Biocompatible Materials Market
Global Market Study on Biocompatible Materials: Rising Demand for Medical Devices & Biopharmaceutical Products Catalyzing Growth
Biocompatible Materials Market Hyaluronic Acid, Chitosan, Hydroxyapatite as Natural Polymer and Polymethylmetacrylate (PMMA), Polyurethane, Polyester, Polytetrafluoroethylene, Silicone, Polyethylenterephthalate as Synthetic Polymer, Metal, Ceramic, Composites Material for Surgical and Medical Instruments, Implants and Drugs Delivery
Biocompatible Materials Market: About the Report
The advent of 3D and 4D printing technology has been a boon for the biocompatible materials market. This space will also witness heightened attraction toward polymers, especially synthetic polymers. The report by PMR also goes on to talk about how the regions of North America, Europe, and Asia Pacific are proliferating as manufacturing hubs for biocompatible materials. To be more precise, Germany, Japan, USA, and China will lead the growth of the global biocompatible materials market over the coming years.
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- Stratasys Ltd.
- Covestro AG
- Foster Corporation
- Merck KGaA
- BASF SE (Exxon Mobil Corporation)
- Wacker Chemie AG
- Celanese Corporation
- Royal DSM
- Evonik Industries AG
- Shin-Etsu Chemical Co. Ltd.
- Henkel AG & Co.
Emphasis of 3D & 4D Printing Technology to Boost Demand for Biocompatible Raw Materials
Currently, 3D and 4D printing technology is gaining traction to develop patient-specific implants and treatment-specific drugs. Adoption of 3D and 4D printing technology needs the development of smart materials. Hence, medical device manufacturers are preferring medical-grade polymers and biocompatible raw materials. Due to the safety and performance of medical grade polymers, these are used in implants, catheters, and surgical instruments, as well as in an array of medical devices. This will hold immense potential for the expansion of the biocompatible materials market size over the coming years. For instance, in April 2019, DuPont Transportation & Industrial showcased its new semi-crystalline materials at RAPID + TCT for 3D applications. These advanced semi-crystalline materials in RAPID + TCT 2019 are expected to boost the product segment of 3D printing.
Moreover, medical grade plastic provides radiolucency, which allows surgeons to have an unobstructed view. Durability and biocompatibility are crucial aspects of biocompatible materials used in the production of metal replacement and medical plastic products, which is a continuing trend in the medical space, and bodes well for the growth of the biocompatible materials market.
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Increasing Adoption of Biocompatible Materials in Cosmetic & Plastic Surgery
Rapid surge has been witnessed in the number of dermatology treatments across clinics, driven mainly by increasing personal disposable income and growing consumer awareness about personal appearance. According to U.S.-based National Institute of Aging and American Academy of Plastic Surgeons, in 2019, 1.8 million cosmetic surgical procedures and 16.3 million cosmetic minimally-invasive procedures were performed. Moreover, silicone implants were used in 85% all breast augmentations in 2019.
Significant use of natural polymers such as hyaluronic acid as a dermal filler in aesthetics plastic surgery is expected to propel biocompatible materials market growth during the forecast period.
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Globalization & Cross-Border Trade of Biocompatible Materials
Globalization of biocompatible materials trade has led to supplier consolidation. The trend of free trade has encouraged manufacturers in the biocompatible materials market to increase sales of their products across various regions. Growth in trade across the world is influencing manufacturers to adopt biocompatible materials with detailed instructions related to flexibility, heat resistibility, durability, impermeability, product origin, and safe handling.
Biocompatible materials that comply with government standards and regulatory framework of various countries across the globe help manufacturers keep track of their products with efficient documentation. Thus, growing trade of biocompatible material products is expected to drive the overall medical biocompatible materials market over the forecast period.
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Growing Competition to Encourage Manufacturers to Develop Cost-effective Products
3D printing techniques have enabled start-ups to begin manufacturing at lower tooling costs, which makes it cheaper even at low volumes to serve niche market segments. Thus, many new entrants are able to sustain the competition from giant market players. New businesses are already popping up, offering collaboratively designed and highly customized products, as the direct manufacturing of end products reduces and simplifies work of a designer, as the designer only has to take products to commercial viability from a computer screen.
Increasing investments by companies for advanced product development that are non-toxic and non-immunogenic are also expected to create growth opportunities in the near future for the biocompatible materials market. Niche market players are expected to transform industries by moving ability of mass manufacturing at lower cost, ownership of customer networks, and designing away as a source of advantage
Innovative 3D Printer Launches
In the last few years, 3D & 4D printing technology has been widely preferred by the dentistry sector, to provide implants matching patient needs. 3D & 4D printing technology is also used in plastic surgeries and reconstructive surgeries. Therefore, 3D-printed medical device manufacturers are now focusing on the launch of 3D printers and devices as part of their broader manufacturing strategy, which is expected to provide opportunities for the biocompatible materials market in the near future. This revolutionary device feature combines best in class performance and speed at an affordable price point.
Moreover, polymers are significantly used in 3D & 4D printing technology, as well as in reconstructive surgeries. Hence, polymers hold a prominent share in the biocompatible materials market
COVID-19 Impact on Biocompatible Materials Market
The global outbreak of COVID-19 has had a negative impact on the growth of the biocompatible materials market, due to lockdowns, trade restrictions, and shutting of manufacturing facilities. The pandemic has resulted in temporary disruption of all elective and non-essential procedures. Medical device companies that manufacture devices for these procedures have been severely impacted.
An elaborate study of the biocompatible materials market has brought our analysts to a conclusion that, the market is growing at a remarkable pace. Currently, synthetic polymers is the most lucrative segment for leading manufacturers, and thus, this segment dominates the global biocompatible materials market by material type in term of market growth.
Currently, North America holds nearly thirty five percent of revenue share, due to the growing medical device manufacturing industry in the region. Countries such as Germany, Japan, USA, and China are expected to offer lucrative opportunities for players in the biocompatible materials market, owing to well-established device manufacturing facilities in these regions.
Key Segments of Biocompatible Materials Market
PMR’s study on the biocompatible materials market offers information divided into four important segments— media type, application, end user, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.