Global biomaterials market to hit $88.4B by 2017

The global biomaterials market produced $44 billion in revenues in 2012 and is expected to double to $88.4 billion by 2017, according to a new market research report.

The market is set to grow at a compound annual growth rate (CAGR) of 15% from 2012 to 2017, noted MarketsandMarkets, a global market research and consulting firm.

The company's biomaterials market report categorizes and analyzes the global market under two broad segments: type and application. Types include metals, ceramics, polymers, and natural biomaterials. The applications market is segmented into orthopedic, cardiovascular, neurological, dental, tissue engineering, wound healing, plastic surgery, ophthalmology, and others.

North America is the largest biomaterials market and is expected expand at a high growth rate from 2012 to 2017 due to an increase in the aging population, according to the firm. Due to rising awareness of biomaterial products in Asia and increased conferences and collaborations, the Asian market is expected to grow at a rate of 21.5% from 2012 to 2017.

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