Summary
A new market study, titled “Global Blockchain in Healthcare Market- By Type outlook (Public, Private), By Application Outlook (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, Other Applications), By End-use(Hospitals, Insurance Providers, Drug and Medical Device Companies, Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East, & Africa)- Global forecast from 2020-2027.” has been featured on WiseGuyReports.
Global Biomaterials market likely to drive by the rising demand to support damaged biological structure specifically in cardiovascular, orthopaedic and cochlear among others
Global Biomaterials market projected to grow with a remarkable rate during the forecast period, 2020-2027. It is due to the rise in the geriatric population, surge in production of implantable products, and advancements in medical technology. Moreover, the upsurge in demand for smart biomaterials that produce and transfer bioelectric signals similar to native tissues for accurate physiological functions are estimated to trigger the global biomaterials market in the upcoming years. Additionally, the financial aids by government bodies in emerging countries for the development of novel biomaterials will promulgate the global biomaterials market size. Increasing the prevalence of musculoskeletal and chronic skeletal medical conditions is augmenting the demand for biomaterial-based implants.
The aging process of the population and human pursuit of health and longevity have stimulated the demand for biomaterials. According to WHO, by 2050, the world's population aged 60 years and older is expected to reach to total 2 billion, up from 900 million in 2015. WHO also states that by 2020, the number of people aged 60 years and older will outnumber children younger than five years. Furthermore, the geriatric population is susceptible to acquire orthopaedic and cardiovascular diseases easily as a result of their low immune system, which influences the growth of the biomaterial industry in the forecast periods. In the Asia-Pacific, cancer is one of the leading causes of death; in Western countries, the number one killer is cardiovascular disease. With the improvement of people's quality of life, plastic surgery, and beauty are emerging, the demand for biomedical materials in family planning is growing.
In addition, the high prevalence of cardiac disorders, increasing orthopaedic procedures, dental surgeries, and cardiovascular surgeries are projected to fuel the global biomedical materials industry in the next few years.
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Product Type Overview in the Global Biomaterials Market
Based on product type, the global Biomaterials Market classified into Metallic, Ceramic, Polymeric, and Natural. The Metallic segment anticipated to generate maximum market revenue by 2027, attributable to metallic biomaterials used in the joint replacements, dental implants, orthopaedic fixations, and stents.
The polymeric segment will be the fastest-growing segment on account of the rising usage of polymer biomaterials in soft tissue applications, including plastic surgeries.
The natural segment will influence owing to their naturally derived biomaterials that are usually applied to restore or replace the structure and function of damaged tissues/organs.
Application Overview in the Global Biomaterials Market
Based on application, the global Biomaterials Market classified into Cardiovascular, Orthopaedic, Dental, Plastic Surgery, Wound Healing, Neurological disorders, Tissue Engineering, Ophthalmology, and Others. The Cardiovascular segment witnessed a higher growth in 2019. It is projected to lead the market by 2027 due to a number of diagnostic and therapeutic biomaterials devices that have developed for cardiac applications such as catheters, guidewires, sensors, pacemakers, implantable cardioverter defibrillators, vascular grafts, heart valves, and stents.
The orthopaedic segment will be the fastest-growing segment on account of repairing different tissues such as cartilage, bone, ligaments, and tendons for the various bone-related problems such as fracture, scoliosis, osteoporosis, and lower.
The plastic surgery segment will grow by the rise in the number of cosmetic procedures and increased usage of biomaterials in these surgeries.
Regional Overview in the Global Biomaterials Market
By geography, the Global Biomaterials Market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia-Pacific region will be the fastest-growing segment owing to the rising prevalence of cardiovascular diseases coupled with huge demand for tissue engineering and plastic surgery. Additionally, the government and private initiatives have surged awareness regarding biomaterial application will boost the Asia-Pacific biomaterials market.
Global Biomaterials Market: Competitive Landscape
Companies such as Royal DSM, BASF SE, Corbion, Carpenter Technology Corporation, Evonik Industries, Berkeley Advanced Biomaterials, Cam Bioceramics B.V., Celanese Corporation, CoorsTek Inc. CeramTec, Medtronic plc, Invibio Ltd., Zimmer Biomet Holdings, Inc., and GELITA AG are the key players in the Global Biomaterials Market.
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