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.
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. 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.
Opportunity: Growing Healthcare Market In Emerging Economies
The biomaterials market in developing 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 CVD, increasing 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 growing demand for surgical procedures, rising geriatric population, and the increasing incidence of target diseases are some of the significant 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.
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Challenge: Limitations Of Biomaterial-based Products
Although significant breakthroughs have been achieved in the field of biomaterials, there are some limitations associated with biomaterial-based products. For instance, the stability and toughness of bioceramics decrease at elevated temperatures, making their manufacturing difficult. Also, ceramic implants have a shorter life cycle as they undergo continuous loosening and dislocation. Similarly, metal polymers corrode easily when exposed to harsh internal environments, such as body acids and enzymes. Leaching of metal ions can also occur from the surface of implants, which results in their wear and tear.
Problems such as stress shielding and implant failure in biomaterial-based orthopedic applications (such as the knee, hip, and joint prostheses) are common. Also, biomaterials sometimes generate adverse immunological and inflammatory reactions and result in infections when in contact with human tissues/organs. These risks posed by biomaterials to patient health are expected to limit the use of biomaterial-based products in some instances.
Region Covered in Biomaterials Market
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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Royal DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), Carpenter Technology Corporation (US), Evonik Industries (Germany), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), Celanese Corporation (US), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).