The latest market report published by Credence Research, Inc. “Biomaterials for Implantable Devices Market Growth, Future Prospects, and Competitive Analysis, 2018 – 2026” the biomaterials for implantable devices market was valued at US$ 34.8 Mn in 2017 and expected to reach US$ 64.0 Bn by 2026 at a CAGR of 7.0 % during the forecast period from 2018 to 2026.
The global biomaterials for implantable devices market show productive growth during the forecast period from 2018 to 2026 attributed to an increase in orthopedic, cardiovascular and dental implant procedures globally. Growing prevalence of heart diseases, dental issues (majorly tooth decay), and bone infections, leading to the replacement of hip or knee are major factors driving the global market. External factors driving the demand in the market comprise new technology assessment in the smart digital dental and orthopedic industry, advancement in CAD/CAM systems, 3D printing technology, rising demand for customized implants and increasing medical tourism are enhancing the growth of the market during the forecast period. Increasing implantation procedures with metal and metal alloys, ceramics, and composite materials are in high demand globally.
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Manufacturers are also focusing on modifying the material properties of composite materials and bioabsorbables with fillers such as bioactive ceramics. In tissue engineering, modern developments have concentrated on biological essentials to use cells, and signaling elements for further enhancement of an organ structure. The growing field of cosmetic dentistry is enhancing the overall demand for aesthetic restorations. Manufacturers are continuously focusing on improving the coatings to supplement the function of existing medical device implants, with an approach to improve and standardize their incorporating antimicrobial properties and osseointegrative qualities.
Significant growth in the target patient pool in the developing nations such as India, Brazil, Argentina, China, Mexico, Indonesia, and others, increasing acceptance of advanced and branded biomaterials along with increasing number of dental hospitals, orthopedic clinics, and ambulatory surgical centers are contributing to the overall development of the market.
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The increased cost of the orthopedic, dental, cardiovascular implant procedures, lack of awareness, issues related to post-surgery infection, implant failure, high preference for metal implants in the developing nations, and the inconsistent reimbursement policies are few external factors restraining the overall growth of the biomaterials for implantable devices market globally. External factors driving the market growth include increasing awareness related to advanced biomaterials and their respective applications, rising minimally invasive surgeries, new product launches, and mergers and acquisitions are fueling the demand for biomaterials for implantable devices in near future.
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Key Market Movements:
- Globally, the biomaterials for implantable devices market remains to exhibit a profitable growth with a CAGR of 7.0% for the period from 2018 to 2026
- Based on the material type, the metal alloys segment shows lucrative growth with increasing applications in the orthopedic and dental restorative procedures. Higher technology assessment in the products with computer-aided technology is gaining traction in the market.
- Asia Pacific, Eastern Europe, and Latin America show promising opportunities and shows growing CAGR during the forecast period owing to rising awareness advanced biomaterials for implantable devices along with increasing implant procedures
- Increasing number of advanced hospital and dental healthcare settings, easy accessibility of branded products with enhanced digital applications to patients, and rising healthcare spending in Brazil, India, China, Mexico, Russia, and Japan will drive the growth of the market during the forecast period
- Major players in this vertical are Evonik Industries AG, Celanese Corp., Royal DSM and Invibio, Inc., DuPont, AdvanSource Biomaterials Corp., Collagen Matrix, Inc., Invibio Ltd., Collagen Solutions Plc., Keystone Dental, Inc., Surgival, SBM France, Zimmer Biomet and others
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