Biomaterials Market to Double by 2017

According to a new report by Markets and Markets, the global biomaterials market, which was estimated at $44 billion in 2012, will more than double by 2017, reaching $88.4 billion. The growth will occur at a rate of 15 percent per year.

The report stated that the global biomaterial market is broadly segmented into two categories, by type and by application. The types are metals, ceramics, polymers, and natural biomaterials, and the applications are orthopedic, cardiovascular, neurological, dental, tissue engineering, wound healing, plastic surgery, ophthalmology and other applications such as gastrointestinal, urinary, bariatric surgery and drug delivery systems. In 2012, the cardiovascular biomaterial segment contributed 34.5 percent 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 compounded annual growth rate (CAGR) of 22.1 percent (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.

With the emergence of biotechnology, biomaterials have assumed a more important role in medical devices, tissue replacement and surface coating applications. Developing from bio-inert materials (materials that do not react with biological environment) to biodegradable material, these biomaterials are widely used in the human body to improve the body functions and to replace the damage tissues of the body. Today, the biomaterial market stands at a size of $28.9 billion and has grown at a CAGR of more than 8 percent in the past two years. In spite of very large market size, the market is still in a growing phase; consider the fact that every year more than 100,000 heart valves, 200,000 pacemakers and 1 million orthopedic devices are implanted worldwide.

This indicates great market opportunity in terms of revenues and market growth. Improved patient benefits, increase in aging population, rising awareness, shorter product approval time and large application area are proving out to be the major drivers for the biomaterial market. 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.

Markets and Markets is a market research company based in Dallas, Texas.

But this isn’t the only recent study to address movement in the biomatierials sector. Data released by Toronto, Canada-based Millennium Research Group noted that the U.S. market for biomaterials has slowed due to regulatory pressures. Click here for more information.