As per a study conducted by P&S Intelligence, the global biomaterial market is expected to generate a revenue of $175.9 billion by 2022 and is predicted to advance at a 16.1% CAGR during the forecast period (2016–2022). The market is registering growth because of the surging geriatric population, technological advancements, surging prevalence of cardiovascular diseases, and expanding implantable devices market. Moreover, the rising research and development activities, growing number of hip and knee replacements, and increasing expenditure in the healthcare sector is also resulting in the growth of the market.