Biomaterials Market to Exhibit 12.2% CAGR Till 2027; Rising Prevalence of Cardiovascular Diseases to Spur Growth: Fortune Business Insights™

Biomaterials Market to Exhibit 12.2% CAGR Till 2027; Rising Prevalence of Cardiovascular Diseases to Spur Growth: Fortune Business Insights™

PR Newswire

PUNE, India, May 15, 2020

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, among others

PUNE, India, May 15, 2020 /PRNewswire/ -- 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. Fortune Business Insights™ published this information in a recent report, titled, "Biomaterials Market Size, Share and Industry Analysis, By Material (Metallic Biomaterials, Ceramic Biomaterials, Polymers, and Natural Biomaterials), By Application (Cardiovascular, Dental, Orthopedic, Plastic Surgery, Urology, Gastroenterology, and Others), and Regional Forecast, 2020-2027." 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.

Biomaterials Market Analysis, Insights and Forecast, 2016-2027

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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Drivers & Restraints-

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.


Metallic Biomaterials Segment to Lead Backed by Usage in Several Medical Applications

In terms of material, the metallic biomaterials segment held 30.1% market share in 2019 and is likely to lead throughout the forthcoming period. They are specially developed to deliver internal support to biological tissues. They are mainly used for orthopedic fixations, stents, dental implants, and joint replacements. In addition to that, they possess various mechanical properties, such as swiftness. These make them best suited for load-bearing implants.

Regional Analysis-

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.

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Competitive Landscape-

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:

Fortune Business Insights™ lists out all the companies operating in the global Biomaterials Market. They are as follows:

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