How Is Increasing Healthcare Spending Boosting Biomaterials Usage?
Biomaterial refers to a non-viable substance that is used during interaction with biological systems and in medical devices. This material is used to substitute a part of a body in a psychologically acceptable, safe, and reliable method, as it poses properties such as biofunctionality, biocompatibility, adequate strength, and high-corrosion resistance. Cellulose, hydrogel, stainless steel, silicone rubber, titanium, collagen, poly(methyl methacrylate), and polyurethane are the most commonly used biomaterials. Over the years, technological advancements and emergence of innovative biomaterial products have led to the improvement of biomaterials’ performance and applications.
Get Deep Analysis With Revenue Estimation: Biomaterial Market
The usage of biomaterials has considerably increased, due to the mushrooming healthcare spending. Governments of several countries are investing a major part of their gross domestic product (GDP) in healthcare. Healthcare expenditure in developed nations of the world is notably higher than in emerging economies. However, developing countries are also witnessing a significant surge in per capita healthcare, due to the increasing government initiatives. Owing to this, the biomaterial market will accelerate at 16.1% CAGR during 2016–2022. The market is expected to reach $175.9 billion by 2022 from $62.06 billion in 2015.
Apart from CVD and orthopedic applications, biomaterials are also required in the treatment of dental diseases and neurological conditions. Additionally, these materials also find wide application in wound healing, ophthalmology, and plastic surgeries. These application areas use metallic, ceramic, and polymer biomaterials. Among different material types, metallic biomaterials will be utilized in the highest volume in the coming years. Whereas, the demand for polymer biomaterials is expected to grow at the highest rate during the forecast period.
Whereas, the Asia-Pacific (APAC) biomaterial market is expected to advance at the highest rate in the foreseeable future, globally. This can be owed to the surging geriatric population, mounting healthcare expenditure, soaring incidence of CVDs, and rising research and development (R&D) activities, in the region. For instance, the 2011 Census of India revealed that there were around 104 million people aged 60 years or above in the country. Further, the United Nations Population Fund and HelpAge India estimate that the population of elderly persons will reach over 173 million by 2026.
Thus, the rising healthcare expenditure, growing prevalence of CVDs, and burgeoning elderly population will augment the usage of biomaterials in various healthcare facilities.