The bioglass fiber market is expected to witness sturdy expansion by 2027 on account of the increasing healthcare expenditure around the world. In addition, expanding geriatric population is set to drive market development through the forecast period.
Recent technological advancements have transformed the healthcare industry by introducing biomimetic technologies to the discipline. The advent of the biomimetic approach in wound care and other medical treatments has strengthened the demand for bioactive materials like bioglass fiber across various dental and medical applications.
Industry players have been implementing strategic initiatives to gain a competitive edge in the evolving marketplaces, which has positively impacted the overall business landscape. For instance, in September 2021, Heraeus Group, a Germany-based technology company specializing in quartz glass, special metals, sensors, and medical technology, announced the acquisition of Mo-Sci Corporation, a prominent supplier of medical and specialty glass and ETS technology Holdings, LCC, a major innovative wound care technologies provider. The deal enabled Heraeus Group to expand its medical technology portfolio.
The bioglass fiber market has been segmented on the basis of type, raw materials, application, and region.
With respect to type, the bioglass fiber market has been divided into conventional silicate glass, borate-based glass, and glass ceramics. The conventional silicate glass sub-segment is slated to expand at a CAGR of approximately 8.5 % in terms of volume over the review timeline owing to its excellent mechanical strength and chemical resistance.
Based on raw materials, the market has been segregated into silicone resins & oxides, sodium phosphate dibasic, calcium & sodium carbonate, and others.
The silicone resins & oxides sub-segment is estimated to garner a valuation of around USD 6.5 million by 2027 owing to growing demand for bioactive materials possessing specific characteristics such as high thermal shock resistance, low electrical conductivity, and high chemical durability.
The others sub-segment is speculated to expand at almost 7.9% CAGR over the analysis period due to mounting demand for chemically inert bioactive materials.
In terms of application, the market has been categorized into dental, grafting biomaterials, orthopedic, and others. In 2020, the dental sub-segment registered a volume share of over 45% and is likely to grow substantially at a CAGR of around 8.5% through the study timeframe. This growth is attributed to the rising applications of biocompatible materials in dentistry.
From the regional point of view, the Middle East & Africa bioglass fiber market is anticipated to generate a revenue worth more than USD 466.2 thousand by 2027 owing to the rapid adoption of tissue engineering products in medical treatment.