Fast Market Research recommends "Biomaterials Market By Products (Polymers, Metals, Ceramics, Natural Biomaterials) & Applications - Global Forecasts to 2017" from Markets and Markets, now available
Boston, MA -- (SBWIRE) -- 05/21/2013 -- Biomaterials Market [By Products (Polymers, Metals, Ceramics, Natural Biomaterials) & Applications (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Ophthalmology, Neurology Disorders)] - Global Forecasts to 2017
A biomaterial is a natural or synthetic material suited to replace or treat natural body tissues and organs on interaction with biological systems. It traces its history to more than 2000 years ago, when Romans, Chinese, and Aztecs used gold for dental applications. Biomaterials, which are also biocompatible, have since been adapted, improvised, and technically enabled to improve body functions and replace damaged tissues. They have evolved to include biodegradable materials that are easily dissolved in the body. Advances in technology and the emergence of innovative biomaterial products have enhanced their performance and applications.
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The global biomaterial market is estimated to reach $88.4 billion by 2017 from $44.0 billion in 2012, growing at a CAGR of 15%. Increased investments, funding and grants by government bodies worldwide, incessant rise in the number of collaborations, conferences and research-related activities, technological advancements, increasing applications of biomaterials, and growing number of elderly people are the major factors propelling the growth of the biomaterial market globally. Immunological and inflammatory reactions, stringent regulatory systems, issue of fracture fatigue and wear and reimbursement concerns are the major deterrents curbing the biomaterial market.
The global biomaterial market witnesses a plethora of growth opportunities. Novel developments of biomaterial for wound healing, plastic surgery, tissue engineering, ophthalmology, and neurology, colossal pool of cardiac patients in Asia, rise of biomaterial market in China and Taiwan, and increased conferences and research-related activities in RoW countries are major factors influencing the growth of the biomaterial market. The burning issues affecting the growth of biomaterial market are challenges to tissue engineering and effect on suppliers by the Biomaterials Access Assurance Act.
The global biomaterial market is dominated by North America, followed by Europe, Asia, and Rest of the World (RoW). North America will continue to lead the biomaterial market in the years to come, followed by Europe. North American market growth is likely to be driven by increasing government investments in biomaterial sector, reimbursements offered by Centers for Medicare and Medicaid Services (CMS) and rising aging population who are the main consumers of biomaterials. The North American biomaterial market is expected to receive a significant push due to phenomenal increase in new products such as botox, botulinum toxins, and hyaluronic-based injectables.
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