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NEW YORK, Feb. 01, 2019 (GLOBE NEWSWIRE) -- Global biomaterials market was valued at USD 82.6 billion in 2017, and is likely to expand to USD 215.3 billion by 2024, witnessing a CAGR of 14.4% over the forecast period. The growth can be primarily attributed to the increasing product development in implantable instruments and materials, and increasing incidence of cardiovascular and orthopedic diseases. Furthermore, increasing penetration of biomaterial implants across the globe is expected to drive the industry growth over the forecast period.. However, stringent government regulation, and lack of tissue availability may hamper industry growth to some extent.
Key findings of the report:
Role of biomaterials in healthcare
Biomaterials are natural or synthetic materials that are used to repair or replace missing tissue. These biomaterials are used to introduce biological systems for medical proposes, and treatment of various diseases such as neurological disorders, cardiovascular and dental diseases, and wound healing. Moreover, the biomaterials can be implanted in various advance medical technologies including drug delivery devices, tissue engineering, plastic surgery, and other medical implants. Furthermore, it has wide range of medical applications, and their utility in healthcare industry is increasing due to growing surgical reconstructions, chronic diseases, traumatic accidents, and others. Additionally, extensive research has been done on biomaterials that have shown an imperative role in healthcare sector, especially in drug delivery and tissue engineering applications. A new approach of biomaterials in drug delivery like biocompatible polymeric gene carriers has been developed for treating diverse genetic and acquired diseases. In addition, growing investments and increasing research and development activities in the biomaterials industry is expected to drive the market growth over the forecast period.
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Global Biomaterials Market– Regional insight
Geographically, North America held the major share of the global market in 2017, owing to growing research and development activities and rising awareness of tissue engineering. Moreover, high growth in geriatric population and increasing government investments in biomaterial sector is further propelling the industry growth in the region. Asia-Pacific region is expected to register highest CAGR over the forecast period.The growth is mainly attributed to the increasing incidence of chronic diseases and rising awareness regarding biomaterial applications.
This report segments global Biomaterials market based on material, applications, and region.
By Material
By Applications
By Region
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