Global biomaterials market for implantable devices to grow at CAGR of 4.1% from 2013 to 2019

05-Sep-14

The global biomaterials market was valued at US$25277.8 mln in 2012 and is expected to reach US$33600 mln in 2019, growing at a CAGR of 4.1% during the forecast period 2013 to 2019, as per Research and Markets. The biomaterials market comprises of material types such as metals, polymers, ceramics and materials derived from natural resources. Metals constituted the largest segment in the overall biomaterials market with a revenue share of more than 50% in the global biomaterials market. Major metals used in medical applications are alloys of titanium, nickel, chromium, nanosilver, stainless steel and aluminum. However, during the forecast period 2013 to 2019, polymers are expected to register fastest growth amongst all segments mainly because of increasing applications of these biomaterials and several advantages over metals which include flexibility, elasticity, bioinertness, biocompatibility, and longevity. The usage of polymers such as polytetrafluoroethylene (PTFE) and polyurethanes has become popular for synthetic vascular grafts, while the mainstream usage of polymers in ophthalmology is expected to increase with rising incidences of ophthalmic disorders and constant demand from aging population. In 2012, North America held the majority share in the global biomaterials market followed by Europe. These two regions together account for more than 80% of global biomaterials market and are expected to retain their position throughout the forecast period 2013 to 2019. Large number of medical implant procedures carried out in the developed nations such as the U.S., Canada, U.K., Germany, and France has been the major driver for growth of biomaterials market in North America and Europe. In Asia-Pacific region, Japan, South Korea, Australia and New Zealand are the major markets for biomaterial due to the increasing adoption of medical implant procedures in these countries. Additionally, these countries demand advanced biomaterials compared to other small developing countries in the region. However, biomaterial manufacturers view emerging countries such as China, India and Malaysia as lucrative markets due to underserved medical implants market, large patient base and high population in these nations. In Rest of the World (RoW), countries such as Brazil and South Africa are the prominent markets for biomaterials where noteworthy growth is expected in the coming years.