Market Overview
The Biomedical Materials Market is expected to make technological advancement-based strides in the forecast period. The businesses are converting their physical aspects into technology-based ones, that too, digital technology-based! IoT platforms are there to help in the creation of the digital twin of almost every physical object, thereby easing the lifecycle of the product. Extending the point, IoT data is being extensively used for supporting sales as well as service departments. This is indeed a kick-start! The future is there to witness digital adventures.
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.
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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.
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.
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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.
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, Smith & Nephew. Other companies having significant presence in the biomedical materials market include CR Bard, RTI Biologics, Wright Medical, Zimmer and Tornier.
Key points covered in the report
- Report segments the market on the basis of types, application, products, technology, etc (as applicable)
- The report covers geographic segmentation
- North America
- Europe
- Asia
- RoW
- The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
- The report provides company profiles of some of the leading companies operating in the market
- The report also provides porters five forces analysis of the market.
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