Biomaterials are natural or synthetic materials that can be implanted into body tissue as a part of an implanted medical device, to augment or replace an organ. Some biomaterial-based medical devices include heart valves, stents, artificial knee, and hip joints, among others.
What the Market Looks Like?
The biomaterials market is projected to reach USD 206.64 billion by 2024, from USD 105.18 billion in 2019, at a CAGR of 14.5% between 2019 and 2024. The Asia Pacific biomaterials market comprises India, China, Japan, and RoAPAC.
Factors such as the increased funds and grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases are driving the growth of the market. Emerging markets such as China, India, and Japan are the key areas of opportunity for players in this market. Polymers are high-molar-mass substances formed by the linkage of several small monomers. Polymers can be naturally occurring or synthetic. Antimicrobial polymers are replacing other materials such as metals, ceramics, and alloys due to their superior physicochemical properties.
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What Drives the Market?
The growth of the Biomaterials Market is primarily influenced by the following factors:
- Increased Funds and Grants By Government Bodies and Universities for the Development of Novel Biomaterials
- Increasing Demand for Implantable Devices
- Growing Demand for Biomaterials in Plastic Surgery and Wound Healing Applications
- Rising Incidence of Cardiovascular Diseases
- Increasing Research on Regenerative Medicine
The demand for and usage of biomaterials in various medical applications has increased significantly across the globe over the last few years. Also, several government bodies and universities have extended their help in the form of investments, funds, and grants to promote research into the development of novel biomaterials.
The biomaterials market in this segment is projected to grow at the highest CAGR in the forecast period. Factors contributing to the growth of the biomaterials market in this region include Japan’s growing healthcare industry, increasing geriatric population, rising cosmetic & plastic surgeries, rising prevalence of cardiovascular diseases, increasing cases of hip & knee replacement procedures, and growing research activities.
The Asia Pacific biomaterials market comprises India, China, Japan, and RoAPAC. The biomaterials market in this segment is projected to grow at the highest CAGR in the forecast period. Factors contributing to the growth of the biomaterials market in this region include Japan’s growing healthcare industry, increasing geriatric population, rising cosmetic & plastic surgeries, rising prevalence of cardiovascular diseases, increasing cases of hip & knee replacement procedures, and growing research activities.
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