Increasing care requirements of an aging population and movements to address health-related issues throughout society are driving the market for biomedical products. Market research firm Frost & Sullivan estimates the size of the industry worldwide at $100 billion, which some analysts predict will continue growing 10% annually for the next several years. Some segments are undergoing even greater increases, with one manufacturer reporting the orthopedic implant market, for example, growing at twice the annual rate of five years ago.

According to the Advanced Medical Technology Association (AdvaMed), the life cycle of biomedical devices in this evolving and highly competitive market averages 18 months, a relatively short period of time compared to product lives in other industries. The company's statistics indicate biomedical technology companies invest nearly 12% of sales revenue in R&D, more than four times the average for manufacturing companies overall. Biomedical technology companies use a variety of engineering simulation tools including structural analysis, multi-body simulation, computational fluid dynamics, fatigue analysis, multi-physics, multi-attribute optimization, and robust design. Companies are leveraging these tools in breakthrough product development efforts across the industry.