The Business Research Company’s Global Implantable Biomaterials Market Analysis Report 2020-30: Covid 19 Growth And Change
LONDON, GREATER LONDON, UK, August 4, 2020 /EINPresswire.com/ — The global implantable biomaterials market size is expected to decline from $108.8 billion in 2019 to $102.5 billion in 2020 at a compound annual growth rate (CAGR) of -5.79%. The decline is mainly due to the COVID-19 outbreak that has deferred non-emergency surgeries in order to attend critical patients suffering from COVID-19. The implantable biomaterials market is then expected to recover and reach $136.59 billion in 2023 at a CAGR of 10.04%.
The allocation of funds by government organizations in the development of new biomaterials contributed to the implantable biomaterials market’s growth. For instance, in 2017, the UK regenerative platform received $21 million in the span of five years from the joint initiative between the three councils – Medical Research Council (MRC), Engineering and Physical Science Research Council (EPSRC) and Biotechnology and Biological Sciences Research Council (BBSRC) – in tissue engineering, stem cell biology, biomaterials, and nanoscience bioengineering. The support from government organizations in the development of new biomaterials will drive the global implantable biomaterials market.
Limitations of biomaterial-based products is a major challenge for the implantable biomaterials market. For instance, metal biomaterials can corrode due to chemical reactions within the body such as enzymes and acids, or it can also cause some metal ion toxicity in the body. Polymer biomaterial implants have intensive interaction with the body and can lead to wear and tear; they can also absorb important nutrients and water from the blood. Some biomaterial implants can also minimize bone ingrowth or sometimes, implants can loosen over time and become dislodged. These reactions that biomaterials have with the body restrain their use, thereby negatively impacting the implantable biomaterials market’s growth.
The implantable biomaterials market consists of sales of implantable biomaterials and related services. A biomaterial is a natural or synthetic material that is used in medical applications to support, enhance, or replace damaged tissue or a biological structure.
The implantable biomaterials market is segmented by material into metallic, ceramic, polymers, and natural. By application, the market is segmented into dental biomaterials market, cardiovascular, ophthalmology, orthopedic, and other.
Key players in the global implantable biomaterials market include Evonik Industries AG, Royal DSM, Zimmer Biomet Holdings, Carpenter Technology Corporation, and Collagen Matrix. Major companies in the implantable biomaterials market are implementing 3D printing of biomaterials in manufacturing. For instance, Evonik is producing 3D printable biomaterials for medical technology that are used for manufacturing medical implants with permanent body contact and temporary body contact line of bioresorbable filaments and powders. Implants with permanent body contact are based on VESTAKEEP PEEK, and with temporary body, contact are based on RESOMER.
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Orthopedic Biomaterials Market Global Report 2020-30: Covid 19 Growth And Change (https://www.thebusinessresearchcompany.com/report/orthopedic-biomaterials-market-global-report-2020-30-covid-19-growth-and-change)
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Source: EIN Presswire