Biomaterials Market Trends

Growth Drivers

• Increasing Growth of Plastic Surgery and Wound Healing Applications – The development of regenerative medicine (a science of replacing, engineering, and regenerating human cells, tissues, and organs) was helping in damaged tissue repair, restore, and establish normal functioning of organs. The demand for plastic surgeries such as nasal reconstruction, and facial corrections is growing rapidly with a rising preference to look aesthetic.  All these factors are estimated to drive the market in the coming years. The number of plastic surgeries performed in the U.S in 2019 was 2,600,000.
• Growing Disposable Income – As per the estimations, the disposable income of Costa Rica rose by 7.5%, and 6% in Poland in 2019.
• Development of Healthcare Infrastructure – The government of India planned to introduce a credit incentive program of USD 6.8 billion to improve healthcare infrastructure.
• Increasing Incidence of Target Diseases such as Cancer – As per the World Health Organization, in 2020 1 in 6 deaths are from cancer.
• Growing prevalence of cardiovascular diseases –Cardiovascular disease lead to the death of 17.9 million people in 2019 as per the estimations.

Challenges

• Stringent Clinical and Regulatory Processes
• Bacterial Adhesion to Biomaterials Leading to Infection
• Expensive Cost of Biomaterials