According to a new research report by Global Market Insights, Inc., the global Bioglass Fiber Market size is anticipated to reach around USD 15.3 million by 2027.
Bioglass fiber is a biocompatible material, which is mainly applicable in dental and orthopedic treatments owing to its high durability and mechanical sustainability. Increasing demand for bioactive materials due to its flexibility, durability, and high restoration ability will create market opportunities in the near future. Rapid growth of medical facilities owing to the proliferating healthcare expenditure along with the rising public awareness of better dental solutions among the developed economies will influence the bioglass fiber market share in the upcoming years.
The demand for bioglass fibers will witness significant growth due to promising end-use applications such as dentistry, orthopedic, and grafting biomaterials. Recent studies provide clinical evidence for bioactive glass technology in spine and orthopedic surgical procedures. Factors including various attractive medical insurances, government schemes, and voluntary funding have significantly influenced healthcare systems in the developed countries.
Moreover, healthcare expenditure has considerably increased in the last few years. Emerging nations are actively investing in public healthcare and services. Rising per capita healthcare expenditures in the emerging nations are expected to lead to a considerable surge in demand for bioglass fiber products in the coming years.
During the early stages of the COVID-19 pandemic, healthcare systems were adversely impacted. Many governments around the world have funded medical and clinical systems to offset these impacts. Countries with advanced & well-equipped healthcare systems, such as the U.S., the UK, and Italy, have faced fierce challenges in the first couple of months of 2020. However, during the initial stages of pandemic, most of the clinical centers postponed their services.
Governments and hospitals were engaged in emergency medical services for severely ill patients. Owing to the reduced risks of viral transmissions and increased safety provisions for healthcare workers, many local & states regulatory bodies terminated their clinical operations that negatively impacted the bioglass fiber market.
Browse key industry insights spread across 189 pages with 213 market data tables & 21 figures & charts from the report, “Bioglass Fiber Market By Type (Conventional Silicate Glass, Glass Ceramics, Borate-based Glasses), By Raw Material (Silicone Resins & Dioxide, Calcium & Sodium Carbonates, Sodium Phosphate Dibasic), By Application (Dental, Orthopedic, Grafting Biomaterials), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 - 2027”, in detail along with the table of contents:
Glass ceramic is estimated to attain a considerable market share
The glass ceramic segment generated around USD 2.7 million in 2020 and is anticipated to reach USD 4.7 million by 2027 with a CAGR of 8.6% from 2021 to 2027 owing to advanced applications in dental services, such as filler materials and corrosion inhibitors. Furthermore, good biocompatibility and optimum bone-grafting ability will offer glass ceramics with a better market share in the foreseeable future.
Silicone resins & oxides will sustain the business growth
Based on raw materials, silicone resins & oxides are the oldest cost-efficient & widely used materials that held a large share of nearly 42% in 2020 and is expected to reach USD 6.5 million by 2027, growing with a CAGR of 8.5% during the forecast and timespan. In addition, high thermal shock resistance, low electrical conductivity, and high chemical durability offer significant advantages to the desired products. Moreover, silicone resins act as binders in glass fibers and facilitate optimization.
Orthopedic treatments will showcase considerable growth
Orthopedic treatment is expected to gain a significant market share at a CAGR of 8.7% by the end of 2027. Orthopedic applications of bioglass fibers are estimated to observe a constant & firm expansion owing to the rising aging population and steadily growing per capita incomes. Moreover, cost-efficient operative procedures and shorter recovery periods are expected to be applicable in orthopedic surgeries in the near future.
Europe will foster the market share by 2027
Europe bioglass fiber market value will exceed USD 2.5 million by 2027.Europe has a matured healthcare system; however, it has been showcasing constant growth based on several factors such as the growing aging population, favorable government policies, and mounting public & private investments in the healthcare system. Europe is expected to capture a significant market share in the bioglass fiber market in the coming years owing to the rising demand for dental and bone-repair procedures. Moreover, technological advancements and an established medical infrastructure along with high public awareness of biocompatible materials will significantly drive the market in the upcoming years.
The global bioglass fiber market is in its nascent stage and the key market leaders are investing in various clinical studies to set proper diagnostic procedures. For instance, in November 2017, Mo-Sci introduced the borate-based bioactive glass fiber for wound-healing treatments. Key market players in the industry are Corbion Biotech, Inc., Mo-Sci Corporation, ETS Wound Care LLC., Prosidyan, Inc., and Vetra Biomaterials.