The global market for Biocompatible Materials is projected to reach US$175.5 billion by 2024, driven by technological advancements, growing base of aging population and the ensuing need for interventional surgeries for tissue and organ replacement.
Biocompatibility is an important prerequisite in the area of biomaterials. Biocompatible materials form a critical structural component of implants and medical devices and are extensively used in applications such as development of synthetic heart valves, eye contact lenses, bones, hip and knee joint replacements, and several types of medical devices. Some of the characteristics of biocompatible materials include absence of toxicity, immunogenicity and carcinogenicity, along with high corrosion resistance. Global market for these materials is expected to witness healthy growth over the next few years, through 2024 led by factors including growing elderly population, prevalence of medical conditions such as neurological, orthopedic and cardiovascular disorders, increasing application of biomaterials in medical devices, technological advancements, and rise in number of research related activities.
Technological advancements and introduction of novel products in the recent years have improved applications and performance of biocompatible materials. Future market growth is expected to depend upon fabrication technology improvements, and development of new products at competitive prices. In addition to a number of innovations already developed, several research activities are in pipeline, exploring the development of new materials through combination materials. Developments in treatment technologies aimed at alleviating or delaying the need of implants has led to the emergence of the fourth generation of biomaterials, the smart or biomimetic materials. At present, focus of research has shifted from the realms of developing biomaterials that perform the desired function to selection of biocompatible materials that generate the most appropriate response in a specific situation.
The United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 17.1% over the analysis period , led by factors such as rise in public and private investments to improve healthcare infrastructure and deliver better quality healthcare, and growing demand for prosthetics and implants in light of an expanding elderly population.
Major players in the market include AdvanSource Biomaterials Corporation, BASF SE, Biomet, BioMimetic Therapeutics, Corbion N.V, Celanese Corporation, Collagen Solutions Plc, Exactech, Nobel Biomaterials, and Morgan Technical Ceramics among others.