Biomaterials Market to Exhibit 12.2% CAGR and Reach USD 245.6 Billion till 2027; Increasing Number of Novel Product Launches to Skyrocket Demand: Fortune Business Insights™
Fortune Business Insights
7 min read
Key Companies Covered in the Biomaterials Market Research Report Are Invibio Ltd, Wright Medical Technology, Inc., Evonik Industries AG, Zimmer Biomet, DePuy Synthes Companies, DSM Biomedical, Inc., Corbion NV and other key market players.
Pune, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The global biomaterials market is set to gain impetus from the increasing usage of a wide variety of biomaterials because of their clinical efficiencies. They also provide several benefits in wound healing applications. The report further mentions that the biomaterials market size was USD 110.0 billion in 2019 and is projected to reach USD 245.6 billion by 2027, thereby exhibiting a CAGR of 12.2% during the forecast period from 2020–2027.
This Report Answers the Following Questions:
What are the latest trends in the market?
How will the market be affected in the coming years?
Which strategies are being adopted by key companies to aid growth?
What are the market growth drivers and hindrances?
Rising Usage of Natural & Synthetic Biomaterials for Cardiac Repair to Aid Growth
Cardiovascular diseases are considered to be one of the major causes of death worldwide. Even though there are multiple pharmacological and surgical interventions that can be applied to enhance the quality of life of the patients affected by such diseases, less-invasive and cost-effective procedures are always more preferable. Both synthetic and natural biomaterials showcase high potential in cardiac regeneration and repair.
Nowadays injectable biomaterials are used the most as they preserve cardiac functions, increase angiogenesis, and reduce left ventricular dilatation. However, there are numerous strict regulatory and clinical processes that the biomaterial-based devices have to go through to ensure their quality and efficacy. It may hamper the implantable biomaterials market growth.
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North America to Dominate Owing to High Government Funding in Development Activities
Based on geography, the market is segregated into the Middle East & Africa, Asia Pacific, North America, Latin America, and Europe. Out of these, North America is set to dominate the market. It had procured USD 44.83 billion revenue in 2019. This growth is attributable to the increasing funding by the governments of various countries in this region in development activities.
Apart from this, the rising number of new product launches by industry giants, as well as higher incidence orthopedic replacements and cardiovascular diseases would contribute to the growth of the market in this region. Europe is anticipated to remain in the second position fueled by the emergence of innovative products in this region.
Key Players Aim to Gain Competitive Edge by Acquiring Other Companies
The market houses a large number of enterprises that are presently focusing on the strategies of acquisitions and achieving fast track approvals from the regulatory bodies for new biomaterials. Below are a couple of the latest key industry developments:
November 2019: DiFusion, a biotechnology company based in Texas, bagged the 510K clearance from the USFDA. It was meant for the company’s Xiphos-ZF spinal interbody device. The device is created from ZFUZE, a new biomaterial that has proven to reduce Interleukin 6 and Interleukin 1-Beta significantly. It has also exhibited M2 macrophage response.
December 2019: Advanced Medical Solutions (AMS), developer and manufacturer of technologically advanced and unique products for advanced wound care and surgical markets, successfully acquired Biomatlante, a surgical biomaterial technologies company. The total deal is worth €8 million. This new acquisition would aid AMS in strengthening its market access, R&D pipeline, and portfolio.
● Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
● Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia- Pacific)
● Latin America (Brazil, Mexico, and the Rest of Latin America)
● Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
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