Biomaterial Market Types, Applications, Demand and COVID-19 Impact Analysis

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2. How is Increasing Healthcare Expenditure Driving Biomaterial Market? As per a study conducted by P&S Intelligence, the global biomaterial market is expected to generate a revenue of $175.9 billion by 2022 and is predicted to advance at a 16.1% CAGR during the forecast period (2016–2022). The market is registering growth because of the surging geriatric population, technological advancements, surging prevalence of cardiovascular diseases, and expanding implantable devices market. Moreover, the rising research and development activities, growing number of hip and knee replacements, and increasing expenditure in the healthcare sector is also resulting in the growth of the market. Receive Sample Copy of this Report: https://www.psmarketresearch.com/market- analysis/biomaterials-market/report-sample When material is taken into consideration, the biomaterial market is categorized into ceramic biomaterial, metallic biomaterial, polymer biomaterial, and others, among which, the metallic biomaterial category accounted for the major share of more than 35.0% in the past. The polymer biomaterial category is projected to register the fastest growth during the forecast period. In terms of applications, the market is divided into neurological condition, cardiovascular, ophthalmology, orthopedic, plastic surgery, dental, and wound healing, out of which, the cardiovascular division dominated the market in the past. Make an Enquiry before Purchase: https://www.psmarketresearch.com/send-enquiry?enquiry- url=biomaterials-market The division is further expected to hold the major share of the market in the years to come due to the surging prevalence of cardiovascular diseases across the globe. The surgery division is predicted to progress at the fastest pace during the forecast period. Geographically, North America held the major share of the market in the past, owing to surging geriatric population, technological advancement, high healthcare expenditure, and rising prevalence of cardiovascular diseases in the region. Within the region, the U.S. emerged as the largest regional market in the past. The growing expenditure in the healthcare sector is resulting in the growth of the biomaterial market, as stated by the World Health Organization. The rise in the healthcare spending leads to growing accessibility and affordability of prosthetics and implants, thereby resulting in the growth of the market. In addition to this, the ongoing research and development activities are also supported by the increased healthcare spending. Other than this, the surging prevalence of diseases around the world is also resulting in the expansion of the domain. © P&S Intelligence. All rights reserved Page 2

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