Medical devices and material market is growing at a significant rate due to increase in the prevalence of diseases and growing government incentives in healthcare sector. Biomedical materials refer to the materials that are used in manufacturing of medical devices used in healthcare sector. A biomedical material may be natural or synthetic in nature, and is used to replace or treat the tissue or organ to support its proper working. Various biomedical materials that are available in the market include silicone hydrogels, biostable polyurethanes, polymer stabilizing technology, resorbable materials, hydrophilic and non-biofouling coatings and ultra-high-molecular-weight polyethylene (UHMWPE) fibres.
North America dominates the global market for biomedical materials due to large number of aging population and broad technical applications of biomedical materials in the region. Europe, followed by Asia, is expected to experience high growth rate in the next few years in global biomedical materials market. China and India are expected to be the fastest growing biomedical materials markets in Asian region. Some of the key driving forces for biomedical materials market in emerging countries are increasing R&D investment, large pool of patients and rising government funding.
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Aging population, increasing prevalence of chronic diseases and growing awareness for availability of different types of biomaterials has been driving the global biomedical materials market. In addition, improvement in healthcare facilities and technological advancement has been driving the biomedical materials market. However, high cost involved and lack of experienced professionals has been restraining the global biomedical materials market.
Emerging markets hold a great potential for growth of biomedical materials market. Innovation of some new products with better efficacy is expected to offer good opportunity for biomedical materials market. Side effects such as burning sensation and others are a challenge for biomedical materials market.
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Some of the latest trends that have been observed in the biomedical materials market include growing popularity of bioabsorbable materials and companies involved in partnerships and collaborations. In addition, companies have been involved in R&D of new products.
Some of the major companies dealing in global biomedical materials market include
- Johnson & Johnson
- 3M Healthcare
- DSM Biomedical
- Biomet
- RTI Biologics
- Wright Medical
- Zimmer
- Tornier.