The Biocompatible Materials Market is expected to witness a strong In Upcoming Years. The ongoing trend speaks of digital transformation. In other words, it’s about the provision of digital solutions being tabled all across. The big thing is that the key stakeholders can’t afford to keep digital technology in a silo. Unification is the need of the hour so that anytime-anywhere access is possible. The enterprise is slated to move with the same mindset in the forecast period.
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 the Asia Pacific are proliferating as manufacturing hubs for biocompatible materials. To be more precise, Germany, Japan, the USA, and China will lead the growth of the global biocompatible materials market over the coming years.
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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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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 the 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.
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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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.
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