Biomaterials Market worth USD 149.17 Billion by 2021
This report
studies the global biomaterials market for the forecast period of 2016 to 2021.
This market is expected to reach USD 149.17 Billion by 2021 from USD 70.90
Billion in 2016, at a CAGR of 16.0% from 2016 to 2021.
According to the new market research report “Biomaterials Market by Type of Materials (Metallic, Ceramic, Polymers, Natural) & Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Neurology, Tissue Engineering, Ophthalmology) - Global Forecast to 2021”, published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
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The biomaterials market is
projected to reach USD 149.17 Billion by 2021 from an estimated USD 70.90
Billion in 2016, at a CAGR of 16.0%. The growth of the overall market can be attributed
to increased funds & grants by government bodies worldwide, the growing
implantable devices market, technological advancements, rising number of hip
and knee replacement procedures, and high growth in geriatric population
coupled with growing incidence of cardiovascular diseases.
The global biomaterials market is
segmented on the basis of type of material, application, and region. On the
basis of type of material, the global market is segmented into metallic,
ceramic, polymeric, and natural biomaterials. In 2016, the metallic
biomaterials segment is expected to account for the largest share of the
market. The metallic biomaterials segment is further divided into stainless
steel, titanium & titanium alloys, cobalt- chrome alloys, gold, silver, and
magnesium. In 2016, the stainless steel segment is projected to account for the
largest share of the metallic market. The titanium and titanium alloys segment
is expected to grow at the highest CAGR during the forecast period. The
polymeric biomaterials segment is projected to grow at the highest CAGR during
the forecast period. Polymeric biomaterials are further segmented into
polymethylmethacrylate (PMMA), polyethylene, polyester, polyvinyl chloride,
silicone rubber, nylon, polyetheretherketone (PEEK), PLA, PGA, and PLGA, and
other polymeric biomaterials. The PMMA segment is expected to grow at the
highest CAGR during the forecast period.
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On the basis of application, the biomaterials market is segmented
into cardiovascular, orthopedic, ophthalmology, dental, plastic surgery, wound
healing, tissue engineering, neurological/central nervous system, and other
applications. In 2016, the cardiovascular segment is expected to account for
the largest share of the biomaterials market. The plastic surgery and wound
healing segments are expected to grow at highest CAGRs during the forecast
period.
The biomaterials market is segmented into four major regions,
namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Among these regional segments, North America is expected to account for the
largest share of the global market, in 2016. However, the Asia-Pacific region
is expected to grow at the highest CAGR during the forecast period. The high
growth in this regional segment can be attributed to the rising aging
population and increasing incidence of cardiovascular and orthopedic diseases
in India and China.
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In
the coming years, the market is expected to witness the highest growth in the
Asia-Pacific region. This can be attributed to factors such as rising cosmetic
and plastic surgeries in India, lucrative medical device industry and new tax
policy in China, growing number of cardiovascular diseases, increasing aging
population, and rising volume of hip and knee replacement procedures in this
region.
North
America is expected to account for the largest share of the global market, in
2016. Rising biomaterial-based research, increasing demand for plastic
surgeries, increasing conferences on biomaterials, growing cancer incidence,
and the rising prevalence of cardiovascular diseases are expected to drive
market growth in this region.
Some
major players in the global biomaterials market include Royal DSM
(Netherlands), BASF SE (Germany), Corbion N.V. (Netherlands), Covestro
(Germany), Invibio Ltd. (U.K.), Carpenter Technology Corporation (U.S.), Evonik
Industries AG (Germany), Berkeley Advanced Biomaterials, Inc. (U.S.), CAM
Bioceramics BV (Netherlands), and Celanese Corporation (U.S.).
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