New York, United States , June 25, 2024 (GLOBE NEWSWIRE) -- The Global Biomaterials Market Size is to Grow from USD 145.5 Billion in 2023 to USD 528.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.77% during the projected period.
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Biomaterials are synthetic or natural materials artificially created and utilized in medical technology to augment the function of damaged tissues and organs. The widespread medical application of biomaterials includes medical implants in the heart, artificial joints, ligaments, and tendons, hearing loss implants, dental implants, and nerve-stimulating devices. The success of using biomaterials is increasing because of improved surgical skills and an improved understanding of body interaction with biomaterial-based devices. The thermal conductivity and mechanical properties of metals are the significant reasons behind the usage of metallic biomaterials as internal support in biological tissues and thus emerged as a preferred choice among manufacturers and healthcare professionals. The rising number of research activities, growing number of free-trade agreements, and ongoing clinical trials are leveraging lucrative market opportunities for biomaterials. The growing demand for biomaterials in plastic surgery and wound healing applications is driving the global biomaterials market. The increasing prevalence of cardiovascular diseases and orthopedic replacements, arthritis, and sports injuries are fueling the market demand for biomaterials. The increased funds and grants from government bodies and universities for the development of novel biomaterials are all significantly driving the market growth of biomaterials. On the contrary, the stringent clinical and regulatory processes required for the approval of biomaterials in medical devices are restraining the global biomaterials market.
Browse key industry insights spread across 267 pages with 110 Market data tables and figures & charts from the report on the "Global Biomaterials Market Size, Share, and COVID-19 Impact Analysis, By Type (Natural Biomaterial, Metallic Biomaterial, Ceramic Biomaterial, and Polymeric Biomaterial), By Application (Neurology, Cardiovascular, Orthopedics, Ophthalmology, Wound Care, Dental, Plastic Surgery, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The metallic biomaterial segment dominates the market with the largest revenue share through the forecast period.
Based on type, the global biomaterials market is segmented into natural biomaterial, metallic biomaterial, ceramic biomaterial, and polymeric biomaterial. Among these, the metallic biomaterial segment dominates the market with the largest revenue share through the forecast period. Metallic biomaterials are designed to give biological tissues intrinsic support, most often used for orthopedic fixations, dental implants, stents, and joint replacements. There is growing use of metallic biomaterials owing to their advantageous mechanical properties such as stiffness, which makes them suitable for load-bearing implants.
The cardiovascular segment is anticipated to hold the largest market share through the forecast period.
Based on the application, the global biomaterials market is segmented into neurology, cardiovascular, orthopedics, ophthalmology, wound care, dental, plastic surgery, and others. Among these, the cardiovascular segment is anticipated to hold the largest market share through the forecast period. Specialized biomaterials such as biocompatible polymers and metals, ensure minimal adverse effects and facilitate easier restoration of cardiovascular health. The rising incidence of cardiovascular disorders and the developing trend of biodegradable cardiovascular biomaterials, as sustainable solutions and minimally invasive approaches lead to enhanced market growth.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The increasing demand for effective treatment or diagnostic procedures in the medical sectors along with the increasing incidence of chronic diseases and other infectious diseases are anticipated to drive the market. The growing preference for plastic surgery owing to increasing beauty consciousness in the region drives the market growth. Further, the growing emphasis on introducing innovative products with the latest technology and ensuring better treatment procedures upsurges the market growth in the region.
Asia-Pacific region is expected to grow the fastest during the forecast period. The rising prevalence of chronic conditions like diabetes, CVDs, and arthritis along with the growing aging population in the region are driving the market demand. The increasing number of patients suffering from CVDs and other chronic diseases, acceptance of implanted devices, awareness about CVDs, and advancement in healthcare infrastructure are driving the biomaterials market. In addition, government grants and investments, innovative technologies such as hydrogen scaffolding, and decellularized dermal matrixes for grafting are driving regional market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global biomaterials market are Berkeley Advanced Biomaterials, Carpenter Technology Corporation, Covalon Technologies Ltd., Stryker Corporation, Evonik Industries, Johnson & Johnson, Corbion, Medtronic, Zimmer Biomet Holdings, Inc., Invibio Ltd., Dentsply Sirona, CoorsTek Inc., Corbion, Regenity Biosciences, and Other Key Players.
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Recent Developments
- In September 2023, Biomaterials startup altM has raised $3.5 million in seed funding led by Omnivore. altM aims to develop scalable biomaterials to help large industries. The startup is known for using agricultural residues for production to reduce carbon footprints.
- In September 2023, the University of Birmingham Enterprise announced the launch of the Birmingham Dental and Biomaterials Testing Service (BiMaTs), to provide consultancy and a comprehensive material testing service for dental and biomaterial manufacturers.
- In June 2023, IFF announced the launch of its new-to-the-world Designed Enzymatic Biomaterials (DEB) technology for the development of biobased materials at scale. Designed to deliver meaningful sustainability benefits with performance comparable or superior to fossil-based materials – DEB technology helps to address growing preferences for environmentally friendly, high-performance biopolymers.
- In February 2023, Covestro, a leading producer of advanced polymers and high-performance plastics in the United States and around the world, developed Makrolon 3638 polycarbonate. Polycarbonates from Covestro are found in some of modern technology’s most essential medical devices and play a major role in the development of next-generation, life-saving technology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global biomaterials market based on the below-mentioned segments:
Global Biomaterials Market, Type Analysis
- Natural Biomaterial
- Metallic Biomaterial
- Ceramic Biomaterial
- Polymeric Biomaterial
Global Biomaterials Market, Application Analysis
- Neurology
- Cardiovascular
- Orthopedics
- Ophthalmology
- Wound Care
- Dental
- Plastic Surgery
- Others
Global Biomaterials Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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