Transparency Market Research Report Added “Biomaterials Market for Implantable Devices ” to its database.
Biomaterials Market for Implantable Devices: Snapshot
A vast variety of materials, which could be obtained from natural sources or synthesized, are used in medical devices directly interacting with biological systems. Commonly used in medical implants such as bone grafts, artificial heart valves, and intraocular lenses, biomaterials, as these materials are called, are witnessing a significant rise in demand across the globe. The rising demand for biomaterials has encouraged a constant rise in research and development activities and focus of research bodies on new and more effective varieties of biomaterials in the past few years.
In the next few years, the rising prevalence of conditions such as rheumatoid arthritis, osteoarthritis, and sports injuries is expected to drive the demand for biomaterials. Moreover, the rising numbers of medical implant surgeries to treat a number of cardiovascular conditions will continue to lead to the increased demand for biomaterials in the global market.
Transparency Market Research estimates that the global biomaterials market will exhibit a healthy 4.1% CAGR from 2013 and 2019, rising to a valuation of US$33,600 mn by 2019.
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Business across Developed Economies to form Bulk of Global Revenues
North America and Europe are the established markets for biomaterials market and account for a significant share in the global market. Collectively, these two regions accounted for an over 80% of the global biomaterials market in 2012 and are also expected to account for a majority share in the global market throughout the forecast period. The continuously rising numbers of implant surgeries in these regions are expected to continue to drive the demand for a variety of biomaterials in the next few years.
In regions such as Asia Pacific and Middle East and Africa are presently developing and present vast untapped growth opportunities for small and large players operating in the biomaterials sector. The rising adoption of implant procedures, large patient base, and rising healthcare expenditures in emerging economies across these regions, combined with a rapidly rising population base of affluent middle class people make these regions some of the most lucrative markets for biomaterials.
To exploit the vast growth opportunities, companies are investing their funds and resources to foray into these regions through mergers, acquisitions, and strategic alliances. Countries such as Brazil and South Africa are also expected to present promising growth avenues for the biomaterials market, chiefly owing to the underserved market for medical implants.
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