Biomaterials Market To Reach USD 128.7 Billion By 2023

Posted October 25, 2018 by shweta11

Meticulous Research® – leading global market research company published a research report titled “Biomaterials Market

Meticulous Research® – leading global market research company published a research report titled “Biomaterials Market by Material Type [(Metal (Alloy, Pure Metal), Ceramic (Inert, Bioresorbable), Polymer, Natural Materials, Composites)], and Application (Heart Disease, Orthopedic, Opthalmic, Dental Application, Neurostimulator)- Global Forecast to 2023”.
Metallic Biomaterials Dominates the Global Market

Biomaterial is the growing field that focuses on the development of biocompatible materials to replace or augment the diseased or degenerated tissue of the human body. According to the American Heart Association, in 2017, cardiovascular disease (CVD) accounts for approximately 800,000 deaths in the U.S., or one out of every three deaths. Among Americans, an average of one person dies from CVD every 40 seconds. Coronary heart disease (CHD) accounts for the majority of CVD deaths, followed by stroke and heart failure. More than 90 million Americans carry a diagnosis of CVD with over 45% of non-Hispanic blacks live with CVD in the U.S. In addition, on a global level, CVD accounts for around 31% of all deaths. The estimated cost of CVD will be USD 1,044 billion by 2030.

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The global biomaterials market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018) and forecasts for 2023 by type of material (metals & alloys, ceramics, polymers, composite materials, and natural materials), and application (cardiovascular, orthopedic, ophthalmology, dental, neurostimulators, and other applications). The study also evaluates industry competitors and analyzes the market at regional and country level.
The use of implants has grown dramatically over the past years, driven by growing aging population and thereby the increasing incidence & prevalence of chronic diseases, and the desire of the patients to maintain the same level of activity and quality of life. Consequently, the demand for high-performance implantable biomaterials that can address unique challenges in cardiology, vascular therapy, orthopedics, trauma, spine, dental, and wound care has also been increasing steadily. Metals are used as biomaterials due to their excellent electrical and thermal conductivity and mechanical properties. Moreover, the availability of bioactive ceramics like hydroxyapatite has been improving its bone conductivity. Therefore, the wide adoption of metals in various applications has been significantly improving the patient’s life in recent years.
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Based on geography, North America accounted for the major share of the global biomaterials market in 2017, followed by Europe, and Asia-Pacific. The major share of the North American region is mainly attributed to the matured healthcare market with higher healthcare expenditure, higher penetration & adoption of implantable medical devices and advanced surgical instruments, cordial reimbursement policies, and presence of large pool of patients with various chronic and non-communicable diseases. However, Asia-Pacific region offers lucrative growth potential for the biomaterials market during the forecast period owing to the increasing base of population with various chronic diseases, increasing awareness towards implantable devices coupled with rising healthcare expenditure, and increasing research and development activities in biomedical and translational field.
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Issued By sweety waykar
Country India
Categories Biotech , Research , Science
Last Updated October 25, 2018