Biocompatible Materials Market
Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)
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Cutting-edge Implant Surgeries Uplift Market Outlook of Biocompatible Materials
Biocompatible materials act as the key ingredients in several implants such as bone plates, sutures, joints, dental implants, and medical devices such blood tubes, artificial heart, and pacemakers. These materials have been gaining rapid traction within biomedical industry because of their inherent features such as high corrosion resistance, and absence of immunogenicity, toxicity, teratogenicity, and carcinogenicity.
With exponential surge in sales of orthopedic implants, a slew of opportunities is likely to emerge for biocompatible materials market players. The global biocompatible materials market has high potential to grow rapidly during the forecast period 2021 – 2025, prominently driven by exponentially surging applicability in 3D and 4D printed implants.
Opportunities Make Headways with Constant R&D Efforts around Biocompatible Materials
Biocompatible materials are increasingly becoming popular for use in implant surgeries as they enable restoring of the human anatomy in its primary state and act when the body is affected by genetic defect, disease, or physical trauma. Biomaterials have been experiencing extensive adoption in medical practice as they function by safely replacing, and restoring the injured or destroyed tissues or organs. Continuous R&D around biocompatibility of different material candidates has been delivering several innovations to the medical industry, more specifically for use in medical interventions.
However, manufacturers of biocompatible materials have to undergo strict regulatory scrutiny before introducing any new material in the market. There have been instances where certain medical implants were responsible for causing some medical problems to a patient. Regulatory norms thus make it mandatory for biocompatible materials to undergo multiple stringent clinical trials before gaining the FDA-equivalent status so as to ensure their safety, security, and reliability of action.
Biocompatible Raw Materials Gain Ground as 3D and 4D Printing Technology Firms up in Medical Devices Sector
Over the past decade, 3D and 4D printing technology has been garnering popularity attributing to its excellent potential to be used in development of treatment-specific drugs and patient-specific implants. Greater adoption of these printing technologies consequently demands R&D on smart materials as well. A number of manufacturing companies in medical devices sector are preferring medical grade polymer materials for use in the various surgical instruments, catheters, and implants. Given this, the flourishing medical devices sector is most likely to account for the expansion of a broad range of biocompatible materials in global market over the course of forecast period.
Synthetic Polymer Sought-after Material; Tissue Engineering Generates Significant Demand
Biomaterials, grouped in four different classes as metals, polymers, ceramics, and composites, can be used singly or in combination to form most of the commercially available medical devices and implants. As metals and ceramics have higher elastic modulus and tensile strength, they are chosen for hard tissue applications. Whereas polymers make an excellent choice for soft tissue applications.
Synthetic polymers are expected to witness heavy demand during the forecast period from drug delivery, hearing aids, dental and orthopedic implants, tissue engineering scaffolds, prosthesis, and some other medical applications. These materials are gaining preference over metals and bio-inks attributing to their cheaper price point and biocompatible, biodegradable, and easily moldable nature. Among application segments, tissue engineering is likely to develop a lucrative area for biocompatible material manufacturers on the back of a large number of tissue and organ failure cases, congenital disabilities, accidents, and diseases.
Europe and North America Frontiers in Adoption with Expanding Application Base of Biocompatible Materials
Europe and North America are expected to hold significant shares in global biocompatible materials market as these regions are witnessing increasing penetration of innovative biocompatible materials across wider application areas such as wound management, cosmetic surgery, and biotechnology. Moreover, government bodies in these regions are initiating new investments and supporting existing massive investments in the biomedical sector, thereby driving the demand for biocompatible materials.
Key Companies in Biocompatible Materials Landscape Strive for Regulatory Compliance
The key players are investing in R&D activities to bring cost effective solutions that are high in quality and performance. Biocompatible materials have to undergo high standards of biocompatibility judged on the basis of their biocompatible behaviour, as these materials often reportedly fail after 5-7 years of implantation. Companies thus have to undergo strict regulatory scrutiny to meet international standards and ensure their safety.
In April 2018, EnvisionTec had developed two novel medical-grade materials. These products aided the company in enhancing its biocompatible 3D printing material business. Similarly, EOS GmBH Electro Optical Systems in February 2018 expanded its footprint in the Asia Pacific region.
Recently in 2019, DuPont Transportation & Industrial introduced in the market its new semi-crystalline material for 3D applications. These advanced semi-crystalline materials in RAPID + TCT 2019 are expected to create a new wave of trends in biocompatible materials for 3D printing applications.
The key players operating in the global biocompatible materials market are AdvanSource Biomaterials Corporation, Ashland Inc., ASM International, Baxter International Inc., EOS GmBH Electro Optical Systems, Ensinger GmbH, EnvisionTEC Inc., Evonik Industries AG, Shin-Etsu Chemical Co. Ltd., Stratasys Ltd., and Renishaw PLC.