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.

Biomaterials Market Share Insights:

• Based on application, the orthopedic segment covered the largest share of 23.4% in 2021.
• Based on biomaterial type, the Metallic Biomaterials segment dominated in 2021 and is expected to lead as usual during the forecast period.
• The North American biomaterials market got the largest share in 2021 and is expected to be worth USD 72.09 billion by 2027
• Asia Pacific biomaterials market showcased the fastest CAGR of  16.58% during the forecast period.

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 chronic skeletal and musculoskeletal medical conditions is fueling 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. In addition, biomaterials have proven to be very abrasion resistant, with high durability and good corrosion resistance, and wear and tear of the objects, due to which they can be used in manufacturing a wide variety of objects in various fields. Furthermore, technologically advanced products have led to the production of 3D printing technology, which has made a revolutionary change in medicine. Thus, these factors are prophesied to drive the growth of the global biomaterials market over the forecast period.

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 of 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 patients' 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.

REPORT COVERAGE:

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 of 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. Furthermore, since biomaterials are made up of artificial or natural materials, metals are also used to manufacture implants, fabricate structures, or replace lost or diseased biological structures. This might help in improving the quality of life and longevity of human beings since metals have the excellent property of thermal conductivity and other mechanical properties, which makes them find application in many fields, such as in stents in blood vessels, artificial valves in the heart, replacement implants in elbows, hips, ears, shoulders, knees, and orthodontal structures. Thus, to meet the demands of the rapidly aging population, this segment is expected to grow at a high rate over the forecast period.

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. For many years, researchers have developed many new strategies for the exploration of Natural and synthetic polymers to successfully design advanced polymer biomaterials to be applied in the field of tissue engineering and regeneration, a fast-growing industry at a high pace in recent years. Therefore, recent technological advancements have advanced self-healing and shape-memory properties in preparing innovative polymeric biomaterials. This has helped the manufacturers approach new methods of developing hydrogels, films, and 3D printable biomaterials using different polymeric biomaterials. In addition, 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. Thus, these factors are hoping to drive the market over the forecast period under this segment.

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 propel 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.

The neurological segment is anticipated to dominate the market under this segment over the forecast period. This is mainly attributed to the fact that there have been rising cases of related neurological disorders in recent years across the world. Thus, there has been a growing need for effective treatment methods for these diseases, resulting in market players and manufacturers shifting focus on biomaterials with the efforts underway to produce an ideal scaffold. They aim to improve the limitations of purely cellular therapies, produce biomaterials that exactly match the biological and mechanical properties of the tissue, and also study the philosophy of neural tissue engineering, which has emerged recently.

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's Biomaterials Market occupies the most significant market share in the global biomaterials market. Besides, increasing disposable income in urban areas also lavishes market demand. As a result, North America is anticipated to register the highest CAGR and dominate the market during the forecast period. Additionally, 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 Biomaterials Market 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 boost the biomaterials market in this region.

Europe's Biomaterials Market is also increasing faster and will continue 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 will likely have significant shares with increased awareness about the manufacture of new advanced technology products.

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 Dec 2022, Celularity Inc., a biotechnology company creating biomaterials products along with allogeneic placenta-derived cell therapies, received a Halal certification after going through rigorous evaluation to check the permissibility under Islamic law. The certificate had been granted for all of its commercial-stage biomaterials products, commercial models, and clinical-stage cell therapy programs widely used for clinical and experimental procedures. This certification issued under the authority of Circle H International, Inc. would enable the Company to serve Islamic markets globally, with a priority focus on Saudi Arabia and the Middle East and North Africa regions, leading to Celularity's global expansion strategy.
• In Dec 2022, Rest Duvet partnered with Noble Biomaterials to introduce its new innovative product, Silvercool Performance. The pillowcases and sheets or Silvercool have helped the Company to restore sleep through constant innovation in materials and technology through the built-in high thermal conductivity fabric. Along with this, the patented combination of the two features of an antimicrobial technology that kills odor and stain-causing bacteria makes the Silvercool a unique and technologically advanced type of bedding. With the advantages of making one of the most excellent and highest Qmax fabrics due to the mechanism of absorbing and transferring heat faster than bamboo, cotton, and silk, Silvercool aims to make a new meaning to a dream come true.
• In November 2022, a framework collaboration agreement was signed by a division of South Korea's CJ CheilJedang and NatureWorks to develop C.J. Biomaterials' Phact biodegradable polymers and NatureWorks' Ingeo biopolymers. The leading producer of proprietary PHA (poly hydroxy alkanoate) and the world's largest producer of PLA (polylactic acid) aim to make a sustainable material solution for applications ranging from catering utensils, compostable food packaging to personal care, films, and other end products.