With the surging prevalence of diseases across the globe,
the investments in the healthcare industry are also growing. As per the World Health Organization, increased expenditure is the way to improve healthcare infrastructure. The rising expenditure will also result in enhanced accessibility and affordability of advanced medical services and devices, such as prosthetics and implants. In addition to all this, the rising healthcare expenditure is also projected to support ongoing research and development activities in the healthcare sector.
These factors are projected to drive the demand for biomaterials in the years to come. Biomaterials have now become an important part of the healthcare industry and are being used for facilitating healing and restoring function after a person suffers from a disease or injury. These materials are majorly utilized in medical applications for enhancing, supporting, or replacing a biological function or damaged tissue. Owing to technological advancement, the field has advanced a lot since the past few years.
Other than this,
the demand for polymer biomaterials is also projected to rise in the years to come. The major applications of biomaterials are neurological condition, ophthalmology, plastic surgery, cardiovascular, wound healing, dental, and orthopedic. Among all these, the demand for biomaterials was the highest for cardiovascular applications in the past and the situation is expected to remain the same in the near future as well. This is primarily because of the growing geriatric population and surging prevalence of cardiovascular diseases.
Apart from this, the demand for biomaterials is also projected to rise considerably for plastic surgery applications in the coming years, owing to the increasing consciousness of people about their physical appearance. Geographically, North America created the largest demand for biomaterials in the past and is further projected to emerge as the largest biomaterial market in the years to come as well. Technological advancements, surging geriatric population, and increased healthcare expenditure in the region are driving the demand for biomaterials.
In addition to this,
the rising incidence of chronic diseases is also expected to drive the demand for biomaterials in North America. Within the region, the U.S. has been the major consumer of biomaterials, owing to advanced healthcare infrastructure. Other than this, the demand for these products is also expected to rise significantly in the Asia-Pacific region, because of the growing geriatric population, rising research and development, and increasing incidence of cardiovascular diseases.
Biomaterial refers to a non-viable substance that is used during interaction with biological systems and in medical devices. This material is used to substitute a part of a body in a psychologically acceptable, safe, and reliable method, as it poses properties such as biofunctionality, biocompatibility, adequate strength, and high-corrosion resistance. Cellulose, hydrogel, stainless steel, silicone rubber, titanium, collagen, poly(methyl methacrylate), and polyurethane are the most commonly used biomaterials. Over the years, technological advancements and emergence of innovative biomaterial products have led to the improvement of biomaterials’ performance and applications.
Moreover, the rising cases of cardiovascular diseases (CVDs) and booming elderly population are also accelerating the consumption of biomaterials, worldwide. Doctors use synthetic and natural biomaterials to repair the damages caused due to CVDs. Synthetic materials, including metals and polymers, and natural materials, which are derived from human organs and harvested animal tissues, are used to repair the injured tissues. Old people use biomaterials in abundance, as they are highly susceptible to heart diseases and often require biomaterials for hip and knee replacements.
Apart from CVD and orthopedic applications,
biomaterials are also required in the treatment of dental diseases and neurological conditions. Additionally, these materials also find wide application in wound healing, ophthalmology, and plastic surgeries. These application areas use metallic, ceramic, and polymer biomaterials. Among different material types, metallic biomaterials will be utilized in the highest volume in the coming years. Whereas, the demand for polymer biomaterials is expected to grow at the highest rate during the forecast period.
According to P&S Intelligence, North America consumes the largest quantity of biomaterials in the world. This is due to the huge healthcare spending, developed healthcare infrastructure, and technological advancements, in the region. Moreover, the rising aging population and increasing prevalence of CVDs will also generate the need for biomaterials in the coming years. In this region, the U.S. consumed the larger volume of biomaterials in the past and it is expected to utilize these materials at the higher rate in the coming years.
The market is registering growth because of the surging geriatric population,
technological advancements, surging prevalence of cardiovascular diseases, and expanding implantable devices market.
Moreover, the rising research and development activities,
growing number of hip and knee replacements,
increasing expenditure in the healthcare sector is also resulting in the growth of the market.
The division is further expected to hold the major share of the market in the years to come due to the surging prevalence of cardiovascular diseases across the globe. The surgery division is predicted to progress at the fastest pace during the forecast period. Geographically, North America held the major share of the market in the past, owing to surging geriatric population, technological advancement, high healthcare expenditure, and rising prevalence of cardiovascular diseases in the region. Within the region, the U.S. emerged as the largest regional market in the past.
The healthcare expenditure is increasing across the globe with increasing prevalence of diseases and increasing government and non-government initiatives. According to the WHO, the increase in total healthcare expenditure is leading to the improvement in healthcare infrastructure. The increase in healthcare expenditure leads to increase in affordability and accessibility of implants and prosthetics and thus contributing to the demand for biomaterials. Moreover, increased healthcare expenditure also supports the ongoing research and development activities for biomaterials.
The governments in different countries are investing significant portion of their GDP for healthcare.
Although, there are huge variations among the healthcare spending of different countries, healthcare has been one of the primary focus for all. Healthcare spending in the developed economies of North America and Europe is considerably higher in comparison to the developing countries. The lower spending in developing countries is primarily due to their low income per capita GDP. However, per capita healthcare spending in developing countries is increasing due to the increasing government initiatives. The increasing healthcare expenditure leads to the increased adoption of biomaterial-based products, thus driving the growth of the biomaterial market.
The growing expenditure in the healthcare sector is resulting in the growth of the biomaterial market,
as stated by the World Health Organization.
The rise in the healthcare spending leads to growing accessibility and affordability of prosthetics and implants,
thereby resulting in the growth of the market.
In addition to this, the ongoing research and development activities are also supported by the increased healthcare spending. Other than this, the surging prevalence of diseases around the world is also resulting in the expansion of the domain.
The increasing number of surgical procedures is also driving the expansion of the biomaterial market around the world.
Biomaterial is a nonviable material that is utilized in medical devices or while interacting with biological systems.
The material is essential for a number of medical applications.
where there is a need for substituting a part or function of body in a safe, reliable, and physiologically acceptable manner.
These materials are further compatible with the human body, have adequate strength, high corrosion resistance, and biofunctionality.
Hydrogels, cellulose, rubber, silicone, polyurethanes, collagen, stainless steel, titanium, and poly (methyl methacrylate) are some of the majorly utilized biomaterials.
Some key companies operating in the biomaterial market are:-
Corbion N.V., Royal DSM
Wright Medical Technology Inc.
Collagen Matrix Inc.
Berkeley Advanced Biomaterials Inc.
Zimmer Biomet Holdings Inc.
Cam Bioceramics BV.
Thus, the rising healthcare expenditure, growing prevalence of CVDs, and burgeoning elderly population will augment the usage of biomaterials in various healthcare facilities.
