According to
the deep-dive market assessment study by Growth+ Reports, the global biomaterials
market was pegged at ~ US$ 124.5 billion in 2021. The market is expected to
witness a CAGR of ~13.7% from 2022 to 2030.
Biomaterials is
a rapidly growing industry and is expected to experience significant growth in
the forecast period. Biomaterials are used to replace damaged tissues, organs,
or bones and restore the functions of the damaged part of the body. Thus,
increasing the demand for biomaterials among the patient population. The market
growth can be attributed to the rising government funding for research and
development (R&D) initiatives. Additionally, market development is fueled
by the increasing popularity of biomaterials because of the growing prevalence
of chronic illnesses such as cardiovascular diseases, neurological diseases,
and orthopedic disorders. Moreover, growing road accidents and rising awareness
about various benefits of biomaterials contribute to market growth. In addition,
the increasing geriatric population and development in the healthcare domain in
emerging countries also help propel the growth of the biomaterials market.
A growing
prevalence of cardiovascular illness and orthopedic disorders is a major
driving factor for the market growth. The ever-increasing orthopedic
disorders/incidences such as fractures, osteoporosis, osteoarthritis, and so on
propel the market. Similarly, cardiovascular diseases are one of the prominent
factors for the death rates in the group. This is because of the failure of any
tissue or part of the organ, thus increasing the demand for biomaterials replacing
the natural tissue. American Heart Association stated that nearly 874,613 deaths
were noted in the United States in 2019 because of cardiovascular disease (CVD).
Increasing adoption
of advanced technologies such as implantable devices is also beneficial in the biomaterials
market. The utilization of enhanced biomaterials for impants such as usage of
HAPEX by Smith and Nephew, which is a hydroxyapatite (HA) reinforced
polyethylene (PE) is the ‘second-generation’ biomaterials and is mostly used in
orthopedic treatments. This material acts as the bioactive agent that promotes
osteoblast attachment, wherein PE, the matrix, is a stable, non-biodegradable
inert polymer. The growing cases of accidents, orthopedic problems,
cardiological disorders, arthritis, etc. thus, increases the demand for
implantable devices. Additionally, a sedentary lifestyle and the growing consumption
of sugary foods lead to chronic health conditions. Therefore, these factors raise
the need for biomaterial implants among patients, thus improving the market
expansion.
Advancement
in the healthcare domain in emerging countries further helps in market
expansion. This can be owed to the growing patient pool, increasing adoption of
advanced technologies, and rising awareness about the advantages of
biomaterials. Furthermore, increasing disposable income and healthcare
infrastructure in these economically developing countries is an excellent
opportunity for the biomaterials Market.
However, the high
cost of biomaterials and compatibility issues are a few challenges for the
market growth. Patients in low-income countries often cannot afford advanced biomaterials,
reducing the utilization of these materials in such countries and restraining
market expansion. Furthermore, problems related to the compatibility of these
materials can also cause severe issues and sometimes can be fatal for the
patients, thus negatively impacting the market expansion.
North America holds the largest revenue share
in the global biomaterials Market. This is attributed to the large patient base
of chronic diseases, growth in the aged population, and favorable reimbursement
policies. Furthermore, the rise in the demands for biomaterials, increased
government initiatives, and the presence of multinational market players also
contribute to market development. At the same time,
Europe holds the second position in terms of revenue share. The growth is due
to high demands for biomaterials because of the increasing uptake of plastic
surgeries, neurological problems, cardiological disorders, and orthopedic
illnesses. Additionally, rapid adoption of technological advancement and
increased government/private investments also contributes to market
development.
While the Asia Pacific is an emerging region
in this market, the growth of this market is attributed to the rapidly developing
healthcare infrastructure, improving medical tourism, and growing elderly
population. Moreover, the rising adoption of biomaterials and implantable devices
proves beneficial for the growth of the global biomaterials market.
Some of the
prominent players operating in the global biomaterials market are Wright Medical Group N.V. (Stryker), Invibio Ltd.,
Evonik Industries AG, Covalon Technologies Ltd., CRS Holdings LLC., Noble
Biomaterials Inc., Zimmer Biomet Holdings Inc., Victrex plc., Berkeley
Advanced Biomaterials Inc., CoorsTek Inc., and Koninklijke DSM N.V. among
others.
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