Canada's biomaterials in the healthcare market are likely to grow at a CAGR of 13.20% from a market size of $12.5 Bn in 2022 to $33.7 Bn in 2030. Market growth is driven mainly by factors such as increasing demand for medical implants and the sudden rise in cardiovascular diseases. This report is segmented by type and by application. Some key players in this market include Celanese Corporation, Berkeley Advanced Biomaterials, Stryker Corporation, Zimmer Biomet Holdings, and others.
Canada's Biomaterials in Healthcare Market size is at around $12.5 Bn in 2022 and is projected to reach $33.7 Bn in 2030, exhibiting a CAGR of 13.20% during the forecast period 2022-30. In 2021, Canada's total health spending amounted to $308 billion, or $8,019 per person.
A wide range of materials used in medical devices, drug delivery systems, tissue engineering, and regenerative medicine are included in the fast-expanding Canadian biomaterials in the healthcare market. Biomaterials are substances created to interact with biological systems, either to replace or improve a tissue or organ's functionality or to help carry medications and treatments to specific regions. The desire for cutting-edge and efficient medical devices and treatments in the Canadian healthcare market is what has fuelled the market's expansion for biomaterials. Metals, ceramics, polymers, and composites are just a few of the important biomaterials used in healthcare. The biomaterials market is divided into segments based on the applications they are used for, including orthopedics, cardiovascular, wound care, dental, plastic surgery, and others. The market for biomaterials is dominated by orthopedics due to the strong demand for spinal implants and joint replacements. The second-largest segment is cardiovascular, which is fuelled by the use of biomaterials in pacemakers, heart valves, and stents.
Market Growth Drivers
A number of factors are causing Canada's biomaterials business in healthcare to expand. Several of the main market factors for Canada's biomaterials sector in the healthcare sector are listed below:
Aging Population: The need for healthcare services, technologies, and biomaterials is being driven by Canada's aging population. People are more likely to require biomaterial-based medical implants and equipment as they get older. As a result, the market for Canadian producers of biomaterials is expanding.
Technical developments: New avenues for the creation of implants and medical devices have been made possible by advances in biomaterials technology. Manufacturers are now able to produce more robust, biocompatible, and useful biomaterials that may be employed in a range of applications thanks to new materials and fabrication methods.
Assistance from the government: The Canadian government has been aggressively promoting the growth of the nation's biomaterials sector in the healthcare sector. A supportive economic climate for Canadian manufacturers of biomaterials has been made possible through funding for research and development, tax breaks, and other support initiatives.
Growing Concerns About the Environmental Impact of Healthcare: As awareness of sustainability increases, so does the demand for sustainable biomaterials. With several businesses specializing in the creation of bio-based and environmentally friendly biomaterials, Canada's biomaterials industry is well-positioned to meet this need.
Market Restraints
Extensive research and development are often necessary for the creation of new biomaterials, which can be an expensive and time-consuming procedure. Smaller businesses may find it difficult to enter the market and compete with more established, larger competitors as a result. Even though the Canadian government has contributed some financing and support to the biomaterials sector, many businesses still struggle to find funding. Smaller businesses may find it more difficult to invest in R&D or grow as a result of this. When it comes to medical implants and gadgets, the healthcare sector can be slow to adopt new technologies. Even if they have created cutting-edge new materials or technologies, this can make it challenging for manufacturers of biomaterials to establish a presence in the market.
Key Players
Strict regulatory control is applied to the use of biomaterials in healthcare in Canada. The safety, effectiveness, and quality of medical devices and biomaterials used in healthcare are governed by the Canadian government through Health Canada. The use of biomaterials in medical devices and implants is governed by a number of laws and policies that Health Canada has put in place. They include the Medical Devices Regulations (MDR), which spells out the standards for medical devices' efficacy and safety in Canada. Provisions for biomaterials used in medical devices are included in the MDR, along with specifications for biocompatibility and other safety factors.
Health Canada has produced policies and guideline documents that offer direction to producers and users of biomaterials in addition to the MDR. One of them defines the risk classification system for medical devices and biomaterials in the Guideline Document for the Risk-based Classification System for Non-In Vitro Diagnostic Medical Devices (Non-IVDDs). Moreover, Health Canada offers guidelines for the assessment and testing of biomaterials for use in medical devices. This provides recommendations for conducting biocompatibility tests, which are used to assess the safety of biomaterials for use in implants and medical devices. In response to increasing dangers and developments in technology, the regulatory environment for biomaterials in healthcare is continually changing. New policies and regulations are being produced. In order to maintain compliance and the secure use of biomaterials, it is crucial for makers and users to stay current on Health Canada's most recent rules and guidance guidelines.
1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
Based on type, the market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials. The Metallic Biomaterials segment accounted for the largest share of the Canada market in 2019. The growing geriatric population Canadaly is expected to drive growth for this segment.
By Application (Revenue, USD Billion):
The cardiovascular, orthopaedic, dental, plastic surgery, wound healing, tissue engineering, ophthalmology, neurological/CNS, and other applications segments are made up of the biomaterials market. The market category for wound healing is anticipated to have the highest CAGR in 2019. The market will increase as a result of factors including expanding healthcare infrastructure, a large population pool, a rising diabetic population, and rising healthcare spending. Surgical Guides
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