The global biomaterials market is anticipated to grow at a moderate CAGR of 15.4% between 2022 and 2032 to reach a market worth of US$ 156.2 billion by the year 2022. By the end of 2032, the market for biomaterials is projected to be worth roughly US$ 654.4 billion.
As the prevalence of cardiovascular diseases, orthopaedic replacements, rheumatoid arthritis, and sports injuries rises, so is the demand for implantable devices. Poor habits, inactivity, and an ageing population are among factors that contribute to chronic health problems. This is altering the outlook for the biomaterials market.
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According to a market analysis of biomaterials, over the previous few years, biomaterials have seen an increase in demand and use in a number of medical applications. Several governmental organisations and academic institutions have contributed money, grants, and investments to the advancement of research into the development of novel biomaterials.
The biomaterials market analysis suggests that in order to ensure their efficacy and quality, devices comprised of biomaterials must undergo a thorough clinical and regulatory process. Participants in the biomaterials market are hesitant to make investments in this market as a result. These are the factors that are projected to restrain the growth of the biomaterials market during the forecast period.
The demand for biomaterial-based implants is anticipated to increase due to the increased prevalence of musculoskeletal and chronic skeletal medical disorders, which will fuel biomaterials market expansion. The growing elderly population, who are at a higher risk of osteoarthritis, osteoporosis, and other musculoskeletal problems, is another factor driving up demand for orthopedic implants.
During the anticipated period, the biomaterials market in emerging nations is anticipated to expand significantly. This is mostly due to the growing patient population, rising implanted device usage, more CVD awareness, rising disposable income, improved healthcare infrastructure, and the existence of less strict regulatory rules (in comparison to developed countries) in these countries.
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Key Takeaways from Market Study
- Due to the broad range of product applications, the polymer product category led the biomaterials market in terms of revenue in 2021 with a share of 28.2 percent and is predicted to maintain its dominance throughout the forecast period.
- With a revenue share of 23.0 percent in 2021, the orthopaedic application segment dominated the biomaterials market in terms of revenue.
- Due to the rise in aesthetic surgeries and the use of biomaterials during these operations, the plastic surgery application segment is anticipated to expand significantly over the next several years increasing the sales of
- Because of several public and private organisations’ initiatives, North America dominated the biomaterials market and had the highest revenue share of 38.2 percent in 2021.
- During the anticipated period, Europe is anticipated to hold the second-largest biomaterials market share. Market expansion in the region is largely due to key companies launching more cutting-edge items on the market.
Competitive Landscape
The main methods used by the prominent companies to maintain their biomaterials market dominance are the expansion of product portfolios through various new product developments and inorganic growth through acquisition, mergers, and partnerships. Additionally, a focus on strategically growing their global footprint through a network of global distribution channels is expected to provide them a strong foothold in the biomaterials industry.
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Recent Developments in Global Polycarbonate Market
In order to meet the unique requirements and demand for care in ambulatory surgery centres (ASCs) and office-based laboratories, Medtronic and GE Healthcare established a partnership in April 2022. (OBLs). As a result of this new agreement, customers will have access to a wide range of products, financial solutions, and excellent support.
A biomanufacturing platform is being developed by US-based startup Transfoam. The startup’s bioprocess turns plastic waste into totally biodegradable polyhydroxybutyrate using engineered microorganisms (PHB). After disposal, PHB only leaves a small amount of carbon dioxide and water behind. It also has characteristics with conventional single-use plastics. As a result, producers are better equipped to replace single-use plastics and lessen environmental damage, which helps with the shift to a circular economy.
Key Players :
- Medtronic plc
- Evonik Industries AG
- Carpenter Technology Corporation
- Berkeley Advanced Biomaterials
- Invibio Ltd.
- Zimmer Biomet Holdings, Inc.
- BASF SE
- Covalon Technologies Ltd.
- Stryker
- Johnson & Johnson
- Dentsply Sirona
- CoorsTek Inc.
- Corbion
Biomaterials Market by Segmentation
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
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