Biomaterials are the products that interact with biological systems and they can be either derived from nature or produced in laboratories. They are synthesized using different chemical techniques like ceramics, metallic, composite and polymers. As a branch of science, biomaterials have been around for over fifty years. It combines four major sciences, namely, engineering, medical science, forensic science and basic science. These materials are biodegradable and have versatile applications, which is a strong driver for global biomaterials market. According to the research, the industry for these products is gaining momentum with increasing investments and demand from different parts of the world.
Scope of Biomaterials Market Growth
The global market for biomaterials has a plethora of growth opportunities in terms of business expansions, advancements, applications and revenue channels. In order to understand the global business dynamics, researchers have segmented the industry based on the types, applications and geographic regions. Types of biomaterials include metals, polymers, ceramics and natural biomaterials. Applications range from orthopedic, cardiovascular, plastic surgery, dentistry, tissue engineering, wound healing, central nervous system/neurological, ophthalmology and other applications. The other applications include urinary, gastrointestinal, bariatric surgeries and drug delivery systems.
Rapid developments in various application areas like wound healing, neurology, ophthalmology and strong growth in Asia Pacific region are considered to be the strongest drivers for biomaterials market. Asian countries like Taiwan, China, India and other regions are witnessing great rise in demand through increased applications. This rise is typically attributed to the increased spending capacity of the customers, rising awareness towards healthcare and increasing government investments in the region. Thanks to all these factors, the Asia Pacific region is recording strong demand in applications area. This is a vital sign for the existing companies looking for business expansions.
Rising research works and conferences in rest of the world region is also a strong reason for the growth in this market globally. As a result of all these driving factors, global biomaterials market is expected to make steady growth in terms of compound annual growth rate, applications, and demand and revenue channels. The market is expected to grow at an estimated CAGR of over 15% and reach $88.4 billion by 2017. The industry is currently lead by North America, which is seconded by Europe, Asia Pacific and rest of the world regions. According to the forecasting reports, North America is estimated to continue dominating other regions. However, Asia is expected to witness remarkable growth.