The biomaterials market is defined and explained through the introduction of biotechnology and advances in the understanding of human tissue compatibility. Developing from bio-inert materials to biodegradable materials, biomaterials are widely used in medical devices, tissue replacement, and surface coating applications.
The biomaterials market has grown at a CAGR of more than 8% in the past two years to reach a current market size of $28 billion. In the next five years, the market is expected to grow at a CAGR of 15%, riding high on new product developments. This highlights the many opportunities that this market offers in terms of revenues and market growth.
The major segments in biomaterials market are ceramics, metals, polymers, and composites. Biomaterials products are classified into orthopedic, cardiovascular, gastrointestinal, wound care, urology, plastic surgery, and others. Reconstructive surgery and orthobiologics are the dominant segments in orthopedic biomaterials market.
Improved patient benefits form the most important factor stimulating market growth for biomaterials. The other market drivers are increase in aging population, rising awareness, shorter product approval time, and larger application area. However, the lack of tissue availability and proper reimbursement facilities are restraining the growth of the biomaterials market. Improvement in fabrication technology and new product development at competitive prices will be the key to future market growth.
The biomaterials market is still in a growing phase, with about 100,000 heart valves, 200,000 pacemakers and 1 million orthopedic devices implanted worldwide every year. The U.S. and Europe hold a major share of the global biomaterials market; while emerging economies such as China, India, Japan, Brazil, Russia, and Romania represent a high growth rate.
Source: MarketsandMarkets
Orthopedic biomaterials are expected to be the dominant segment in global biomaterials market with 38% market share, closely followed by cardiovascular biomaterials with 37%. The market growth for these two segments is driven mainly by the increase in ageing population in developed and developing countries. More than 20% of the global population in 2050 is expected to be over 60 years of age. The markets for wound care, plastic surgery, and urology applications are also expected to grow at a high rate. Regenerative treatments and biodegradable products hold the key for future investments.
Medical Devices Industry
The key players in the global biomaterials market are Boston Scientific, DePuy, Invibio, Medtronic Inc., Synthes Inc., and Zimmer. Agreements and collaborations, new product launches, and geographic expansion are the most popular strategies that the companies employ to combat competition. Our patent analysis indicates that the U.S. has the highest percentage (45%) of patents filed, followed by Europe with 36%. Also, in 2008, the number of patents registered in Asia increased from 8% to 16%.
The biomaterials market has grown at a CAGR of more than 8% in the past two years to reach a current market size of $28 billion. In the next five years, the market is expected to grow at a CAGR of 15%, riding high on new product developments. This highlights the many opportunities that this market offers in terms of revenues and market growth.
The major segments in biomaterials market are ceramics, metals, polymers, and composites. Biomaterials products are classified into orthopedic, cardiovascular, gastrointestinal, wound care, urology, plastic surgery, and others. Reconstructive surgery and orthobiologics are the dominant segments in orthopedic biomaterials market.
Improved patient benefits form the most important factor stimulating market growth for biomaterials. The other market drivers are increase in aging population, rising awareness, shorter product approval time, and larger application area. However, the lack of tissue availability and proper reimbursement facilities are restraining the growth of the biomaterials market. Improvement in fabrication technology and new product development at competitive prices will be the key to future market growth.
The biomaterials market is still in a growing phase, with about 100,000 heart valves, 200,000 pacemakers and 1 million orthopedic devices implanted worldwide every year. The U.S. and Europe hold a major share of the global biomaterials market; while emerging economies such as China, India, Japan, Brazil, Russia, and Romania represent a high growth rate.
Global biomaterials market by products, 2009
Source: MarketsandMarkets
Orthopedic biomaterials are expected to be the dominant segment in global biomaterials market with 38% market share, closely followed by cardiovascular biomaterials with 37%. The market growth for these two segments is driven mainly by the increase in ageing population in developed and developing countries. More than 20% of the global population in 2050 is expected to be over 60 years of age. The markets for wound care, plastic surgery, and urology applications are also expected to grow at a high rate. Regenerative treatments and biodegradable products hold the key for future investments.
Medical Devices Industry
The key players in the global biomaterials market are Boston Scientific, DePuy, Invibio, Medtronic Inc., Synthes Inc., and Zimmer. Agreements and collaborations, new product launches, and geographic expansion are the most popular strategies that the companies employ to combat competition. Our patent analysis indicates that the U.S. has the highest percentage (45%) of patents filed, followed by Europe with 36%. Also, in 2008, the number of patents registered in Asia increased from 8% to 16%.
