by The global Bioactive Materials Market is estimated to be valued at US$ 2,204.6 Mn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bioactive materials are used extensively in medical and biomedical applications such as implants, prostheses and scaffolds owing to their osteoconductive and osteoinductive properties. They promote bone ingrowth, inhibit bacterial growth and do not elicit toxic responses in the body. Common examples of bioactive materials include bioactive glasses, glass-ceramics and calcium phosphate ceramics. These materials form a bond with living tissue by establishing an apatite layer on their surface through the ion exchange process when in contact with body fluids. This makes them highly suitable for use as bone fillers, coatings and replacement materials. The growing prevalence of chronic diseases and increasing life expectancy is fueling demand for orthopedic and dental implants globally which in turn is driving the bioactive materials market.
Market key trends:
One of the key trends in the bioactive materials market is the ongoing research towards the development of magnesium based bioactive materials. Magnesium alloys have advantages over traditional titanium and stainless steel implants such as biodegradability and mechanical strength close to natural bone. Ongoing laboratory research is focused on improving the corrosion resistance of magnesium alloys to enable their safe usage in implants. 3D printing technology is another emerging area that holds promise for the bioactive materials industry. It allows for enhanced design flexibility, personalized implants and complex constructs that are not possible with conventional techniques. Overall, increasing demand from the biomedical industry and continuous innovation will be the defining factors propelling the bioactive materials market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the bioactive materials market is moderate due to factors such as high R&D costs and stringent regulatory approval process.
Bargaining power of buyers: The bargaining power of buyers in the market is moderate due to presence of many established players offering bioactive materials. However, increased demand for personalized medical treatment provides buyers higher bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers in the market is moderate as key raw materials required are commodities and there are alternative options available.
Threat of new substitutes: The threat of new substitutes is low as bioactive materials provide distinct advantages over traditional alternatives in terms of higher biocompatibility.
Key Takeaways
The global bioactive materials market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing preference for minimally invasive surgeries and growing geriatric population prone to orthopedic disorders.
North America is expected to dominate the market over the forecast period owing to growing research activities for development of advanced bioactive materials and presence of major players in the region. The Asia Pacific region is anticipated to exhibit fastest growth attributable to rising medical tourism, increasing healthcare expenditure and rapidly aging population.
Key players operating in the bioactive materials market are Arthrex Inc, Zimmer Holdings Inc, Medtronic Inc, Stryker Corporation, Collagen Matrix Inc, OSARTIS GmbHm, Evonik Industries AG, and Boston Scientific Corporation. These companies are focusing on new product launches and strategic collaborations with biotechnology companies and research institutes to strengthen their market position.
