The growth of the bioglass fiber market is propelled by surging demand for bioactive materials, rising number of operative clinics in North America, and growing healthcare industry, says this report.
SELBYVILLE, Delaware, Jan. 24, 2022 /PRNewswire/ -- According to the latest report by Global Market Insights Inc., the Bioglass Fiber Market was valued at USD 8.8 million in 2020 and is poised to exceed a valuation of USD 15.3 million by 2027, registering with a CAGR of 8.5% from 2021 to 2027. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Bioglass fiber is made of several compounds like calcium/sodium carbonates, silica gel, and sodium phosphate dibasic, which offer different compositions for specific end-use applications. Rising demand for bioactive materials in emerging nations due to their bond-formation ability with both soft and hard tissues is expected to fuel product demand in the coming years. Additionally, mounting number of orthopedic and dental clinics worldwide is likely to promote market uptake over the forecast timeframe.
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Borate-based glass expedited tissue remodeling during the wound-healing process. It is anticipated to see an upsurge in popularity as it offers promising results in soft tissue regenerations. Moreover, government initiatives for promoting product compatibility with mammalian tissues and cells is primed to create massive growth potential for product adoption in the coming years. Owing to soaring prominence of borate-based glass, the bioglass fiber market share from the borate-based glass type segment is projected to register a CAGR of approximately 9% through the analysis period.
In terms of raw material, the sodium phosphate segment generated revenue of about USD 570 thousand in 2020 and is slated to grow at a substantial pace over 2021-2027. Prevalent use of these fibers in orthopedic and dental applications in Europe and the U.S. and development of conventional silicate glass fibers are foreseen to boost segmental growth through the review timeline.
Key reasons for bioglass fiber market growth:
1. Rising utilization in healthcare industry.
2. Growing adoption in grafting applications.
3. High prominence in wound-healing processes.
4. Increased usage in dental & orthopedic procedures.
5. Booming clinical health treatment sector in North America.
2027 forecasts show 'grafting biomaterials' segment retaining its dominance:
From the application perspective, the grafting biomaterials segment is poised to be valued at more than USD 1.8 million by 2027. Bioglass fibers have properties like scaffold materials for soft tissue regeneration. Recently developed borate-based bioglass fiber has demonstrated a notable capability to facilitate soft tissue repairs and new bone formations, which is likely to bolster the bioglass fibers demand. These factors are speculated to foster segmental outlook through the study timeframe.
Asia Pacific to maintain top status in terms of revenue:
In the regional landscape, the Asia Pacific bioglass fiber market is expected to record notable growth to account for above 10% of the overall industry in terms of revenue by the end of 2027. The proliferating healthcare industry in India, China, Malaysia, South Korea, and Indonesia is estimated to support regional market growth over the forecast period.
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Impact of COVID-19 pandemic on bioglass fiber market:
Biomaterials are considered beneficial in various therapeutic strategies. Following the COVID-19 outbreak, gained massive popularity as they helped reduce mortality in patients infected with the novel coronavirus. Increasing awareness pertaining to the therapeutic benefits of biomaterials and prevalent product application in the healthcare sector have positively impacted market growth during the pandemic.
Leading market players
Some key companies operating in the global bioglass fiber industry are Corbion Biotech, Inc., Prosidyan, Inc., ETS Wound Care LLC., Mo-Sci Corporation, and Vetra Biomaterials.
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SOURCE Global Market Insights Inc.