NEW YORK, May 9, 2011 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
The global market for biomaterials is expected to reach $64.7 billion in 2015 from $25.6 billion in 2008 with a CAGR of 15% from 2010 to 2015. In 2010, the orthopedic biomaterial market recorded revenues of $12 billion or 37.5% of the total global biomaterial market. This is mainly because of the demand generated by the increasing aging population worldwide, and introduction of sophisticated technologies in the biomaterials market. However, the orthopedic biomaterials market is estimated to grow slowly, at a CAGR of 12.7% (2010 to 2015) because the market is relatively mature compared to other product markets. Cardiovascular biomaterial is the second-highest market, and contributed 36.1% to the global biomaterial market in 2010.
With the increase in the percentage of aging population worldwide, the number of individuals suffering from physical disability is also increasing. Baby boomers born between the years 1946 and 1964 are the major consumers of the biomaterial products. Also, more than 20% of the global population is expected to be over 60 years in 2050 and this segment of the population will be significantly high in developing countries. This increase in the aging population will drive the demand for biomaterial products.
The biomaterial market definitely holds a significant opportunity for innovators, but extensive research is required to develop new and improved products at competitive pri
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