Rapid development of tissue engineering as a prime technology in research sciences is largely anticipated to shape the future of biocompatible materials in coming years. In addition, other factors to reckon with include advancements in fundamental understanding of biocompatibility science, expanding arena of coating technology, and the development of novel synthetic materials for medical applications. Nanotechnology is also used in creating very small, compact biomaterial devices including drug delivery vehicles and medical implants. Biocompatible materials are fast turning out to be a challenging area of research in the biosciences field. Several innovative products such as total artificial heart system, pneumatic total artificial heart, artificial blood vessels, and artificial blood among others are being developed that can be effectively used as substitutes for human body parts.
North American market for biocompatible materials, the largest worldwide, is estimated at $13.7 billion for 2008 as stated by Global Industry Analysts, Inc. Europe represents the second largest market, Japan the third. The three regions collectively account for nearly 80% of the global biocompatible materials market. Polymeric biocompatible materials market in Europe is estimated at $7.6 billion for 2008. Market for metallic biocompatible materials in North America is projected to record a CAGR of 5.4% over the period 2000-2010. Natural biocompatible materials market in Japan is expected to reach $500 million by 2012.
Illustrated: Global Industry Analysts, Inc.
PRWeb Press Release (04/15/08)
Global Industry Analysts, Inc. (03/08)