Hyderabad, India -- (SBWire) -- 01/22/2018 --The report "Biomaterials Market by Material type (Ceramic, Metallic, Polymers, and Natural biomaterials), by Application (orthopaedic, dental, cardiovascular, plastic surgery, wound healing, ophthalmology, tissue engineering, neurological /central nervous systems, and others) - Forecast to 2022", The Biomaterials market is expected to reach USD 125.15 Billion by 2022 from an estimated USD 66.12 Billion in 2017, at a CAGR of 14%. The key factors such as growth in the applications of Biomaterials in the fields of wound healing, neurology, rising commercial applications of Biomaterials and the increase in the use of medicine for geriatric patients are the major drivers of market growth.
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By type, the metallic segment accounted for the largest share of the market in 2017
On the basis of type, the Biomaterials market has been segmented into ceramic, metallic, polymers, and natural biomaterials Growth in this segment is mainly driven by the increase in the biotechnology and Biomaterials services start-ups, adoption of genetic testing by hospitals and decrease in the sequencing costs. The metallic segment holds the largest market whereas the polymer segment is expected to show the fastest growth due to its increased applications in healthcare.
By Application, the orthopaedic segment accounted for the largest share of the market in 2017
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On the basis of Application, the Biomaterials market has been segmented into orthopaedic, dental, cardiovascular, plastic surgery, wound healing, ophthalmology, tissue engineering, neurological /central nervous systems, and other applications which include drug delivery systems, bariatric surgery, gastrointestinal and urinary applications. The orthopaedic segment accounts for the major share of the market owing to the growing awareness and adaptation to the application of biomaterials in the treatment of common orthopaedic ailments.
North America dominated the market in 2017
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North America accounted for the largest share of the Biomaterials market in 2017, followed by Europe. The large share of the North American Biomaterials market can be attributed to the growth in biotechnology and Biomaterials research grants and funds in the US, focus on precision medicine and pan-Canadian program.
The various players in the Biomaterials market include Royal DSM, Zimmer Biomet Holdings, Inc., Evonik Industries AG, Wright Medical Technology, Inc., Corbion N.V., Berkeley Advanced Biomaterials, Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., BASF SE, Invibio Ltd., Inc., CAM Bioceramics BV, and Collagen Matrix, Inc.
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