Biomaterials Market

Biomaterials Market Size (2022 to 2027)

The global biomaterials market is estimated to be worth 110.6 billion USD in 2022 and 217.6 billion by 2027, growing at a CAGR of 14.5% during the forecast period. Over the past few years, the demand for biomaterials usage in different medical applications has increased globally.

A biomaterial is any substance or combination of synthetic or natural origin. Biomaterials are vital in orthopedic surgeries, most notably in knee replacements. According to the Journal of Bone and Joint Surgery, knee replacement demand will rise enormously in the coming years. A similar source proposes the need for entire hip replacements to register 572,000 patients by 2030. With such an incredible increase in demand in the orthopedic sector, the biomaterials market will soon be subject to significant growth. Nanotechnology contributions researchers are working on recovering energy from the human body to use power to operate implantable biomedical devices.

MARKET DRIVERS:

Y-O-Y rise in the prevalence of chronic skeletal and musculoskeletal medical conditions is fuelling the demand for biomaterial implants, which is expected to boost the global biomaterials market growth.

Growing demand for orthopedic implants, the geriatric population, rising incidences of osteoporosis, and other musculoskeletal disorders are other factors propelling the growth rate of the biomaterials market. 

Additionally, rising private and public sector investments in the medical sector, growing incidences of cardiovascular diseases, increasing demand for medical implants, and increasing prevalence of the quality of therapeutic procedures are expected to fuel the market growth for biomaterials. Furthermore, the launch of reimbursement schemes and rising capital income in both developed and developing countries boost the market demand. In addition, several government agencies and universities are expanding their assistance through loans, funds, and grants to support research and development in biomaterials.

MARKET RESTRAINTS:

However, factors like the high cost of biomaterial production and polymers, inflammatory responses found because of compatibility issues, and complications with these products limit the growth rate of the global biomaterials market. Lack of knowledge for biomaterial devices is slowly hampering demand for the market. The equipment in the laboratories requires massive amounts for maintenance and installation; strict rules and regulations taken by the government in concern for patient's health are limiting the market's growth.

Impact of COVID-19 on the global biomaterials market:

The World Health Organization declared a pandemic on March 11, 2020, in response to the recent acute respiratory syndrome coronavirus 2 (SARS-CoV-2) outbreaks (COVID-19). Biomaterials are synthetic or natural materials that are artificially derived and used in medical technology to enhance damaged tissues and organs. Biomaterials interacting with biological processes are used in medical applications such as respiratory, dental, orthopedic, and neurological disorders. Moreover, heavy funding by government agencies for the invention of new goods provides new scope for the growth of the biomaterials market. With the World Health Organization (WHO) declaring the COVID-19 epidemic a pandemic, several established pharmaceutical and biopharmaceutical firms and small start-ups have moved forward to produce therapies and vaccines to combat the novel coronavirus infection. However, the pandemic and nationwide lockdowns have resulted in revenues declining because most countries are major biomaterials suppliers. As a result, the demand for the biomaterials market suffered a minor downturn during this pandemic. 

This research report has segmented and sub-segmented the global biomaterials market into categories based on biomaterial type, application, and region.

Biomaterials Market - By Biomaterial Type:

• Ceramic Biomaterials
• Metallic Biomaterials
• Polymer Biomaterials
• Natural Biomaterials

Based on biomaterial type, the Metallic Biomaterials segment accounted for the largest share in the Global Biomaterials Market in 2019. This segment's dominant share is mainly due to the extensive use of metals in manufacturing cardiovascular, dental, and orthopedic medical devices.

However, during the forecast period, the segment of polymeric biomaterials is expected to grow at the fastest CAGR due to the increasing use of polymers in soft tissue applications such as plastic surgery. The expanding use of polymers in healthcare and soft tissue, such as plastic surgeries. Its properties like flexibility, longevity, biocompatibility, bioinertness, and durability have increased ophthalmological disorders. Based on usage, both biodegradable and bio-stable polymers are used in healthcare.

Biomaterials Market - By Application:

• Orthopedic
• Dental
• Cardiovascular
• Plastic surgery
• Wound healing
• Ophthalmology
• Tissue engineering
• Neurological
• Others

Based on application, the orthopedic segment accounted for a significant share of the biomaterials market worldwide in 2021. In contrast, dental applications have grown faster over the past few years. Furthermore, the rising concern for healthcare and the growing urban population are propelling the market's growth. In addition, seeking knowledge of next-generation sequencing techniques is ascribed to bolster the demand of the Global Biomaterials Market. Besides, increasing biomaterials applications in various applications, which also result in a high success rate, are prompting the market's need.

Biomaterials Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Due to innovation, the latest technological developments, and new techniques, North America occupies the most significant market share in the global biomaterials market. Besides, increasing disposable income in urban areas also lavishes market demand. North America is anticipated to be registering the highest CAGR and dominating the market during the forecast period. Additionally, factors like favorable government policies and market competitors in this region have helped lead market share. Europe is following North America. Increasing government funding and polymers in biomaterials are some of the factors that drive the market in this region.

However, the Asia Pacific is the upcoming market with growing opportunities and is next to North America. The increasing geriatric population in this area and rising incidences of bone fractures and surgery demand are fuelling the market growth in the region. India and China are major countries contributing to Asia Pacific's most significant market share. Furthermore, the growing patient population, adoption of implantable devices, awareness of CVD, and improving healthcare infrastructure, boosting the biomaterials market to grow in this region.

Europe is also increasing at a faster rate and continues the same in the coming years. Increasing demand in the medical sector for environmentally friendly products directly elevates the market's growth rate. In the coming years, the Middle East and Africa are likely to have influential shares with increased awareness about the manufacture of the new advanced technology products.

The Middle East and Africa are growing faster as patients for targeted diseases are growing. Their demand for an advanced healthcare facility is also increasing day by day; this will increase the market in this region.

KEY MARKET PARTICIPANTS:

Some of the noteworthy players in the global biomaterials market covered in this report are Carpenter Technology Corporation (United States), Evonik Industries (Germany), Berkeley Advanced Biomaterials (United States), Royal DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), Cam Bioceramics B.V. (Netherlands), Celanese Corporation (United States), CoorsTek Inc. (United States), CeramTec (Germany), and GELITA AG (Germany).

RECENT MARKET DEVELOPMENTS:

In November 2019, a Japanese company, Mitsubishi Chemical, signed an agreement with the U.S.-based Advansource biomaterials to acquire their thermoplastic polyurethane elastomer business.