WILMINGTON, Delaware, September 1 /PRNewswire/ -- According to a new market research report, 'Global biomaterials Market (2009-2014)', published by MarketsandMarkets (http://www.marketsandmarkets.com), the total global biomaterials market is expected to be worth US$58.1 billion by 2014, growing at a CAGR of 15.0% from 2009 to 2014. The U.S. market is expected to account for nearly 42% of the total revenues. The biomaterials market today has already crossed $28 billion.
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Biomaterials are used in the human body to replace the damaged tissues and improve body functions. Advances in technology and the emergence of innovative products have enhanced the performance and applications of biomaterials. While metals and ceramics currently dominate the biomaterials market, polymers are expected to catalyze the next wave of market growth for biomaterials.
The biomaterials market is still in a growing phase, with about 100,000
heart valves, 200,000 pacemakers and 1 million orthopedic devices implanted
worldwide every year. Increase in applications has increased the demand for
new biomaterials from 8% to 15%. Improved patient benefits form the most
important factor stimulating market growth for biomaterials. The other market
drivers are increase in aging population, rising awareness, shorter produ
|SOURCE Markets and Markets|
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