Biomaterials market growth is driven mainly by factors such as the increased funds grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine. In addition, high growth is expected for plastic surgery and wound healing applications, which will further drive the growth of the biomaterials market in the coming years.
The global biomaterials market is projected to reach USD 47.5 billion by 2025 from USD 35.5 billion in 2020, at a CAGR of 6.0% during the forecast period.
Access Sample Copy of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=393
Global Biomaterials Market Dynamics
DRIVER: Increased funds and grants by government bodies and universities for the development of novel biomaterials
The demand for and usage of biomaterials in various medical applications has increased significantly across the globe over the last few years. Several government bodies and universities have extended their help in the form of investments, funds, and grants to promote research on the development of novel biomaterials. For instance, In March 2018, Drexel University granted USD 200,000 to the National Science Foundation for research on how biomaterial-mediated control over macrophage behavior affects biomaterial vascularization.Such research and funding activities are expected to boost the development of innovative biomaterials, thus offering an array of opportunities for the growth of the biomaterials market.
RESTRAINT: Stringent clinical regulatory processes
ncluding North America, Europe, and Asia, to ensure their quality and efficacy. This is primarily because most biomaterial-based medical devices are implantable. All new biomaterials require proof that they are safe and effective before they can be approved for marketing. In the US, the process for approval follows strict guidelines and regulations set by the FDA. According to the FDA, biomaterial-based products, such as implantable pacemakers, stents, and heart valves, are classified as Class III devices, which pose the highest potential risk of illness or injury. Thus, these devices are subjected to the premarket approval application pathway (the most stringent type of device marketing application).
OPPORTUNITY: Growing healthcare market in emerging economies
The biomaterials market in emerging countries is expected to witness significant growth during the forecast period. This can majorly be attributed to the increasing patient population, rising adoption of implantable devices, growing awareness of CVDs, rising disposable income, improving healthcare infrastructure, and the presence of less-stringent regulatory guidelines (as compared to developed countries) in these countries.
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. The World Economic Forum has estimated these emerging economies would account for one-third of the global healthcare expenditure by 2020. The growing demand for surgical procedures, rising geriatric population, and the increasing incidence of target diseases are some of the major factors that are expected to drive the demand for advanced healthcare services and novel medical devices in the respective healthcare systems of these countries. This is expected to offer potential growth opportunities to players operating in the biomaterials market in the coming years.
The Asia Pacific region is the fastest-growing region of the biomaterials market in 2019.
In 2019, Asia Pacific region accounted for the fastest-growing region of the biomaterials market. It is also estimated to grow at the highest CAGR in the biomaterials market during the forecast period, this is mainly due to Japan’s growing healthcare industry, increasing geriatric population, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favorable tax policies in China.
Some of the prominent players in the biomaterials market are BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).
Download PDF Brochure: @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=393
Don’t miss out on business opportunities in Biomaterials Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
