Originally Published Med-Tech Precision Fall 2009
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Cardiovascular Biomaterials Market to Dominate in 2014
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According to a recent market research report, cardiovascular biomaterials are expected to be the dominant segment of the biomaterials market by 2014, with a worth of about $20.7 billion. The report, by Markets and Markets (Wilmington, DE), projects the U.S. market, which is the largest geographical segment for biomaterials, to be worth $58.1 billion by 2014.
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Figure 1. (click to enlarge) From 2009 to 2014, the U.S. and European markets are expected to achieve a compound annual growth rate of 13.6% and 14.6%, respectively. Source: Orthopedic Network News.
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According to estimates, nearly 100,000 heart valves, 200,000 pacemakers, and 1 million orthopedic devices are implanted annually. These figures are increasing the demand for biomaterials.
Last year, the largest biomaterials segment was orthopedics, which was worth $9.8 billion. However, the cardiovascular market is expected to surpass all segments, as it is estimated to experience a 12.5% compound annual growth rate from 2009 to 2014. The report attributes the strong growth in the cardiovascular biomaterials market to more stress, which is raising the rate of cardiac arrest.
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