Biomaterials Market Opportunity will Rise to US$33,600 mn by 2019
The global market for biomaterials for implantable devices is demonstrating a competitive business structure, finds a new research study by Transparency Market Research (TMR). AdvanSource Biomaterials Corp., Ulbrich Stainless Steel & Special Metals Inc., Biomet, Inc., Celanese Corp., Collagen Matrix Inc., DuPont, Ceradyne, Inc., Evonik Industries AG, Corbion Purac, Royal DSM, and Invibio Inc. The key vendors of biomaterials for implantable devices are expected to involve increasingly into strategic partnerships, states the market study.
As per the research report, the global biomaterials market for implantable devices was worth US$25.5 bn in 2012. Expanding at a CAGR of 4.10% during the period from 2013 to 2019, the market is projected to reach US$33.60 bn by the end of the forecast period. Heart valves, artificial hip joints, dental implants, and intraocular lenses are the key products available in this market, states the research report.
North America and Europe to Report Strong Growth
In terms of the geography, the global market for biomaterials for implantable devices has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe in this research study.
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Among these, the markets for biomaterials for implantable devices in Europe and North America have acquired the dominance. These two regions, collectively, held more than 80% of the global biomaterials market in 2012 and are expected to continue like this over the next few years, thanks to the constant rise in the number of implant surgeries. Asia Pacific and the Middle East and Africa markets are also expected to experience a significant rise in the years to come, states the research report.
Continual Rise in Geriatric Population to Support Growth
“The main factor behind the significant rise in the global biomaterials market for implantable devices is the increasing prevalence of medical conditions, such as osteoarthritis, rheumatoid arthritis, and sports injuries, is driving the demand for biomaterials,” says the author of this study.
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The continual rise in the global geriatric population, who are highly susceptible to these conditions, is likely to boost the growth of this market in the near future. However, the high cost associated with the implanting procedure and implant devices may hamper the market’s growth over the next few years, states the research study.