The global biomaterials market is expected to grow at a compound annual growth rate of 4.1 percent from 2013 to 2019, according to a new report from Research and Markets.
Here are five things to know about the biomaterials market:
1. The market was valued at $25.2 billion in 2012 and is expected to reach $33.6 billion in 2019.
2. Metals constitute the largest segment in the overall biomaterials market with a revenue share of more than 50 percent. However, polymers are expected to register fastest growth amongst all segments between 2013 and 2019.
3. Major players in the market include Biomet, Collagen Matrix and Invibio. Invibio is the manufacturer of PEEK-OPTIMA polymers that have been used in implantable devices for more than a decade. PEEK is used extensively in devices approved by the U.S. Food and Drug Administration and by other regulatory bodies.
Benvenue Medical's FDA-approved Kiva VCF Treatment System, which can be used to treat vertebral compression fracture patients, features a flexible implant made from PEEK-OPTIMA.
4. Several strides are being made in the advancement of biomaterials for spinal treatments. InVivo Therapeutics, a biomaterials and biotechnology company, pioneered a potential new treatment platform using a biocompatible polymer-based device to promote structural support for spinal cord regeneration while improving functional recovery prognosis after traumatic injury. The company is currently conducting clinical trials for the treatment platform — Neuro-Spinal Scaffold.
5. Several market research companies are predicting the rapid growth of the global biomaterials market over the next few years. According to a MarketsandMarkets report, the market is poised to grow at a compound annual growth rate of 15 percent through 2017.
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