The biomaterials market in the Asia Pacific region is estimated to grow USD 27374.65 Million in 2023 and is estimated to be growing at a CAGR of 16.30%, to reach USD 58243.45 Million by 2028.
Biomaterials combine artificial or naturally derived elements used in medical applications, such as tissue and organ transplantation replacement.
With the recent developments in medical technology, especially in medical plastic, stainless steel /titanium metal replacement implant materials are being predominantly affected by concerns of biocompatibility. Therefore, in addition to the demand for superior implant mechanical performance, the market for plastic materials took a hefty toll.
The increased use of biomaterials is mainly attributed to the research on advancements in medical technology for the efficient functionality of implants and the increasing number of geriatric patients. In addition to this, support in the form of grants and investment from government agencies, and new technologies such as hydrogen scaffolding and decellularized dermal matrixes for grafting are driving the growth of the Asia-Pacific biomaterials market.
However, adverse reactions to biomaterial implants, stringent regulations, inflammation and fracture issues, high cost associated with them, and difficulties in manufacturing are the major factors limiting the growth of the Asia-Pacific biomaterials market.
This research report on the APAC biomaterials market has segmented and sub-segmented the European biomaterials market into the following categories:
By Material Type:
The Asia-Pacific region is an emerging market with promising prospects. The growing elderly population in this area leads to an increase in bone fractures and surgical demand, propelling market expansion. India and China are two key countries that contribute significantly to Asia Pacific's market share. Furthermore, the rising patient population, implanted device acceptance, CVD awareness, and improved healthcare infrastructure drive the biomaterials market in this area to develop. Further, due to the existence of a substantial patient pool, especially in rural/remote regions with inadequate healthcare access, an aging population, and a rising burden of chronic illnesses such as diabetes, cardiovascular disease, and arthritis, Asia-Pacific (APAC) is expected to be the fastest-growing region. China offers biomaterials industry participants significant expansion possibilities in APAC. Large population base and a growing patient pool with chronic diseases that require substantial treatment for the prevention, government health reforms, and well-established biomedical research facilities in the country all pave the way for a massive market.
The Chinese biomaterials market dominated the APAC and held the largest share of the market in 2022. The increased usage of biomaterials fuels the market growth mostly due to research into medical technology improvements for the effective functionality of implants and the growing number of elderly patients. In addition to government assistance in grants and investments, innovative technologies such as hydrogen scaffolding and decellularized dermal matrixes for grafting are propelling the biomaterials industry forward.
The Indian biomaterials market is one of the fastest-growing markets in the APAC. However, the market is estimated to witness a promising share in the coming years. The market for a biomaterial is projected to have continuous demand and a stable growth rate throughout the forecast period due to the high incidence of cardiac diseases and rising pacemaker operations in India. In India, the biomaterials market is rapidly expanding. The Indian biomaterials market is dominated by orthopedic, dental, and cardiovascular biomaterials. High market shares of orthopedic and cardiovascular biomaterial goods are due to increased orthopedic operations, dental surgeries, and cardiovascular surgeries.
KEY MARKET PLAYERS:
A few of the major market participants operating in the Asia-Pacific biomaterials market profiled in this report are Royal DSM, Zimmer Biomet Holdings, Inc., Evonik Industries AG, Corbion N.V., Berkeley Advanced Biomaterials, Wright Medical Technology Inc., Covalon Technologies Ltd., Bayer AG, Carpenter Technology Corporation, BASF SE, Invibio Ltd., Inc., CAM Bioceramics BV, and Collagen Matrix, Inc.
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