Biomaterials Market Size Worth Around US$ 390.92 Bn by 2027

Precedence Research, Recently Published Report on “Biomaterials Market Size, Share, Growth, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027”.


OTTAWA, Oct. 22, 2020 (GLOBE NEWSWIRE) -- The global biomaterials market size was valued at US$ 109.4 Billion in 2019 and expected to reach US$ 390.92 Billion by 2027 and poised to grow at a compound annual growth rate (CAGR) of 15.2% during the forecast period from 2020 to 2027. Get more details@ https://www.precedenceresearch.com/biomaterials-market

Biomaterials play an important role in medical industry. They are the derived substance that directly interacts with the biological system for restoring or healing after disease or injury. Biomaterials may be synthetic or natural and are used in medical applications to enhance, support, or replace the damaged tissue or a biological function. Biomaterials are used in broad range of applications that include methods to promote healing of human tissues, medical implants, molecular probes and nanoparticles, regenerated human tissues, drug-delivery system, and biosensors.

Growth Factors

The government of various regions along with universities researching on medical sector has allocated funds for the development of novel biomaterials. The aforementioned factor expected to drive the market growth. For instance, two European Commission programs allotted USD 15.6 Billion for research on biomaterials for a period of five years from 2013 to 2017. Similarly, in March 2018, Drexel University issued USD 200,000 to the National Science Foundation for researching on how biomaterial vascularization gets affected from the biomaterial-mediated control over macrophage behavior.

However, in various regions such as Asia Pacific, Europe, and North America, government has stringent regulations for the application of biomaterial-based medical devices to ensure their efficacy and quality. The above mentioned factor expected to hamper the market growth in the coming years.

Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1059

Report Highlights

  • In 2019, North America led the global biomaterials market due to initiatives taken by different private and public organizations. Furthermore, increasing number of surgeries along with the presence of numerous market players in the region account for the significant growth of the market.
  • The Asia Pacific anticipated witnessing the fastest growth during the analysis period. This is attributed to the major strategies adopted by the regional players to reinforce their presence in both global as well as regional market.
  • Based on product, polymer segment led the global biomaterials market with considerable revenue share in 2019 and projected to continue its dominance in the coming years. This is mainly attributed to the wide range of applications of polymer products. Besides this, natural biomaterials anticipated to register the highest growth rate over the forecast period due to numerous benefits offered by the product over synthetic biomaterials related to biocompatibility, biodegradability, and remodeling.
  • By application, the orthopedic segment captured maximum revenue share in the global biomaterials market in 2019. Rising adoption of metallic biomaterials owing to their high load bearing capacity is one of the prime factors that drive the growth of the segment. Besides this, significant developments and on-going investments for the advancement in orthopedic implants by market participants are Moreover, plastic surgery analyzed to grow at a significant pace during the forecast period owing to increasing number of cosmetic procedures along with significant application of biomaterials in such surgeries. likely to propel the market growth in the next years to come.

Buy this Premium Research Report, Click here@ https://www.precedenceresearch.com/checkout/1059

Regional Snapshots

In 2019, North America accounted for the maximum revenue share in the global biomaterials market. This is mainly due to significant growth in the number of surgeries in the region along with application of biomaterials in those surgeries. According to the stats presented by American Society of Plastic Surgeons (ASPS), nearly 18 Million people in the United States have undergone surgical or minimally invasive cosmetic procedures in the year 2018.

However, the Asia Pacific registered the fastest growth rate over the forecast period. Factors attributed to the prominent growth of the biomaterials market in the Asia Pacific region include rapid growth of healthcare industry in Japan, rising cosmetic & plastic surgeries, increasing geriatric population, increasing cases of knee & hip replacement procedures, rising prevalence of cardiovascular diseases, and growing research activities.

Browse more Chemical and Materials Industry Reports@ https://www.precedenceresearch.com/industry/chemical-and-material

Key Players & Strategies

The global biomaterials market is highly competitive due to the presence of numerous regional as well as international players along with significant investments from these market participants to expand their presence. In addition, the market vendors adopt inorganic growth strategies such as partnerships, agreements, collaboration, and merger & acquisition to strengthen their product portfolio. Product development is the fundamental strategy that every market players adopt and invest prominently to expand their offerings. For instance, in October 2019, Evonik Industries launched its bio-resorbable PLA-PEG copolymers, which are designed to be used in implantable medical devices. The product development improved the safety, biocompatibility, and performance of implantable products that are used by medical device customers.

Some of the key players operating in the market are Evonik Industries AG, Medtronic plc, Berkeley Advanced Biomaterials, Corbion, Carpenter Technology Corporation, Zimmer Biomet Holdings, Inc., Invibio Ltd., Covalon Technologies Ltd., BASF SE, Johnson & Johnson, Stryker Corporation, CoorsTek Inc., DentsplySirona, and Collagen Matrix, Inc.among others.

Market Segmentation

By Product

  • Metallic
  • Ceramics
  • Natural
  • Polymers

By Application

  • Ophthalmology
  • Cardiovascular
  • Dental
  • Orthopedic
  • Plastic Surgery
  • Tissue Engineering
  • Neurology
  • Others

By Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Get Customization on this Research Report@ https://www.precedenceresearch.com/customization/1059

Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1059

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 774 402 6168

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/