Biomaterials are either of synthetic or natural origin used in effective treatment of several diseases such as cardiovascular, dental problems, tissue damage, bone cancer and orthopedic injuries. These biomaterials have a key requirement of being biocompatible i.e. they should be physiologically acceptable and not provoke any immunogenic reaction in the human body. Biomaterials of significant importance which have been proven to be safe, reliable, and affordable include ceramics, metals, polymers and biomaterials derived from natural origin.
The global biomaterials market was valued at US$25277.8 mln in 2012 and is expected to grow at a CAGR of 4.1% from 2013 to 2019, to reach an estimated value of US$33,600 mln by 2019, as per Transparency Market Research. Ageing population across the globe is pushing demand for numerous medical implants and graft transplant procedures which will further propel the growth of biomaterials market. In addition, worldwide increase in life expectancy due to improved healthcare infrastructure has resulted in a high incidence of arthritis and osteoporosis. This continues to propel the medical implants market to alleviate increasing morbidity among geriatrics. Advancement in the medical technology has evolved the efficiency and functionality of medical implants and its procedures which in turn has been the major driver for growth of biomaterials market. The biomaterials market has been segmented on the basis of material types and further segmented on the basis of applications of these biomaterials in healthcare. In 2012, the metal as a biomaterial accounted for largest market share in the global biomaterials market, followed by rapidly growing polymer biomaterials segment. Polymers are estimated to grow with a fastest growth rate during the forecast period of 2013 to 2019 owing to the increasing applications into healthcare and its unique material properties such as flexibility, biocompatibility and durability. Polymers are being used in a variety of implants such as percutaneous transluminal coronary angioplasty (PTCA) catheters, heart valves, contact lenses, intraocular lenses and for constructing rigid bases for dental prosthesis and dentures. Other applications in which polymers are used as biomaterials include urology and gastroenterology. In 2012, orthopaedic applications commanded major share in the global biomaterials market due to increasing number of hip and knee replacement performed across all geographies and increasing usage in sports medicine. However, ophthalmic applications are expected to propel the growth of biopolymers in particular as children, adults and elderly population is considered susceptible to ophthalmic disorders. In developed nations like the United States, Canada, Germany, France, the U.K., Italy and Spain, the market is witnessing growth owing to high adoption rate of medical implant procedures compared to sluggish adoption in other parts of the world. North America is the largest market for biomaterials followed by Europe. As the baby boomer population enters their sixties, the incidences for eye disorders, dental issues, bone-related diseases and fractures are increasingly becoming common in the U.S. creating demand for biomaterials. The National Joint Registry reported that these replacement procedures are increasing and more than 7% rise was observed in 2012 as compared to the previous year. North America and Europe are expected to maintain their leading positions in the global biomaterials market throughout the forecast period from 2013 to 2019. However, countries in the Asia-Pacific such as Japan, South Korea, China, India and Taiwan are playing a key role in the growth of biomaterials market in the region. Increasingly, biomaterial manufacturers are finding stiff competition in established markets in developed countries which have compelled them to focus on the underserved emerging markets. This approach will drive the biomaterials market in the Asia-Pacific and Latin American countries in the coming years. Some of the major companies operating in the biomaterials market include Biomet, Inc., AdvanSource Biomaterials Corporation, Celanese Corporation, Ceradyne, Inc., Collagen Matrix, Inc., DuPont, Royal DSM, Evonik Industries AG, Corbion Purac, and Invibio, Inc.
The global biomaterials market is estimated to be worth US$88.4 bln by 2017 as per MarketsandMarkets. The market, estimated at US$44 bln in 2012 and is poised to grow at a CAGR of 15% from 2012 to 2017. The global biomaterial market is broadly segmented into two categories, by type and by application. By type, it is broadly categorized into metals, ceramics, polymers and natural biomaterials. The biomaterial applications market is broadly segmented into orthopedic, cardiovascular, neurological, dental, tissue engineering, wound healing, plastic surgery, ophthalmology and other applications such as gastrointestinal, urinary, bariatric surgery, and drug delivery system. In 2012, the cardiovascular biomaterial segment contributed 34.5% to the global biomaterial market, followed by the orthopedic segment. Plastic surgery and wound healing applications are expected to witness the highest growth in the coming years. The biomaterial polymers market is expected to show the highest growth at a CAGR of 22.1% (2012-2017) due to tremendous ongoing research for the development of biodegradable and bio-compatible polymeric biomaterial and its use in a wide range of applications. North America is the largest biomaterial market and is expected to grow at a high CAGR from the year 2012 to 2017 due to an increase in the ageing population. Due to rising awareness of biomaterial products in Asia, and increased conferences and collaborations, the Asian market is expected to grow at a CAGR of 21.5% from 2012 to 2017.
Increased investments, funding and grants by government bodies worldwide, incessant rise in the number of collaborations, conferences and research-related activities, technological advancements, increasing applications of biomaterials, and growing number of elderly people are the major factors propelling the growth of the biomaterial market globally. Immunological and inflammatory reactions, stringent regulatory systems, issue of fracture fatigue and wear and reimbursement concerns are the major deterrents curbing the biomaterial market. The global biomaterial market witnesses a plethora of growth opportunities. Novel developments of biomaterial for wound healing, plastic surgery, tissue engineering, ophthalmology, and neurology, colossal pool of cardiac patients in Asia, rise of biomaterial market in China and Taiwan, and increased conferences and research-related activities in RoW countries are major factors influencing the growth of the biomaterial market. The burning issues affecting the growth of biomaterial market are challenges to tissue engineering and effect on suppliers by the Biomaterials Access Assurance Act. The global biomaterial market is dominated by North America, followed by Europe, Asia, and Rest of the World (RoW). North America will continue to lead the biomaterial market in the years to come, followed by Europe. North American market growth is likely to be driven by increasing government investments in biomaterial sector, reimbursements offered by Centers for Medicare and Medicaid Services (CMS) and rising ageing population who are the main consumers of biomaterials. The North American biomaterial market is expected to receive a significant push due to phenomenal increase in new products such as botox, botulinum toxins and hyaluronic-based injectables.
As per GrandViewResearch, biomaterials refer to natural or synthetic materials that interact with biological systems to repair or treat natural body tissues. Biomaterials are majorly used in joint replacements, drug delivery devices, heart valves and in other medical implants. Increasing government and private funding or grants pertaining to research and development in the field of biomaterials and awareness and training workshops organized by organizations such as the NSF (National Science Foundation) biomaterials workshop, are some of the most impact rendering drivers of this market. Moreover, growing base of geriatric population across the world and the consequent rise in prevalence rates of cardiovascular and orthopaedic disorders serve this market as drivers. The future growth of this market will be fuelled by the introduction of new products in application areas such as plastic surgery, neurology and wound healing and the presence of high growth opportunities in emerging Asian economies such as India, China and Taiwan. In addition, new technologies such as hydrogen scaffolding and decellularized dermal matrixes for grafting will assist the market in growing at a healthy rate throughout the forecast period. The cardiovascular application segment dominates the global biomaterials market in terms of share. High prevalence rates of cardiovascular diseases coupled with the presence of high unmet medical needs in this segment attributes to its high market share. Moreover, high presence of untapped opportunities in emerging Asian economies will help this market maintain its position throughout the forecast period. The orthopaedic application segment is the second largest market. The introduction of technological advancements in the fields of gene therapy and stem cell research to develop novel therapeutic solutions for chronic musculoskeletal conditions is one of the most important drivers for this market. North America holds the largest share of the overall biomaterials market. The presence of sophisticated healthcare infrastructure and amicable reimbursement policies in this region are the most important growth factors for this market. However, rapidly rising patient awareness levels coupled with rising healthcare expenditure in emerging countries such as India and China will help the Asia-Pacific biomaterials market grow at the fastest rate from 2013 to 2019.