MarketsandMarkets has published a new research report on global biomaterials market. It is expected that the market value will be US$64.7 billion by 2015. The report reveals that demand for biomaterials will be driven by rise in the global aging population.
The biomaterial products are significantly used in tissue replacements, surface coatings and medical devices. They are also used in dental devices and external prosthetics. Currently, biomaterials play a significant role in the medical field with the emergence of biotechnology.
The value of the biomaterial market in 2010 reached $31.9 billion and is estimated to grow at 15% CAGR from 2010 to 2015. The orthopedic biomaterial market is the largest market in the U.S, while cardiovascular market is the second-largest one.
The worldwide biomaterials markets have been evaluated based on products, materials and applications. Products include cardiovascular, plastic surgery, orthopedic, gastrointestinal and urological and materials are composites, metals, ceramics and polymers. Applications of biomaterials include dental products, general surgery, surgical and medical instruments, surgical appliances and electro medical equipment.
The report analyzes the biomaterials market based on four geographical regions: Europe, ROW, Asia and the U.S. The report also offers analysis on market trends as well as factors that influence market growth.