The global biomaterial market is growing at a significant rate, due to increasing healthcare expenditure, growing geriatric population and increasing incidence of cardiovascular diseases.
The polymer biomaterial segment in the global biomaterial market is expected to witness the fastest growth, a CAGR of 19.8% during the forecast period.
The technological advancement in biomaterials, growing demand of implantable devices, and increasing incidence of hip and knee replacements are also driving the growth of the global biomaterial market.
However, factors such as strict regulatory requirements for approval of biomaterials and limitations of biomaterials are inhibiting growth of the market globally.
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Geographically, North America dominated the global market of biomaterial in 2015. Asia-Pacific is expected to witness the fastest growth, a CAGR of 18.3% during the forecast period.
This is due to increasing geriatric population, increasing healthcare expenditure, increasing research & development, and growing incidence of cardiovascular diseases in the region.
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Some of the key companies operating in the global biomaterial market include Wright Medical Technology Inc., Corbion N.V., Royal DSM, Zimmer Biomet Holdings Inc., Collagen Matrix Inc., Berkeley Advanced Biomaterials Inc., and Cam Bioceramics BV.
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