Biomaterials Market: Size, Growth Analysis, and Forecast 2023-2030

New York, March 29, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the biomaterials market is poised for strong expansion and is expected to reach USD 390.09 Billion by 2030. The market, which was valued at USD 139.99 Billion in 2022, is predicted to grow at a compound annual growth rate of 13.7% during the period 2023-2030. The report highlights the increasing demand for cardiovascular devices, as well as the need for improved biomaterials to ensure the efficient replacement of damaged tissues, as key factors driving the market growth. Reports Insights' study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the biomaterials market.

Biomaterials Market Size, Share & Trends Analysis, By Material Type (Metals Biomaterials (Stainless Steel, Titanium Alloys, Cobalt Alloys, and Others (Gold, Silver, and Magnesium)), Ceramics Biomaterials (Zirconia Ceramics, Calcium Phosphate, and Others), Polymers Biomaterials (Polyester, Polyethylene, Polypropylene, Polymethyl Methacrylate, and Others), Natural Biomaterials (Hyaluronic Acid, Collagen, Gelatin, Fibrin, Cellulose, and Others)), Application (Orthopedic Implants (fixation (Bone Plates, Screws, Pins, Roads, and Others), Artificial Joints, Artificial Spines, Joint Replacements (Knee Replacement, Shoulder Replacement, and Others), Synthetics Bone Grafts, and Others), Dental Implants (Dental Implants, Dental Bone Grafts, and Others), Cardiovascular Devices (Catheters, Stents, Implantable Cardiac Defibrillators, Vascular Grafts, and Others), Wound Care, Tissue Engineering, Drug Delivery Systems, and Others (Hearing Loss Implants, Devices that Stimulate Nerves)), and By Region, Forecast Period 2023 – 2030.

ReportsInsights Consulting Pvt. Ltd. provided an inclusive research report on the biomaterials market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as material type, application, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.

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The increasing prevalence of chronic diseases, growing aging population, and the rising demand for biocompatible materials are the key factors expected to increase the growth of the market in the coming years.

Increasing cardiovascular diseases, cancer, diabetes, and chronic respiratory diseases are the key factors driving the market growth. In the development of medical devices and implants for the treatment of chronic diseases such as cardiovascular diseases, cancer, and osteoarthritis, biomaterials are used to provide a scaffold for cell growth and tissue regeneration. For instance, in orthopedic implants, biomaterials are used to replace damaged bone or cartilage, providing a scaffold for the growth of new tissue. Further, biomaterials are also used in the development of medical devices such as pacemakers, stents, and artificial heart valves. These devices are designed to interact with the body's tissues and organs, and biomaterials play a critical role in ensuring that they are biocompatible and do not cause adverse reactions.

The global players dealing in the biomaterials markets are leveraging their technological potential for innovation in the research and development of the technological advancement of biomaterials. As a result, biomaterials are launching a new range of products to strengthen their market position in the global market. Thus, the advancement of new technologies for biomaterials will create a potential opportunity for market growth in the upcoming years.

Biomaterials Market Research Report Snapshot :-

Furthermore, increasing demand for personalized medicine is another driver for the growth of the biomaterial market a growing trend that aims to provide individualized treatment options based on a patient's genetic makeup and other factors. The personalized medicine market represents an opportunity for biomaterials companies to develop new products and solutions that can meet the unique needs of individual patients. For instance, biomaterials can be used in personalized medicine for the development of patient-specific implants. Using advanced imaging techniques such as CT or MRI scans, a 3D model of the patient's bone or tissue can be created. Then, this model can be used to design a custom implant that is tailored to the patient's unique anatomy.

Moreover, the advancement in manufacturing technologies such as powder metallurgy, additive manufacturing, 3-D printing, and others are fostering the demand for smart biomaterials for accurate physiological functions that will create a lucrative opportunity for the global biomaterials market growth during the projected forecast period.

Also, the expansion of the medical and healthcare industry in emerging markets is driven by factors such as rising purchasing power, improved standards of living, and others. Such expansion is estimated to create opportunities for the biomaterials market growth, as manufacturers in medical and healthcare focus on introducing product innovations for the efficient restoring function of tissues.

Key Market Takeaways

• The global biomaterials market size is anticipated to reach around USD 390.09 billion by 2030 with an astonishing CAGR of 13.7% during the forecast period (2023-2030).
• Based on material type, the polymer biomaterials segment accounted for the highest share contribution to the biomaterials market statistics in 2022.
• In the context of the application, the cardiovascular devices segment is expected to contribute significant shares to the growth of biomaterials market statistics during the forecast period.
• North America will create favorable circumstances for market growth in terms of value and volume due to the growing incidence of chronic diseases such as cardiovascular diseases, diabetes, and cancer.
• With increased prevalence of chronic diseases in countries such as India, Malaysia, and Thailand, Asia Pacific is expected to boost the market demand for superior healing of tissues.

Global Biomaterials Market Segmentation Details:

Based on Material Type, the polymers biomaterials segment contributed the largest shares to the market growth in 2022. Polymer biomaterials are a class of biomaterials that are composed of synthetic or natural polymers and these polymers are designed to interact with biological systems, either to replace or repair damaged tissue or to support the function of an existing biological system. Polymer biomaterials are widely used in medical devices, implants, and regenerative medicine. They offer several advantages such as biocompatibility, mechanical strength, and the ability to be tailored for specific applications, in turn driving the market growth.

Based on Application, the cardiovascular devices segment is anticipated to offer substantial shares to the Global Biomaterials Market growth during the forecast period, due to the rising prevalence of cardiovascular diseases globally. According to the World Health Organization, cardiovascular diseases are the leading cause of death worldwide, accounting for 17.9 million deaths per year.

Further, biomaterials are used in a range of cardiovascular devices such as stents, heart valves, and pacemakers. These devices require materials that are biocompatible, durable, and can withstand the harsh conditions of the cardiovascular system. For instance, bioresorbable vascular scaffolds (BVS) are a type of stent that is made from biomaterials and is designed to dissolve over time. These stents provide support to the damaged blood vessel and then gradually dissolve, allowing the blood vessel to heal naturally.

Based on region, North America accounted for the largest share contribution to the market growth in 2022. North America region is home to many biomaterial providers, who offer a wide range of biomaterials for different applications. For instance, some of the major biomaterial providers in the region include Medtronic plc, Johnson & Johnson, Berkeley Advanced Biomaterials, Inc., and Stryker Corporation. In addition, the North American region has a well-established healthcare infrastructure and with the growing incidence of chronic diseases such as cardiovascular diseases, diabetes, and cancer, the demand for biomaterials is expected to continue to grow in the region.

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Biomaterials Market Growth Drivers:

• The increasing cases of accidents due to industrial operations, road accidents, and others are fostering the demand for medical products such as orthopedic implants, artificial joints, and others, which, in turn, is bolstering the biomaterials market growth.
• Rising prevalence of cardiovascular diseases globally is augmenting the growth of the biomaterials market.
• The growing adoption of polymer biomaterials in medical devices, implants, and regenerative medicine is proliferating the market growth at the global level.

Restraints

• The increasing regulatory framework for the testing and superior quality of biomaterials in countries such as the United States, Germany, and Japan, among others may restrain the market in the long run.
• The biomaterials can cause infections, mechanical failure, and immunogenic reactions to the implantable device. These functional failures of biomaterials are creating a roadblock to market growth at the global level.

Competitive Landscape

As per the research, Medtronic plc., Johnson & Johnson, DSM N.V., and Evonik Industries AG are major market players that comprise the latest market circumstances. Such companies are continuously leveraging new technologies such as additive manufacturing and advanced materials to develop innovative solutions that are more efficient, lightweight, and cost-effective as compared to conventional materials. Further, the biomaterials market is expected to grow steadily due to rising demand for medical implants, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend towards advancement in orthopedic implants is also estimated to drive demand for biomaterials which is anticipated to increase the competition in the market.

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Recent Developments:

In November 2020, In2Bones Global's subsidiary, In2Bones USA, partnered with Invibio Limited to research, develop and manufacture lower extremity implants using Invibio's PEEK-OPTIMA Ultra Reinforced (POUR) carbon fiber technology.

In May 2022, DuPont announced the completion of the previously announced sales of its Biomaterials business unit to the Huafon Group for a purchase price of approximately USD 240 million.

List of Major Global Biomaterials Market Players

• Medtronic plc.
• Johnson & Johnson
• DSM N.V.
• Evonik Industries AG
• Dentsply Sirona
• Corbion N.V.
• Berkeley Advanced Biomaterials, Inc.
• Invibio Ltd.
• Stryker Corporation
• Covalon Technologies Ltd.

Global Biomaterials Market Segmentation: 

• By Material Type
  • Metals Biomaterials
    • Stainless Steel
    • Titanium Alloys
    • Cobalt Alloys
    • Others
      • Gold
      • Silver
      • Magnesium
  • Ceramics Biomaterials
    • Zirconia Ceramics
    • Calcium Phosphate
    • Others
  • Polymers Biomaterials
    • Polyester
    • Polyethylene
    • Polypropylene
    • Polymethyl Methacrylate
    • Others
  • Natural Biomaterials
    • Hyaluronic Acid
    • Collagen
    • Gelatin
    • Fibrin
    • Cellulose
    • Others
• By Application
  • Orthopedic Implants
    • fixation
      • Bone Plates
      • Screws
      • Pins
      • Roads
      • Others
    • Artificial Joints
    • Artificial Spines
    • Joint Replacements
      • Knee Replacement
      • Shoulder Replacement
      • Others
    • Synthetics Bone Grafts
    • Others
  • Dental Implants
    • Dental Implants
    • Dental Bone Grafts
    • Others
  • Cardiovascular Devices
    • Catheters
    • Stents
    • Implantable Cardiac Defibrillators
    • Vascular Grafts
    • Others
  • Wound Care
  • Tissue Engineering
  • Drug Delivery Systems
  • Others
    • Hearing Loss Implants
    • Devices that Stimulate Nerves

Key Questions Covered in the Biomaterials Market Report

What will be the potential market valuation for the biomaterials industry by 2030?

What insights are covered by the factors driving the growth of the biomaterials market, as well as the opportunities and challenges that may impact the market’s future development?

What specific segmentation details are covered in the biomaterials market report, and how do they contribute to the overall market analysis?

What are some of the most important applications of biomaterials, and how do they impact the industry's growth potential?

Based on current market trends and future predictions, which geographical region will have the largest impact on the biomaterials market's growth in the coming years?

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