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The global market for biomaterials is expected to reach $64.7 billion in 2015 from $25.6 billion in 2008 with a CAGR of 15% from 2010 to 2015. In 2010, the orthopedic biomaterial market recorded revenues of $12 billion or 37.5% of the total global biomaterial market. This is mainly because of the demand generated by the increasing aging population worldwide, and introduction of sophisticated technologies in the biomaterials market. However, the orthopedic biomaterials market is estimated to grow slowly, at a CAGR of 12.7% (2010 to 2015) because the market is relatively mature compared to other product markets. Cardiovascular biomaterial is the second-highest market, and contributed 36.1% to the global biomaterial market in 2010.
With the increase in the percentage of aging population worldwide, the number of individuals suffering from physical disability is also increasing. Baby boomers born between the years 1946 and 1964 are the major consumers of the biomaterial products. Also, more than 20% of the global population is expected to be over 60 years in 2050 and this segment of the population will be significantly high in developing countries. This increase in the aging population will drive the demand for biomaterial products.
The biomaterial market definitely holds a significant opportunity for innovators, but extensive research is required to develop new and improved products at competitive prices. Particularly in the developing countries pricing is a major deciding factor for the biomaterial markets. The other issue involves regulations that have to be streamlined. This will open more doors for the development of new and improved products, new opportunities in terms of application areas and eventually increase the market size for the products. Biomaterial products are expensive, and an improvement in performance would justify the higher pricing and also boost the market size. Major developments in the biomaterials market will be witnessed with the cooperation between the material suppliers and manufacturing companies; thus streamlining mergers and acquisitions would help the overall market. The U.S. government is expected to spend more in the medical care sector; that, in turn, could boost the market for biomaterials provided the economy revives. The effect of the current economic downturn is also felt by the companies manufacturing biomaterial products because although these companies are compensated by the health insurers, patients have delayed their scheduled procedures. However, the effect of the poor state of the economy influencing the timing of surgeries is expected to wane gradually. When that happens, companies into the biomaterials market will enjoy higher demand, leading to higher revenues.
This research report categorizes the biomaterials market into the following:
Biomaterial market, by products: Orthopedic, cardiovascular, wound care, gastrointestinal, urological, plastic surgery, and others
Biomaterial market, by materials: Metals, polymers, ceramics, and composites
Biomaterial market, by application: General surgery, surgical appliances and supplies, surgical and medical instruments, dental products, electro medical equipment, and other applications
The report provides market estimates and forecasts for the global biomaterial market. In addition to market sizing and forecasts, the report offers a detailed analysis of the market trends, opportunities, and the factors influencing the growth of each segment of the biomaterials market. The report also draws a competitive landscape, analyzing core competencies of major players and strategies adopted to expand their market presence.
The targeted audience for this report includes:
Pharmaceutical and biotech companies
Medical devices manufacturers
Doctors, physicians, and hospitals
Retailers and super-retailers
Research and development (R&D) companies
Secondary research is carried out using proprietary databases (both paid and public), company websites, news articles, etc. The primary research involves interviews with specialists, CEO’s, managers, and directors working with major market players (key industry participants) and subject matter experts from research institutes. Data and analytic output from secondary research such as markets drivers, restraints, growth opportunities, market forecasts, and others have been validated with primary research. Market size of the segments was calculated using the bottom-up approach and figures thus derived were added to yield the biomaterial market revenues, while each year’s forecast is based on the analysis of industry trends.
The primary research involves interviews with specialists, CEO’s, managers, and directors from major market players (key industry participants) and subject matter experts from research institutes. Data & analytic output from secondary research such as markets drivers, restraints, growth opportunities, market forecasts, and others were validated with the primary research.
Hence, market size of the segments was calculated using bottom-up approach and figures thus derived were added to yield the biomaterial market revenues; while each year’s forecast is based on industry trend analysis
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