With the emergence of biotechnology, the biomaterials have assumed a more important role in medical devices, tissue replacement, and surface coating applications. Developing from bio-inert materials (materials that do not react with biological environment) to biodegradable material, these biomaterials are widely used in the human body to improve the body functions and to replace the damage tissues of the body. Today, the biomaterial market stands at a size of $28.9 billion and has grown at a CAGR of more than 8% in the past two years. In spite of huge market size, the market is still in a growing phase; consider the fact that every year more than 100,000 heart valves, 200,000 pacemakers and 1 million orthopedic devices are implanted worldwide. This indicates the great opportunity in the market in terms of revenues and market growth. Improved patient benefits, increase in aging population, rising awareness, shorter product approval time, and large application area are proving out to be the major drivers for the biomaterial market. However, the lack of tissue availability and proper reimbursement facilities are restraining the growth of the biomaterials market. Improvement in fabrication technology and new product development at competitive prices will be the key to future market growth.
The briefing on the Global Biomaterial Market (2009-2014) will benefit the biotech component manufacturers, biomaterial device manufacturers, medical/pharma associations, pharma research labs, Doctors, physician and hospitals, technology providers and research laboratories.
Ã¢â‚¬Å“We can expect to see significant growth opportunities for innovators as the demand of biomaterial products are estimated to increase from 8% to 15%, triggered by new product launches at competitive prices, establishment of regulatory pathways across the globe and the extensive research being done by the big companiesÃ¢â‚¬ notes MarketsandMarkets. Ã¢â‚¬Å“High research cost and a significant time gap between development and commercialization is proving out to be the major challenge for the smaller companies joining this industryÃ¢â‚¬
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