New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the Global Biomaterials Market Size accounted for USD 155.9 Billion in 2022 and is estimated to garner a market size of USD 540.5 Billion by 2032; rising at a CAGR of 13.6% from 2023 to 2032.
The development of biomaterials is improved by the diagnosis, monitoring of illness and injury, and treatments. The constant advancement in medical software design allows doctors or surgeons to use accurate medals to train them in preparing for complex surgeries. The innovation of new drugs motivates patients to adopt the treatment, which helps the growth of the biomaterials market.
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Key Takeaway:
- Biomaterials find crucial applications in the enhancement or replacement of damaged tissues, organs, and bones within clinical settings.
- Key factors propelling market growth encompass an aging global population, an increased prevalence of cardiovascular and musculoskeletal disorders, ongoing technological advancements, and substantial government funding for research and development.
- Biomaterial product categories encompass metallic, polymeric, ceramic, and natural biomaterials.
- Emerging technologies like decellularized dermal matrices and smart biomaterials are opening new avenues for market expansion.
- Orthopedic applications dominate the market, driven by metallic biomaterials’ high load-bearing capacity.
- Stringent clinical and regulatory processes pose challenges for biomaterial-based medical devices.
- By Product Type, 2022, the metallic segment has generated a revenue share of 30.4% in 2022.
- By Application, the orthopedic application segment held the largest market share of 22.7% in 2022.
- In 2022, North America was the largest regional market with a revenue share of 35.5%.
- Emerging economies like Brazil, India, South Africa, and China are driving market growth through healthcare infrastructure development.
Biomaterials play important roles in healthcare sectors. It may be synthetic and natural, which is used as medical applications to replace, enhance and support damaged tissue or biological functions. Metals, polymers, plastic, and living cells are used in preparing biomaterials. They are used for a variety of applications in medical implant methods to support the healing of human tissues and drug delivery systems. The biomaterials market growth is expected due to the increasing prevalence of cardiovascular diseases, rising funds and increasing demand for implantable devices, providing funds by the government and non-government organizations for the advanced development of new products, and increasing preference for wound healing and plastic surgery applications.
Factors affecting the growth of the Biomaterials Market
- Increase in the geriatric population: Due to the increase in the number of cardiovascular and orthopedic patients, there is also an increase in the demand for advanced biomaterials devices and treatments in the market, which will help to drive the market growth.
- Rising awareness: After the pandemic, people are becoming more aware of the medication and advantages of insulin drugs, which is driving market growth.
- Technological Advances: The new and innovative technologies in biomaterials-based devices and medical treatments are helping to increase this market by offering greater convenience, enhanced user experience, and increased market growth.
- Funding policies in developed countries: The government focuses on increasing awareness about drugs and treatment and provides different funding policies for advanced technologies as well as improving healthcare facilities in developed countries.
Top Trends in the Global Biomaterials Market:
The increasing prevalence of cardiovascular disorders, arthritis, orthopedic replacements, and sports injuries help with the increasing demand for implantable devices. The development of the cardiovascular segment in the complication of heart disease helps to improve the procedures therapy. These biomaterial-based devices and implants enhance the quality of our lives by prolonging the functionality of crucial body systems.
Market Growth:
Due to an increase in funding and several insurances by the government for the advanced development in biomaterials, growing incidence of cardiovascular disorders, innovative research on regenerative drugs, and increasing demand for medical devices, such factors support the growth of the biomaterials market. The rapid increase in plastic surgeries and advanced devices for these surgeries are available all around the world. The geriatric population requires much more care as there is increasing illness due to low immunity and greater recovery time. There is an increase in cardiovascular diseases with a growing demand for prosthetics and implants. Such factors help for the growth of the biomaterials market.
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Regional Analysis:
North America is the most dominating region in the biomaterials market due to the increase in public and private organizations. Also, the government focuses on innovative technologies that drive the growth of the biomaterials market in this region. The Asia Pacific is also focusing on the growth of the biomaterials market by offering various opportunities for the market players to work in biomaterials. Also, there is an increase in the frequency of ophthalmic, cardiovascular, and neurological disorders also helps the expansion of the market in this region. Owing to the development in the geriatric population and increasing surgical demand is estimated to drive the growth of the biomaterials market.
Top 10 Companies In Biomaterials Market
- Royal DSM
- BASF SE
- Corbion N.V.
- Covestro
- Invibio Ltd.
- Carpenter Technology Corporation
- Evenki Industries AG
- Berkeley Advanced Biomaterials, Inc.
- CAM Bio Ceramics BV
- Celanese Corporation
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 155.9 Billion |
| Forecast Revenue 2032 | US$ 540.5 Billion |
| CAGR (2023 to 2032) | 13.6% |
| North America Revenue Share | 35.5% |
| Base Year | 2022 |
| Historic Period | 2016 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers:
The increasing demand for biomaterials in wound healing and plastic surgery is the prominent application for biomaterials-based products. Biomaterials are widely used during plastic surgery for the implantation, repair, burns, gaping holes, and rebuilding of the human body. Due to its safe and naturally implanting techniques, such factors drive the growth for the expansion of the biomaterial market. Also, increasing demand for wound healing and plastic surgery drives the growth of biomaterials in the coming years.
Market Restraints:
The use of biomaterials-based devices is strictly regulated in various regions such as North America, Asia, and Europe to ensure the efficacy and quality of devices. It is essential because most of the biomaterials are implantable. All advanced biomaterials require proof that they are effective and safe for the human body before biomaterials come on the market. All manufacturers are strictly required to follow the FDA guidelines to get approval for implantable biomaterial products such as peacemakers, heart valves, and stents because it has a chance of causing high risk and injury.
Market Opportunities:
The growing geriatric population, and rising demand for the adoption of implantable devices. Also, increasing awareness of cardiovascular diseases, improving healthcare infrastructure and facilities and increasing disposable income and presence of less regulatory guidelines all around the world. The increasing demand for surgical procedures, increasing incidence of target diseases, and rising incidence of geriatric population. Such factors are estimated to drive the increasing demand for new medical devices and advanced healthcare services. It is anticipated to offer new growth opportunities to the market players generating in the biomaterials market in the coming future.
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Report Segmentation of the Biomaterials Market
Product Type Insight:
On the basis of product type, the market is segmented into polymeric, metallic, ceramic, and natural biomaterials. The market for biomaterials is divided into metallic, polymeric, ceramic, and natural biomaterials based on the kind of product. The development of the sector is primarily driven by the use of metallic fragments in exceptionally durable and bioresorbable inserts for the orthopedic, dental, cardiovascular, joint replacement, and neurological fields.
Application Insight:
On the basis of application, the biomaterials market is segmented into dental implants, neurological disorders, cardiovascular, orthopedics, plastic surgery, and wound healing, ophthalmology, and other applications. Orthopaedic is the most dominating application in the biomaterials market. Due to the increasing adoption of metallic biomaterials in orthopedic applications, having high load-bearing capacity, it held the largest share during the forecast period. The continuous advanced development in orthopedic implants is also expected to boost the growth of the biomaterials market. The plastic surgery application is anticipated to grow at a significant rate in the coming years, due to the increasing demand for the adoption of plastic surgeries by the increasing geriatric population all around the world.
Market Segmentation
Based on Product Type
- Metallic
- Natural
- Ceramics
- Polymers
By Application
- Cardiovascular
- Neurological Disorder
- Orthopaedics
- Plastic Surgery
- Dental Implants
- Wound Healing
- Ophthalmology
- Other Applications
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Biomaterials Market
- In June 2023, BASF partnered with Modern Meadow, a biotechnology company in order to develop the material industry. With this partnership, Modern Meadow’s fabrication expertise and BASF’s Ultramid® Ccycled® material will lead to an animal-free and sustainable material in the near future.
- In March 2022: DSM partnered with Svelte Medical Systems, a manufacturer of balloon expandable stents with an aim to transform the standard for coronary stenting procedures for treating coronary artery disease (CAD).
- In January 2021: Evonik announced its acquisition of DURECT Corporation’s LACTEL® Absorbable Polymers product portfolio in December 2020. In January 2021, Evonik announced the closing of the acquisition.
Browse More Related Reports
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- Dental Biomaterials Market accounted for USD 7.9 billion and is expected to grow to around USD 14.5 billion in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 6.4%.
- Global Regenerative Medicine Market size is expected to be worth around USD 194.9 Billion by 2032 from USD 34.6 Billion in 2022, growing at a CAGR of 19.40% during the forecast period from 2023 to 2032.
- Osseointegration Implants Market size is expected to be worth around USD 16.6 Billion by 2032 from USD 7.5 Billion in 2022, growing at a CAGR of 8.50% during the forecast period from 2023 to 2032.
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