Number of pages: 100 | Report Format: PDF | Published date: October 03, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global biomaterials market was pegged at US$ 124.5 billion in 2021, and is expected to witness a CAGR of 13.7% during the forecast period from 2022 to 2030.
Biomaterials have various applications in orthopedics, cardiology, neurology, and many more. Biomaterials can be found naturally or developed synthetically. They can be utilized for different situations, such as replacing damaged tissues, organs, or bones. Thus, biomaterials engage with biological systems to achieve therapeutic goals. Therefore, growing demands for biomaterials due to rising road traffic accidents and the increasing prevalence of chronic diseases plays a significant role in augmenting the market expansion.
The global biomaterials market is estimated to experience significant growth in the forecast period. This growth is attributed to the increasing funds/investments by government bodies in the research and development (R&D) department with the expansion of usage scope. Furthermore, growing demands for biomaterials due to the rising prevalence of chronic conditions such as cardiovascular, neurological, and orthopedic disorders contribute to market development. Additionally, increasing road traffic accidents and rising awareness about biomaterials' advantages anticipate market expansion. Moreover, the growing geriatric population and advancement in the healthcare market in emerging economies further accelerate the global biomaterials market growth.
The global biomaterials market has been analyzed from three perspectives: material types, applications, and region.
Biomaterial Market by Material Types
Based on materials type, the global biomaterials market has been segmented into ceramic, polymer, metallic, and natural. Metallic biomaterials dominate the market with the largest revenue share. The dominance of this segment attributes to the vast applications of this segment, such as in orthopedic, stents, joint replacements, and orthodontics. Thus, the growing popularity of this material is because it provides better mechanical properties like stiffness, strong material, and tensile in some cases. Therefore, these properties make the metallic biomaterials a suitable implant material that can bear a good load and provide a satisfactory outcome. Thus, these factors contribute to the development of the metallic biomaterials segment, thereby boosting market growth.
Biomaterial Market by Applications
Based on the applications, the global biomaterials market is segmented into cardiovascular, orthopedic, dental, plastic surgery, wound healing, neurological disorders, tissue engineering, and ophthalmology. The orthopedic segment leads the market with the largest revenue share. A growing number of road traffic accidents and the rising prevalence of orthopedic disorders such as osteoporosis and osteoarthritis contribute to the market expansion. These chronic conditions increase the demands for biomaterials (metallic and ceramic especially), thus upsurging the segment's growth. Furthermore, constant advancement in orthopedic implants can also be considered a driving factor in the market.
The cardiovascular segment holds the second largest revenue share in this market because of the growing disease prevalence, thus, increasing the demand for various biomaterials, especially polymers or natural biomaterials, because of their better compatibility properties.
Biomaterial Market by Region
The global biomaterials market has been segmented based on regions: North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global market with the largest revenue share, attributed to the large population of aged people, high prevalence of cardiovascular and orthopedic conditions, and favorable reimbursement policies. Furthermore, increased initiatives by government/private organizations and constant technological advancement also contribute to market development. Additionally, the presence of multinational market players plays a crucial role in the market growth in this region.
While Europe holds the second largest market share, this can be attributed to heightened technological advancements, increased government grants/funding, and high demands for biomaterials due to the rise in plastic surgeries, neurological disorders, and wound healing. The Asia Pacific, on the other hand, is an emerging region in this market because of the developing healthcare infrastructure, improving medical tourism, and growing geriatric population.
Some of the prominent players operating in the global biomaterials market are:
The Asia Pacific is the fastest-growing region in the global biomaterials market.
The estimated market size of the biomaterials market in 2030 is US$ 395.38 billion.
The global biomaterials market is estimated to grow at a CAGR of 13.7% from 2022 to 2030.
The key market players 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.
*Insights on financial performance are subject to the availability of information in the public domain