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Conversational AI to drive the Biocompatible Materials Market at a CAGR of 8.8%

Biocompatible Materials Market

Biocompatible materials can be used in dental, orthopaedic and cardiovascular implants, drug delivery, hearing aids, tissue engineering scaffolds, prosthesis, cosmetics, and other medical device, as they are easily mouldable, biodegradable, and cost-effective. Biocompatible polymers experience harmless decomposition, which accelerates the healing process in the body. Moreover, manufacturers are focusing on developing their biocompatible portfolios and expanding their application for various diseases such as orthopedic disease and cardiovascular disease.

High prevalence of orthopedic and cardiovascular disorders and technological advancements represent additional opportunities for manufacturers. Hence, increasing investments by companies for advanced product development that are non-toxic and non-immunogenic are also expected to create growth opportunities for the biocompatible materials market. Approval and commercialization of novel biocompatible materials are providing a huge opportunity in developing countries.

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 Key Takeaways from Biocompatible Materials Market Study

  • The synthetic polymers segment, under material type, is expected to hold significant revenue share in the biocompatible materials market.
  • Surgical & medical instruments are the most attractive applications with the highest share, followed by biocompatible implants. These segments are expected to grow at a higher rate as compared to other applications.
  • In terms of regional growth, North America, Europe, and Asia Pacific are manufacturing hubs for biocompatible materials, and are anticipated to witness rapid growth in the global biocompatible materials market.
  • The COVID-19 outbreak has created hindrances for the growth of the biocompatible materials market, which will persist in the first half of 2021.

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