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The biomaterial testing equipment market share is expected to increase by USD 60.63 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.82%.
This biomaterial testing equipment market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the biomaterial testing equipment market segmentation by application (orthopedic, cardiovascular, dental, ophthalmology, and others) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The biomaterial testing equipment market report also offers information on several market vendors, including ADMET Inc., AMETEK Inc., Applied Test Systems, CellScale, Fluke Corp., Illinois Tool Works Inc., Intertek Group Plc, Nordson Corp., Presto Group, Rheolution Inc., Rtec Instruments, Shimadzu Corp., TA Instruments, TestResources Inc., World Precision Instruments, and ZwickRoell GmbH & Co. KG among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global biomaterial testing equipment market.
Key Biomaterial Testing Equipment Market Driver
The growing global healthcare industry is one of the key factors driving the global biomaterial testing equipment market growth. The healthcare sector worldwide is witnessing significant growth every year due to the aging of the population. Many companies are investing in the sector to meet the rising need for innovative and alternative approaches to treating health issues. Innovative medical devices are entering the market to diagnose and perform surgeries more efficiently, thereby reducing the cost burden on consumers. The growth in the aged population and the need for medical services have led to an increase in the number of hospitals. The rise in the construction of hospitals to meet the growing need for healthcare services will spur the demand for medical devices, thereby driving the demand for biomaterial testing equipment. Investments in the healthcare sector globally are expected to propel the demand for medical devices, thereby driving the growth of the global biomaterial testing equipment market during the forecast period.
Key Biomaterial Testing Equipment Market Trend
The advances in biomaterial technology will fuel the global biomaterial testing equipment market growth. There are many advances in the technology used in the field of biomedical devices. 3D printing plays a major role in the manufacturing of dental and medical devices; 3D printing technology is cost-effective, efficient, and can be customized as per the need for medical devices, such as knee and hip implants, dental implants, hearing aids, and surgical instruments. The major applications of 3D printing are orthopedics, organs, and medical devices. The use of 3D printing in the medical devices industry is expected to witness exponential growth during the forecast period as it has unlimited applications. 3D printing is used to create devices that were very difficult to create earlier. It also helps in reducing tooling costs, and increases lead time. Advances in biomaterial technology will directly influence the growth in the demand in the biomaterial testing equipment market during the forecast period.
Key Biomaterial Testing Equipment Market Challenge
The high investments in the R&D of new biomaterial products are the major challenges to the global biomaterial testing equipment market growth. The use of advanced materials is also essential in applications such as orthopedic devices. The rising need for these advanced materials puts pressure on manufacturers to introduce innovative technologies and devices to meet the needs of consumers/patients. For instance, to fabricate a new orthopedic device, engineers develop new surfaces for implants to extend the performance, biocompatibility, and longevity and reduce the wear and tear on the implant. Researchers have explored vitamin E cross-linked polyethylene as a potential material for implants, which offers high resistance to oxidation. R&D investments are also increasing in the coatings for biomaterials such as metals, plastic, or polycarbon materials. These coatings help in enhancing the physical properties of the implants or medical devices. Such high investments in R&D are necessitated due to the need for regulatory compliance, which proves expensive for manufacturers. This poses a barrier to the growth of the biomaterials market, which will directly affect the growth of the global biomaterial testing equipment market during the forecast period.
This biomaterial testing equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global biomaterial testing equipment market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the biomaterial testing equipment market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the biomaterial testing equipment market encompasses successful business strategies deployed by the key vendors. The biomaterial testing equipment market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position, and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our In-house experts produce extensive information on the value chain and parent market of the biomaterial testing equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
The value chain of the global industrial machinery market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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37% of the market’s growth will originate from North America during the forecast period. The US is the key market for biomaterial testing equipment market in North America. Market growth in this region will be slower than the growth of the market in other regions.
The growing global healthcare industry will facilitate the biomaterial testing equipment market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 severely affected economic growth in North America. COVID-19-induced lockdowns in various countries in North America resulted in the closure of various industries, including those operated by manufacturers of various medical consumables and equipment, such as biomaterial testing equipment. However, the lockdown restrictions were relaxed in the second half of 2020 owing to large-scale vaccination programs initiated across North America. This led to the resumption of production in manufacturing facilities, including those for biomaterial testing equipment, in the first half of 2021. Such factors are expected to drive the growth of the biomaterial testing equipment market in North America during the forecast period.
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The biomaterial testing equipment market share growth in the Orthopedic segment will be significant during the forecast period. The biomaterials used in orthopedic applications comprise materials that interact with human tissue or body fluids to improve or replace an anatomical element in the body. These biomaterial devices are called implants. The growing number of patients suffering from bone disorders, hip, knee, or spine-related issues is expected to spur the demand for orthopedic implants, thereby driving the demand for biomaterials. This, in turn, is expected to propel the growth of the global biomaterial testing equipment market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the biomaterial testing equipment market size and actionable market insights on the post-COVID-19 impact on each segment.
Biomaterial Testing Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.82% |
Market growth 2022-2026 |
$60.63 million |
Market structure |
Fragmented |
YoY growth (%) |
3.38 |
Regional analysis |
North America, Europe, APAC, South America, and the Middle East and Africa |
Performing market contribution |
North America at 37% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
ADMET Inc., AMETEK Inc., Applied Test Systems, CellScale, Fluke Corp., Illinois Tool Works Inc., Intertek Group Plc, Nordson Corp., Presto Group, Rheolution Inc., Rtec Instruments, Shimadzu Corp., TA Instruments, TestResources Inc., World Precision Instruments, and ZwickRoell GmbH & Co. KG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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