Expanding Global Distribution Channels Drive Biomaterials Market

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The European biomaterials market is expected to grow significantly over the next few years, and this is largely due to key companies launching more cutting-edge items in the markets in this region. In 2022, the cardiovascular industry dominated the biomaterials market

NEWARK, Del., July 11, 2022 /PRNewswire/ — The global biomaterials market is expected to reach a market valuation of US$156.2 billion by 2022, accelerating at a moderate pace CAGR of 15.4% by 2022-2032. Biomaterials market size is expected to be valued at around US$654.4 billion end of 2032.

The demand for implantable devices is expected to increase as the incidence of cardiovascular disorders, orthopedic replacements, arthritis and sports injuries increases. Chronic health problems are also caused by bad habits, inactivity and an aging population. This changes the outlook for the biomaterials market.

According to the biomaterials market analysis, in recent years, biomaterials have become more in demand and used in a variety of medical applications. Many government agencies and academic institutions have offered their help in the form of investments, funding and grants to advance the study of creating innovative biomaterials.

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Biomaterials market research indicates that biomaterial devices must go through a rigorous clinical and regulatory process to ensure their efficacy and quality. As a result, players in the biomaterials market are reluctant to invest in this market. These are the elements that are expected to limit the expansion of the biomaterials market over the forecast period.

The demand for biomaterial-based implants is expected to increase owing to the increased prevalence of chronic musculoskeletal and skeletal medical conditions, which will fuel the expansion of the biomaterials market. The growing elderly population, which has a higher risk of osteoarthritis, osteoporosis, and other musculoskeletal problems, is another factor driving up the demand for orthopedic implants.

During the forecasted period, the market for biomaterials in emerging countries is expected to grow significantly. This is mainly due to the growing patient population, increased use of implanted devices, increased awareness of cardiovascular disease, increased disposable income, improved healthcare infrastructure and the existence of less strict regulatory rules (compared to developed countries) in these countries.

Key insights from market research

  • Due to the wide range of product applications, the polymer product category led the biomaterials market in terms of revenue in 2021 with a share of 28.2% and is expected to maintain its dominance throughout the forecast period. .
  • With a revenue share of 23.0% in 2021, the orthopedic applications segment led the biomaterials market in terms of revenue.
  • Due to the increase in cosmetic surgeries and the use of biomaterials during these surgeries, the plastic surgery application segment is expected to grow significantly in the coming years, thereby increasing the sales of biomaterials.
  • Thanks to several initiatives by public and private organizations, North America dominated the biomaterials market and had the highest revenue share of 38.2% in 2021.
  • During the scheduled period, Europe is expected to hold the second largest biomaterials market share. The expansion of the market in the region is largely due to key companies launching cutting-edge items in the market.

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Competitive landscape

The major methods used by leading companies to maintain their dominance in the biomaterials market are expansion of product portfolios through various new product developments and inorganic growth through acquisitions, mergers and partnerships . Additionally, their focus on strategically growing their global footprint through a network of global distribution channels should provide them with a solid footing in the biomaterials industry.

Key players in the global biomaterials market

  • Medtronic plc
  • Evonik Industries AG
  • carpenter technology company
  • Berkeley Advanced Biomaterials
  • Invibio Ltd.
  • Zimmer Biomet Holdings, Inc.
  • BASF SE
  • Covalon Technologies Ltd.
  • stryker
  • Johnson & Johnson
  • Dentsply Sirona
  • CoorsTek Inc.
  • Corbion

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Recent Developments in the Global Polycarbonate Market

To meet the unique requirements and demand for care in Ambulatory Surgical Centers (ASCs) and office labs, Medtronic and GE Healthcare have partnered in April 2022. (OBL). Through this new agreement, customers will have access to a wide range of products, financial solutions and excellent support.

A bioproduction platform is being developed by the American startup Transfoam. The startup’s bioprocess transforms plastic waste into fully biodegradable polyhydroxybutyrate using modified microorganisms (PHB). After removal, PHB leaves only a small amount of carbon dioxide and water. It also exhibits characteristics with conventional single-use plastics. As a result, producers are better equipped to replace single-use plastics and reduce environmental damage, helping the transition to a circular economy.

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