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The global biomaterials market size is projected to reach USD 245.6 billion by 2027. It is set to be affected positively by the rising incidence of cardiovascular diseases. According to the Centers for Disease Control and Prevention, every year, approximately 1 in 4 deaths occur in the U.S. owing to cardiovascular diseases. This information is given by Fortune Business Insights™ in a recent report, titled, “Biomaterials Market Size, Share and Industry Analysis, By Material (Metallic Biomaterials, Ceramic Biomaterials, Polymers, and Natural Biomaterials), By Application (Cardiovascular, Dental, Orthopedic, Plastic Surgery, Urology, Gastroenterology, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 110.0 billion in 2019. However, it is set to exhibit a CAGR of 12.2% during the forecast period from 2020–2027.
Evonik Launched New Line of PLA-PEG Copolymers for Implantable Medical Devices
In October 2019, Evonik Industries AG, a speciality chemicals company headquartered in Germany, launched PLA-PEG copolymers specially meant for implantable medical device applications. It is considered to be the world’s first innovative bioresorbable portfolio that would be able to broaden the company’s ability to aid medical device consumers in improving performance, biocompatibility, and safety of their products.
The product blends the hydrophilic properties of polyethylene glycol (PEG) with the hydrophobic properties of polylactide (PLA) polymers. This novel combination of rapid degradation and strength would enable medical device enterprises to create a new range of bioresorbable implant devices that would be further used in applications, such as paediatrics and wound closure.
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Rising Geriatric Population to Augment Growth
The demand for implantable devices is rising day by day backed by the increasing cases of sports injuries, arthritis, orthopedic replacements, and cardiovascular diseases worldwide. Besides, rising geriatric population, lack of physical activities, and adoption of unhealthy lifestyles are causing chronic health diseases. Hence, the increasing patient pool is inclining towards biomaterials. Such devices and implants are aiding in refining the quality of the patient’s life by extending and enhancing the functions of essential body systems. The Centers for Disease Control and Prevention mentioned that in 2015, in the U.S., around 54.4 million adults were diagnosed with arthritis. However, biomaterial-based products must go through several regulatory processes that are extremely complex. It may hinder this market growth in the near future.
Key Companies Aim to Maintain Dominance by Launching Innovative Products
Some of the top companies present in the market include Evonik Industries AG, Invibio Ltd., and Wright Medical Technology, Inc. At present, they are striving to broaden their portfolio by launching technologically advanced products in the market. Apart from that, they are engaging in partnerships, as well as mergers and acquisitions to maintain their leading positions.
Fortune Business Insights™ presents a list of all the organizations operating in the implantable biomaterials market. They are as follows:
A Significant Industry Development-
Further Report Findings-
The market can be segmented in the following way:
Value (USD billion)