The global Bioactive Materials Market size is estimated to reach USD 5.85 billion by 2028 registering a CAGR of 14.0% over the forecast period, according to a new report by Grand View Research Inc. Growing geriatric population coupled with the advancement in various surgical procedures is expected to drive the product demand in the market. Rising consumer awareness about health and well-being is projected to drive market growth during the forecast period.
The product helps in promoting stem cell structure and the transplanted stem cells offer enhanced therapeutic effects in surgeries. Thus, a wide scope of application for these products in the replacement and reconstruction of damaged cells, tissues, and bones is fueling the product demand in the surgery application sector. Moreover, increasing technological advancements coupled with the growing demand for dental care and orthopedics, due to high awareness about oral health & hygiene, are also supporting market growth.
The availability of favorable healthcare policies and fast-curing surgical & low-cost post-implant procedures in various developed regions including, the U.S., Japan, France, and others, are offering positive growth prospects to the overall market. Some of the key applications of the product include dentistry, surgery, bioengineering, and others.
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Bioactive Materials Market Report Highlights
- The glass material segment is expected to register the fastest CAGR of 14.8% over the forecast period
- This growth is credited to high demand for glass materials owing to their nonporous and solid characteristics, which are suited for stimulation of bone growth and various surgical procedures
- In 2020, dentistry emerged as the largest application segment with a share of 46.0% and is likely to ascend at a significant CAGR during the forecast period
- Growing cases of oral health problems including cancer and gum problems are driving the product demand in the dentistry application segment
- In 2020, North America emerged as the largest regional market owing to the increased number of dental procedures performed, such as tooth regeneration, root canal, bone-defect treatment, and various related surgeries
- In Europe, the revenue for the powder type segment was valued at USD 157.9 million in 2020 and is anticipated to gain higher shares in the forecast period on account of rising demand from the dentistry, bioengineering, and surgery application industries
- Asia Pacific is estimated to be the fastest-growing regional market during the forecast period on account of increasing product consumption as a result of rising health problems and growing population in emerging economies like China and India
- Prominent players in the market have undertaken various initiatives, such as advancing healthcare infrastructure, partnership, and scientific research in collaboration with healthcare institutions
- Moreover, government support and policies within the respective countries are expected to influence the market on a positive note