Biomaterials Market Overview
The Global Biomaterials Market size was valued at USD 134.70 billion in 2021 and is projected to reach USD 481.70 billion by 2030, growing at a CAGR of 15.21% during the forecast period.
The aging population, rising incidence of cardiovascular and orthopedic problems, technological advancements in medicine, and increasing public awareness of implanted devices all contribute to the market growth for biomaterials. In addition, increased government investment for R&D in biomaterials and growing consumer awareness of the benefits of biomaterials-based products all contribute to the market’s expansion. However, the high cost of biomaterial implants and compatibility problems are anticipated to impede market expansion. On the other hand, introducing new technologies, such as hydrogen scaffolding and decellularized dermal matrixes for grafting, along with new products in plastic surgery, wound healing, and neurology, are anticipated to present lucrative opportunities for the market’s expansion during the forecast period.
Biomaterials Market Segmentation:
The biomaterials market is segmented based on type and application. By type, the market is segmented into metallic, polymeric, ceramic, and natural. By application, the market is classified into cardiovascular, dental, orthopedic, wound healing, plastic surgery, ophthalmology, tissue engineering, neurological disorders, and drug delivery systems.
By application, the orthopedic application segment dominated the growth of the biomaterials market in 2021.
The orthopedic application segment dominated the growth of the biomaterials market in 2021. One of the elements promoting the segment’s expansion is the growing use of metallic biomaterials in orthopedic applications because of their strong load-bearing capacity. Additionally, it is anticipated that ongoing efforts by industry players to introduce new orthopedic implants will boost revenue growth. For instance, DiFusion Inc. got FDA approval for its Xiphos-ZF spinal interbody device in November 2019. This device is based on a different biomaterial called Zfuze, a mix of titanium and poly-ether-ketone. The cytokine indicators that produce inflammation and are linked to the development of fibrous tissue are significantly decreased due to this novel biomaterial.
By application, the plastic surgery application segment is anticipated to expand at a potential pace during the projected time frame.
The plastic surgery application segment is anticipated to expand at a potential pace during the projected time frame. The primary reason for the segmental growth of the market is the rise in aesthetic surgery and the use of biomaterials in these operations. According to the International Society of Aesthetic Plastic Surgery’s 2019 book, around 4.3 million cosmetic treatments were carried out in the United States in 2018, which boosted the segment’s growth. As per the 2019 International Society of Aesthetic Plastic Surgery publication, in the U.S., around 4.3 million cosmetic procedures were performed in 2018, which has positively influenced segment growth.
Biomaterials Market Dynamics:
Increased Government Engagement in the Development of Novel Biomaterials
Over the past few years, biomaterials have become more in demand and used in various medical applications. The development of innovative biomaterials is being supported by investments, funding, and grants from several government agencies and academic institutions. For instance, Drexel University awarded the National Science Foundation $200,000 in March 2018 to support research on the impact of macrophage behavior control by biomaterials on biomaterial vascularization. Such research and funding initiatives should encourage the creation of novel biomaterials, opening up a wide range of potential for the market’s expansion.
Expansion of the Healthcare Industry in Developing Nations
The biomaterials market in emerging nations is anticipated to expand significantly during the anticipated period. This is primarily due to the growing patient population, rising implanted device usage, more CVD awareness, rising disposable income, improved healthcare infrastructure, and less strict regulatory rules (in comparison to developed countries). In addition, the BRICS countries (Brazil, Russia, India, China, and South Africa) have some of the biggest economies in the world. By 2020, one-third of global healthcare spending, according to the World Economic Forum, will come from these emerging economies. Some of the critical factors anticipated to fuel demand for cutting-edge healthcare services and cutting-edge medical devices in the respective healthcare systems of these countries include the rising geriatric population, the growing demand for surgical procedures, and the rising incidence of target diseases. In the upcoming years, this is anticipated to present new growth prospects to participants in the biomaterials market.
Biomaterials Market Regional Analysis:
The Asia Pacific is expected to occupy the potential market growth during the forecast period
The Asia Pacific is expected to witness the most significant CAGR over the forecast period. The main driver of regional market expansion is the strategic actions taken by regional players to increase their presence in domestic and international markets. For instance, in November 2019, the U.S.-based AdvanSource Biomaterials and the Japan-based Mitsubishi Chemical struck a deal to buy each other’s thermoplastic polyurethane elastomer businesses. The company has announced that this acquisition will enable it to grow internationally and win a sizable portion of the worldwide market. The biomaterials industry in India is constantly expanding. Orthopedic, dental, and cardiovascular biomaterials dominate the Indian biomaterials market. The rise in orthopedic, cardiovascular, and dental operations is responsible for growing market shares for biomaterial, cardiovascular, and orthopedic items.
COVID-19 Impact Analysis
The latest novel coronavirus, COVID-19, is the infectious disease it causes. Various well-known pharmaceutical and biopharmaceutical firms, as well as small startups, have stepped forward to develop medications and vaccines that target the infection brought on by the novel coronavirus after the World Health Organization (WHO) formally declared the COVID-19 outbreak a pandemic. In the first quarter of 2020, the coronavirus outbreak affected business and economic operations worldwide. For instance, the COVID-19 situation has caused delays in aesthetic procedures, which primarily include cosmetic dentistry work and surgery like liposuction and breast implants.
Key Market Players and Competitive Landscape
The Major companies that contributed to the market expansion are BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and Gelita AG (Germany).
This report categorizes the biomaterials market as follows,
Biomaterials Market by Product Outlook (Revenue, USD Million, 2017 – 2030):
Biomaterials Market by Application Outlook (Revenue, USD Million, 2017 – 2030):
- Implantable Cardiac Defibrillators
- Vascular Grafts
- Synthetic Corneas
- Intraocular Lens
- Contact Lens
- Ocular Tissue Replacement
- Tissue Regeneration Materials
- Dental Implants
- Bone Grafts & Substitutes
- Dental Membranes
- Joint Replacement Biomaterials
- Bioresorbable Tissue Fixation Products
- Spine Biomaterials
- Wound Healing
- Fracture Healing Device
- Adhesion Barrier
- Skin Substitutes
- Internal Tissue Sealant
- Surgical Hemostats
- Tissue Engineering
- Plastic Surgery
- Facial Wrinkle Treatment
- Soft Tissue Fillers
- Craniofacial Surgery
- Bioengineered Skins
- Peripheral Nerve Repair
- Acellular Dermal Matrices
- Neural Stem Cell Encapsulation
- Shunting Systems
- Hydrogel Scaffold for CNS Repair
- Cortical Neural Prosthetics
Biomaterials Market by Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
|Biomaterials Market Report Scope
|Market Size Value in 2022
||USD 155.18 billion
|Revenue Forecast in 2030
||USD 481.70 billion
||CAGR of 15.21 % From 2023 to 2030
|Base Year for Estimation
||2017 – 2022
||2023 – 2030
||Revenue in USD million and CAGR from 2023 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
|| Product, Application, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key Companies Profiled
||BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and Gelita AG (Germany)