Emerging markets such as China, India, and Japan are the key areas of opportunity for players in this market. However, stringent clinical & regulatory processes and unfavorable healthcare reforms in the US are expected to restrain the growth of this market during the forecast period.
Factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases are driving the growth of the market.
The global biomaterial market is projected to reach $207 billion by 2024 from $105 billion in 2019, at a CAGR of 14.5% between 2019 and 2024.
Increasing number of free-trade agreements
Free-trade agreements (FTAs) comprise a treaty between two or more countries, aimed at reducing trade barriers such as tariffs and customs. These agreements are aimed at enabling rapid and smoother movement of goods across the member countries, improve market access, and enhance the economic relationship between the member countries. FTAs also enable the elimination of duties on trade goods, including pharmaceuticals and medical devices. As a result, FTAs offer major opportunities for medical device companies to increase their exports and expand their market reach in member countries. The recent implementations of several FTAs are thus expected to increase the demand for medical devices across the participating countries. A few of the agreements are listed below.
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Shortage of skilled surgeons
According to the Lancet Commission on Global Surgery, ~2.2 million more surgeons, anesthetists, and obstetricians are required in low- and middle-income countries (LMICs) each year. Also, major healthcare markets such as the US, Germany, and the UK are witnessing a dearth of surgeons in their respective healthcare systems. For instance, according to the Association of American Medical Colleges, a deficit of 41,000 general surgeons is estimated in the US by 2025. Similarly, Ohio State University has projected that there would be about 3,000 cardiothoracic surgeons available to cover about 854,000 cases by 2030. Similarly, in the UK, there is 1 vascular surgeon per 137,000 individuals (Source: Survey conducted by the Vascular Society of Great Britain & Ireland in 2016).
The significant shortage of surgeons available to handle the increasing demand for procedures is expected to affect the uptake of implantable devices in the coming years. This is considered as a major challenge for the growth of the biomaterials market.
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The metallic biomaterials dominated the biomaterials market in 2018
By type, the market is segmented into metallic, polymeric, ceramic, and natural biomaterials. The metallic biomaterials segment dominated the market in 2018. The dominant share of this segment is primarily attributed to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications. However, the polymeric biomaterials segment is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing use of polymers in soft-tissue applications such as plastic surgeries.
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