New York, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The biomaterials industry encompasses the development and utilization of materials that interact with biological systems, with diverse applications in healthcare.The global biomaterials market was valued at US$ 112 Bn in 2021 and is expected to reach US$ 470 Bn by 2032, advancing at a high-value CAGR of 14.5% from 2022 to 2032.
These materials, including biocompatible polymers, ceramics, and composites, serve specific purposes within the human body and are utilized in various medical fields, including implants, prosthetics, and tissue engineering. Biomaterials find extensive use in dental procedures, ophthalmology, cosmetic surgeries, drug delivery systems, and wound healing. Moreover, they play a pivotal role in crafting medical implants like artificial joints and cardiac stents. The biomaterials market is poised for growth due to advancements in medical technology, enhanced healthcare services, and substantial research and development initiatives driving expansion in the near future.
The biomaterials market is a dynamic and expanding industry that revolves around the development and application of materials designed to interact with biological systems. These materials play a crucial role in various healthcare applications, including the production of implants, prosthetics, and tissue engineering. The global biomaterials market offers a diverse range of materials such as polymers, ceramics, and composites, all engineered to be biocompatible and serve specific functions within the human body.
Biomaterials find widespread use in various medical fields, including dentistry, ophthalmology, cosmetic surgeries, drug delivery systems, and wound healing. They are instrumental in creating a wide array of medical implants, such as artificial joints and cardiac stents, which improve the quality of life for countless patients.
The biomaterials market is in a position of accelerated growth, driven by advancements in medical technology and the continuous enhancement of healthcare services. Extensive research and development activities are contributing to the expansion of this market, with promising opportunities on the horizon. Regional initiatives, favorable government regulations, and the presence of leading market players are further propelling the growth of the biomaterials market, making it a vital component of the global healthcare industry.
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Biomaterials Market Report Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 112 Bn | |
| Estimated Revenue 2032 | US$ 470 Bn | |
| Growth Rate – CAGR | 14.5 % | |
| Forecast Period | 2022-2032 | |
| No. of Pages | 2somages | |
Key Market Segments Covered |
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Regions Covered |
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Key Companies Profiled |
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Biomaterials: Market Dynamics
Surging Demand for Biomaterials in Plastic Surgery and Wound Healing Biomaterials have gained substantial traction, particularly in plastic surgery and wound healing applications, where they play pivotal roles in reconstructing, repairing, and safely covering soft tissue injuries, burns, or gaps within the human body. The increasing interest in aesthetic cosmetic procedures, complemented by ongoing technological advancements and innovations, is expected to propel the demand for biomaterials in plastic surgery and wound healing applications in the foreseeable future.
Challenge: Stringent Clinical and Regulatory Processes The regulatory landscape governing biomaterial-based medical devices is marked by rigorous oversight, particularly in regions like North America, Europe, and Asia, aimed at ensuring their quality and efficacy. Given that many biomaterial-based medical devices are implantable, rigorous scrutiny is imperative. New biomaterials must substantiate their safety and effectiveness before gaining marketing approval. In the United States, the Food and Drug Administration (FDA) mandates stringent guidelines and regulations. Notably, implantable devices such as pacemakers, stents, and heart valves, all categorized as Class III devices with the highest potential risk, are subject to the most rigorous premarket approval application pathway.
Opportunity: Thriving Healthcare Markets in Emerging Economies The biomaterials market in emerging economies presents promising growth prospects, attributed to factors including an expanding patient population, increased adoption of implantable devices, heightened awareness of cardiovascular diseases (CVDs), rising disposable incomes, improved healthcare infrastructure, and relatively less stringent regulatory frameworks compared to developed nations.
The BRICS countries (Brazil, Russia, India, China, and South Africa) stand out as some of the world's fastest-growing economies. The World Economic Forum has projected significant contributions from these emerging economies to global healthcare expenditure by 2020, accounting for one-third of the total. A surge in demand for surgical procedures, a growing elderly population, and an increasing incidence of target diseases are pivotal drivers fueling the demand for advanced healthcare services and innovative medical devices within the healthcare systems of these nations. This presents substantial growth opportunities for industry players in the coming years.
In terms of biomaterial types, metallic biomaterials currently hold the largest market share, primarily owing to their extensive use in the manufacture of medical devices for cardiovascular, dental, and orthopedic applications. Conversely, the polymeric biomaterials segment is poised for the highest compound annual growth rate (CAGR) during the forecast period, primarily due to the increasing utilization of polymers in soft-tissue applications such as plastic surgeries.
Regarding application, the cardiovascular segment commands the largest share in the biomaterials market, driven by the escalating prevalence of cardiovascular diseases, the expanding elderly population, a rise in angiography procedures, and the surging adoption of cardiac stents, pacemakers, and implantable cardiac defibrillators.
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Market Players:
- 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
- Collagen Matrix, Inc.
Regional Analysis:
North America is positioned to lead the global biomaterials market in the forecast period, driven by a multitude of private and public initiatives. Notably, organizations like The National Institute of Standards and Technology and The National Science Foundation provide expertise and guidance on the utilization of biomaterials in biomedical applications. Consequently, the adoption of biomaterials has surged in the region. Additionally, favorable government regulations and the presence of numerous prominent market players are expected to propel the growth of the biomaterials market in North America.
Following North America, Asia Pacific is poised to make significant strides in terms of revenue share. Several factors contribute to this, including the region's aging population, which has led to an increased demand for surgeries due to a rising incidence of bone fractures. Notably, China and India are two major countries expected to make substantial contributions to the biomaterials market in Asia Pacific. In India, the biomaterials market is rapidly expanding, with orthopedic, cardiovascular, and dental biomaterials projected to dominate. Furthermore, the increasing adoption of implanted devices and improvements in healthcare infrastructure across Asia Pacific are anticipated to further bolster market growth in the region.
Market Segmentation:
Biomaterials have a wide range of applications in dental, cardiovascular, orthopedic, wound healing, neurology, and surgery, among others.
The cardiovascular segment contributed substantially to the global biomaterials market, followed by the orthopedic segment. Owing to the developments, and changing lifestyles of people, the other segment such as plastic surgery and wound healing segments are expected to show the highest growth in the near future.
Biomaterials Industry Research Segmentation
By Material:
- Metallic Biomaterials
- Ceramic Biomaterials
- Polymeric Biomaterials
- Natural Biomaterials
By Application:
- Dental
- Cardiovascular
- Orthopedic
- Wound Healing
- Neurology
- Surgery
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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