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.