SOURCE: MarketResearch.com

MarketResearch.com

May 10, 2011 08:08 ET

Biomaterials Market to Grow 15% Annually Through 2015

ROCKVILLE, MD--(Marketwire - May 10, 2011) - MarketResearch.com has announced the addition of MarketsandMarkets' new report "Global Biomaterial Market (2010 - 2015)," to their collection of Biotechnology market reports. For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6294040

The global market for biomaterials is expected to reach $64.7 billion in 2015 from $25.6 billion in 2008 with a CAGR of 15% from 2010 to 2015. In 2010, the orthopedic biomaterial market recorded revenues of $12 billion or 37.5% of the total global biomaterial market. This is mainly because of the demand generated by the increasing aging population worldwide, and introduction of sophisticated technologies in the biomaterials market. However, the orthopedic biomaterials market is estimated to grow slowly, at a CAGR of 12.7% (2010 to 2015) because the market is relatively mature compared to other product markets. Cardiovascular biomaterial is the second-highest market, and contributed 36.1% to the global biomaterial market in 2010.

With the increase in the percentage of aging population worldwide, the number of individuals suffering from physical disability is also increasing. Baby boomers born between the years 1946 and 1964 are the major consumers of the biomaterial products. Also, more than 20% of the global population is expected to be over 60 years in 2050 and this segment of the population will be significantly high in developing countries. This increase in the aging population will drive the demand for biomaterial products.

The biomaterial market definitely holds a significant opportunity for innovators, but extensive research is required to develop new and improved products at competitive prices. Particularly in the developing countries pricing is a major deciding factor for the biomaterial markets. The other issue involves regulations that have to be streamlined. This will open more doors for the development of new and improved products, new opportunities in terms of application areas and eventually increase the market size for the products.

Biomaterial products are expensive, and an improvement in performance would justify the higher pricing and also boost the market size. Major developments in the biomaterials market will be witnessed with the cooperation between the material suppliers and manufacturing companies; thus streamlining mergers and acquisitions would help the overall market. The U.S. government is expected to spend more in the medical care sector; that, in turn, could boost the market for biomaterials provided the economy revives.

The effect of the current economic downturn is also felt by the companies manufacturing biomaterial products because although these companies are compensated by the health insurers, patients have delayed their scheduled procedures. However, the effect of the poor state of the economy influencing the timing of surgeries is expected to wane gradually. When that happens, companies into the biomaterials market will enjoy higher demand, leading to higher revenues

For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6294040

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