Austin, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The S&S Insider report indicates that, “The Biomaterials Market was valued at USD 178.08 billion in 2023 and is expected to reach USD 650.56 billion by 2032, growing at a CAGR of 15.52% over the forecast period from 2024 to 2032.”
Overview of the Biomaterials Market
The growing demand for healthcare services, coupled with technological advancements in biomaterials, has further fueled market growth. Moreover, the rising prevalence of chronic diseases, the aging population, and the increased need for advanced medical treatments, such as implants and prosthetics, are key drivers contributing to the market's expansion.
In recent years, significant strides in research and development have led to the creation of new and more effective biomaterials, particularly those with enhanced biocompatibility, mechanical strength, and ease of integration with human tissue. These developments have led to a broader range of applications, from simple medical implants to complex tissue engineering solutions. The supply of high-quality biomaterials has expanded through innovations in manufacturing processes, while demand is driven by advancements in surgical techniques and the increasing global healthcare expenditure. This combination of demand and supply factors ensures sustained growth in the biomaterials market, with a promising outlook for the years ahead.
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Major Players:
- Collagen Matrix, Inc. (Collagen-based biomaterials)
- Dentsply Sirona (Osseoset, BioMend)
- CoorsTek Inc. (Bioceramics, Ceramic Biomaterials)
- Stryker Corporation (Trident, Osteoset)
- Johnson & Johnson (BIO-OSS, DePuy Synthes Biomaterials)
- BASF SE (Evolva, Biomaterials for drug delivery)
- Jellagen (Marine Collagen)
- Covalon Technologies Ltd. (Covalon Collagen, IV Clear)
- Invibio Ltd. (PEEK-Optima)
- Zimmer Biomet Holdings, Inc. (Trabecular Metal, Grafton)
- Carpenter Technology Corporation (Titanium and stainless steel biomaterials)
- Corbion (Purasorb, Biopolymer products for tissue engineering)
- Berkeley Advanced Biomaterials (Hydroxyapatite, Calcium Phosphate)
- Medtronic plc (Infuse Bone Graft, Grafton DBM)
- Evonik Industries AG (Resomer, Bioresorbable Polymers)
- MycoWorks (Reishi Biomaterial)
Biomaterials Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 178.08 Billion |
| Market Size by 2032 | USD 650.56 Billion |
| CAGR | CAGR of 15.52% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | •By Product (Metallic, Natural, Ceramics, Polymers) •By Application [Cardiovascular (Sensors, Stents, Guidewires, Implantable Cardiac Defibrillators, Pacemakers, Vascular Grafts, Others), Ophthalmology (Synthetic Corneas, Intraocular Lens, Contact Lens, Ocular Tissue Replacement, Others), Dental (Tissue Regeneration Materials, Dental Implants, Bone Grafts & Substitutes, Dental Membranes, Others), Orthopedic (Joint Replacement biomaterials, Orthobiologics, Bioresorbable Tissue Fixation Products, Viscosupplementation, Spine Biomaterials, Others), Wound Healing (Fracture Healing Device, Adhesion Barrier, Skin Substitutes, Internal Tissue Sealant, Surgical Hemostats, Others), Tissue Engineering, Plastic Surgery (Facial Wrinkle Treatment, Soft Tissue Fillers, Craniofacial Surgery, Bioengineered Skins, Peripheral Nerve Repair, Acellular Dermal Matrices, Others), Neurology (Neural Stem Cell Encapsulation, Shunting Systems, Hydrogel Scaffold For CNS Repair, Cortical Neural Prosthetics, Others), Others] |
| Key Drivers | • Rising Demand for Biomaterials in Wound Healing |
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Segment Analysis
By Product
The metallic segment is the market leader, accounting for over 40.0% of the revenue share in 2023. Metallic biomaterials are highly favored due to their superior mechanical strength, biocompatibility, and corrosion resistance. These materials are widely used in orthopedic applications, including implants and prosthetics, because of their load-bearing capacity. The segment's continued dominance is expected due to the ongoing improvements in metallic biomaterials, which are making them even more suitable for a wide range of medical applications. Examples include orthopedic surgeries that require fracture fixation plates, joint prostheses for the hips, knees, shoulders, and ankles, and the continued use of metallic biomaterials in surgical implants.
By Application
The orthopedic segment held the largest share of the market in 2023, driven by the high load-bearing capacity of metallic biomaterials, which are essential for implantable devices such as hip and knee replacements. Additionally, the development of advanced orthopedic implants continues to drive demand. For instance, DiFusion Inc. secured FDA approval in November 2019 for its Xiphos-ZF spinal interbody device, which incorporates a novel biomaterial blend of polyetheretherketone (PEEK) and titanium, reducing cytokine markers associated with inflammation. As the population ages, the demand for orthopedic treatments will continue to rise, ensuring the sustained growth of this segment.
Regional Analysis
Dominating Region: North America
In 2023, North America held the largest market share of the biomaterials market, driven by strong demand in the healthcare sector and high levels of R&D investments. The U.S. is a leader in medical innovations and is home to numerous companies driving advancements in biomaterials, particularly for orthopedic and dental applications. The region benefits from a well-established healthcare infrastructure, high healthcare spending, and increasing awareness of advanced medical technologies, contributing to the growth of biomaterials in the region. Leading companies in the U.S., such as Zimmer Biomet and Invibio Biomaterial Solutions, have also significantly impacted the market with their latest developments in biomaterials for medical devices.
Fastest-Growing Region: Asia-Pacific
The Asia-Pacific (APAC) region is expected to experience the fastest growth in the biomaterials market over the forecast period. The region is witnessing rapid advancements in healthcare infrastructure, particularly in countries such as China, Japan, and India. The rise in healthcare spending, growing medical tourism, and increasing prevalence of chronic diseases are significant contributors to this growth. Additionally, the aging population and the demand for advanced medical treatments are key factors propelling the market in the APAC region. Companies in APAC, such as Wendt India Limited and Japan's Kyocera Corporation, are exploring new applications for biomaterials in orthopedic implants and dental devices. These developments are likely to drive the market's growth and make APAC a key player in the global biomaterials sector.
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Recent Developments
- July 2024: Bioengineers at Rice University are working on developing an insulin-producing device for Type 1 diabetes patients using 3D printing and advanced biomaterials. This collaboration, funded by JDRF, aims to create an implant capable of detecting blood glucose levels and releasing insulin as needed.
- January 2024: IFF and Kemira launched the second phase of their partnership to commercialize renewable polymers derived from IFF’s Designed Enzymatic Biomaterials (DEB) technology platform. The sustainable polymers will be produced at a new biomanufacturing plant in Finland, starting in mid-2024.
- March 2023: Invibio Biomaterial Solutions launched PEEK-Optima AM filament, a polyetheretherketone polymer designed for the production of 3D-printed medical devices, marking a significant advancement in the use of biomaterials for medical applications.
- January 2023: Zimmer Biomet Holdings, Inc. acquired Embody, Inc. for USD 155 million, aiming to enhance its sports medicine portfolio and soft tissue healing solutions, which are critical applications for biomaterials.
- October 2023: Evonik introduced VESTAKEEP iC4612 3DF and iC4620 3DF filaments, the world’s first carbon-fiber-reinforced PEEK materials for 3D-printed medical implants, reinforcing Evonik’s position in advancing patient-specific treatments.
Table of Contents – Major Key Points
1. Introduction
- Market Definition
- Scope (Inclusion and Exclusions)
- Research Assumptions
2. Executive Summary
- Market Overview
- Regional Synopsis
- Competitive Summary
3. Research Methodology
- Top-Down Approach
- Bottom-up Approach
- Data Validation
- Primary Interviews
4. Market Dynamics Impact Analysis
- Market Driving Factors Analysis
- PESTLE Analysis
- Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Device Volume, by Region (2020-2032)
- Healthcare Spending, by Region, (Government, Commercial, Private, Out-of-Pocket), 2023
- Number of Surgeries
6. Competitive Landscape
- List of Major Companies, By Region
- Market Share Analysis, By Region
- Service Benchmarking
- Strategic Initiatives
- Technological Advancements
- Market Positioning and Branding
7. Biomaterials Market Segmentation, by Product
8. Biomaterials Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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