases and disorders has considerably increased. This exemplifies both present and potential opportunities for biomaterials market,” said a lead TMR analyst. Furthermore, as people around the world become more susceptible to osteoporosis and arthritis, the demand for medical implants, and, subsequently biomaterials, will rise.
Product Recalls Following Incidences of Post-implantation Infections Pose Challenge for Biomaterial Manufacturers
Despite witnessing rising demand, repeated instances of post implantation infections have resulted in implant product recalls. This has been negatively impacting the sales of biomaterials used in the production of medical implants. “Medical implants are often associated with foreign body infections, which increases the cost incurred on treatment and morbidity of patients. This, combined with the increasing number of product recalls, has been limiting the sales of biomaterials,” observes the TMR report’s author.
Besides this, the growth of this market is also held back by the Biomaterials Access Assurance Act (BAAA) 1998. Although the law was enacted to safeguard biomaterials suppliers and manufacturers, the outcome has not been as expected. Hence, several biomaterial suppliers are unwilling to provide materials due to ambiguity of immunity in lawsuits provided by BAAA against them.
Nevertheless, the advent of nanomaterials and tissue engineering is expected to revolutionize the biomaterials market. These technologies will boost sales opportunities for the market in the near future. Nanomaterials produced using nanotechnology have improved outcomes of surgeries involving the use of bone and dental implants. Therefore, leading enterprises can expect lucrative opportunities from the commercialization of the technology in the near future.
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