The 2020 Biomaterials Market size is estimated to enter growth phase with a strong CAGR of 14.2%, based on increased investment of public and private nature, technological advances, greater scope for the use and deployment of biomaterials in fields related to medical and health care, finds OG Analysis.
Biomaterials with dynamic properties contribute to the progress of wound healing and complex tissue and organ regeneration. This potential of biomaterials drives the focus of pioneer research practitioners to invest and boost the market size.
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The emerging sectors of bioengineering for dental and orthopedic implants further drive the biomaterials market growth. The growing historic population, who are by far the greatest users of biomaterials for cardiac procedures, is the major factor that promotes the biomaterials market growth globally.
The future implementation of cell-based therapies widely recognized as a prerequisite for biomimetic, bioresponsive biomaterials. This growth in the field of cell-based therapies triggers market demand and value.
Biomaterials have been used to facilitate the operation of Medical Devices and Advanced Therapy Medicinal Products (ATMPs) over prolonged periods of time. This trend of incorporating and manufacturing healthcare products creates long term market growth opportunity for the market participants.
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Although there are many prospects in this market, challenges such as immunological and inflammatory reactions, stringent regulatory systems, reimbursement, and the biomechanics issues of fracture, fatigue, and wear negatively impact the biomaterials market value.
North America is expected to continue to lead the biomaterials market in the years to come, followed by Europe and Asia
The European biomaterials market is characterized by a fragmented picture that includes national pricing policies and reimbursements offered by healthcare maintenance organizations, national research, and innovation policies. Accordingly, Horizon 2020 is the intensely EU Research and Innovation program investing in smart biomaterials to move research out of the “Death Valley” and into commercially viable solutions.
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Replacing damaged tissues and organs, treating diseases through the controlled administration of drugs and facilitating diagnosis and monitoring through contract agents and biosensors are key major market driving areas of R&D.
Whereas, biomaterials market growth across Asian countries is fortifying with advancement in the medical, growing awareness of healthcare and better standard of living for the aging population. In addition, budding new market participants conditions the market growth to emerge with China, Japan, and India in the lead.
Major contributions by research forums, institutes, and market players are observed to entice the biomaterials market value
Joint research at the Institutes of Advanced Technology (SIAT) of the Chinese Academy of Sciences recently demonstrated a remote-controlled “smart” platform to treat cardiovascular disease using synthetic biomaterials. Biomaterials are used to actively modulate different cell functions in specific spatiotemporal manners, just like the native ECM in our bodies.
The National Science Foundation granted $300,000 to develop new biomaterials for the field of biology and medicine.
Key market participants are supporting market growth by providing robust tools for the development of biomaterials. For instance, ADMET provides a range of axial-torsion test machines for testing biomaterials and medical devices.
Launch of innovative products for orthopedic implantations is boosting the consumption of biomaterials. For example, in November 2019, DiFusion won FDA clearance for its Xiphos-ZF spinal interbody device, the first spinal implant developed from the biomaterial Zfuze.
With TPU’s characteristics, such as biocompatibility, antimicrobial properties, and flexibility, key market participants are investing in applications such as biomaterial-based cardiovascular catheters and other devices designed for body insertion. For instance, Japan-based Mitsubishi Chemical acquired US-based AdvanSource Biomaterials’ thermoplastic polyurethane elastomer (TPU) business. The products of the acquired business are primarily used in cardiovascular catheters.
Key market players leading the biomaterials market space include Royal DSM, BASF SE Corbion Carpenter Technology Corporation, Evonik Industries, Berkeley Advanced Biomaterials, Cam Bioceramics B.V., Celanese Corporation, CoorStek Inc., CeramTec, and GELITA AG.
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