Biomaterial Market Analysis Size Development and Growth 2022
The global biomaterial market was valued at $62,068.0 million in 2015 and it is expected to grow at a CAGR of 16.1% during 2016-2022. 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.
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Biomaterial is a nonviable material used in medical devices or during interaction with biological systems. It is an essential material used for medical applications to substitute a part or a function of body in reliable, safe, and physiologically acceptable method. It poses properties such as biocompatibility, high corrosion resistance, adequate strength, and biofunctionality. Some of the commonly used biomaterials include cellulose, silicone rubber, collagen, titanium, stainless steel, polyurethanes, poly (methyl methacrylate) and hydrogels. The emergence of innovative biomaterial products and advances in technology has improved biomaterials applications and performance.
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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.
by: PandS Market Research