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MarketsandMarkets: Global Biomaterials Market worth US$58.1 Billion by 2014
According to a new market research report, ‘Global biomaterials Market (2009–2014)’, published by MarketsandMarkets (www.marketsandmarkets.com), the total global biomaterials market is expected to be worth US$58.1 billion by 2014, growing at a CAGR of 15.0% from 2009 to 2014. The U.S. market is expected to account for nearly 42% of the total revenues. The biomaterials market today has already crossed $28 billion.
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Biomaterials are used in the human body to replace the damaged tissues and improve body functions. Advances in technology and the emergence of innovative products have enhanced the performance and applications of biomaterials. While metals and ceramics currently dominate the biomaterials market, polymers are expected to catalyze the next wave of market growth for biomaterials.
The biomaterials market is still in a growing phase, with about 100,000 heart valves, 200,000 pacemakers and 1 million orthopedic devices implanted worldwide every year. Increase in applications has increased the demand for new biomaterials from 8% to 15%. Improved patient benefits form the most important factor stimulating market growth for biomaterials. The other market drivers are increase in aging population, rising awareness, shorter product approval time, and larger application area.
While the orthopedic biomaterials market was the biggest segment in 2008 with $9.8 billion, the cardiovascular biomaterial market is estimated to be dominant segment in 2014 with an estimated $20.7 billion. The cardiovascular biomaterial market is expected to grow with a CAGR of 14.5% from 2009 to 2014 mainly due to increasing stress levels that have in turn increased the incidence of cardiac arrest.
The U.S. market is the largest geographical segment for biomaterials; and is expected to be worth $22.8 billion by 2014 with a CAGR of 13.6% from 2009 to 2014. Europe is the second largest segment and is expected to reach $17.7 billion by 2014 with a CAGR of 14.6% and the Asian market size is estimated to increase at the highest CAGR of 18.2% from the year 2009 to 2014.
This report uses the term biomaterials to refer to the materials used in the human body. The report segments the global biomaterial market as follows:
Biomaterials product market
Orthopaedic, cardiovascular, gastrointestinal, wound care, plastic surgery, urological surgery, and others
Biomaterials ingredient market
Metals, polymers, ceramics, composites
Biomaterials application market
General, surgical appliances and supplies, surgical and medical instruments, dental products, electro-medical equipment, in-vitro diagnostic products, and other applications
Analyst Briefings on 16th Sep 2009.
The Biotech practice at MarketsandMarkets is pleased to announce its Analyst Briefing Presentation on the Global Biomaterial market to be held on 16th Sep 2009. 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.
To register your participation, please click here http://www.marketsandmarkets.com/AnalystBriefing/analyst-briefing-global-biomaterial-market.asp
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