The global biomaterials market size is estimated to worth 96.6 Billion USD in 2019 and 185.9 billion by 2024, growing at a CAGR of 14.5% during the forecast period. Over the past few years, demand for and use of biomaterials in different medical applications has increased significantly across the globe.
A biomaterial is any substance or combination of synthetic or natural origin. Biomaterials are playing a vital role in the orthopaedic surgeries, most importantly in knee replacements. According to the Journal of Bone and Joint Surgery, the demand for knee replacements to rise enormously in the coming years. The 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 orthopaedic sector, the biomaterials market is subject to significant growth soon. Nanotechnology contributions researchers are working on recovering energy from the human body to use power to operate implantable biomedical devices.
MARKET DRIVERS
Advancements in medical technology are one of the crucial factors pushing the market demand. Elevation in the prevalence of chronic skeletal and musculoskeletal medical conditions are supposed to boost the demand for biomaterial-implants which is expected to boost the market growth. Growing demand for orthopaedic implants, geriatric population, rising incidences of osteoporosis, and other musculoskeletal disorders are some of the 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 growing prevalence of the quality of therapeutic procedures are expected to fuel the market growth for biomaterials. Furthermore, the launch of reimbursement schemes, rising capital income in both developed and developing countries are to boost the market demand. Several government agencies and universities are also expanding their assistance through loans, funds, and grants to support research and development in the field of biomaterials.
MARKET CHALLENGES
However, factors like the high cost of biomaterial production and polymers, inflammatory responses found because of compatibility issues, and complications with the use of these products are limiting the growth rate of the 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 to patient's health are limiting the growth of the market.
Recent Major Happenings in this Market
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.
REPORT COVERAGE
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2018 – 2024 |
|
Base Year |
2018 |
|
Forecast Period |
2019 - 2024 |
|
Segments Covered |
By Biomaterial Type, Application and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report segmented and sub-segmented the Global Biomaterials Market into the following categories based on biomaterial type, application and region.
Biomaterials Market Analysis - By Biomaterial Type:
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 the manufacture of medical devices used in cardiovascular, dental, and orthopaedic applications.
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 applications of soft tissue such as plastic surgery. The expanding use of polymers in healthcare, soft-tissue such as plastic surgeries. Its properties like flexibility, longevity, biocompatibility, bioinertness and durability have increased use for ophthalmological disorders. Based on usage, both biodegradable and bio-stable polymers are used in healthcare.
Biomaterials Market Analysis - By Application:
Based on application, the orthopaedic segment is leading with the highest shares in the Global Biomaterials Market. In contrast, dental applications are growing at a faster rate from the past few years. The rise in the concern towards healthcare and the growing urban population are propelling the growth of the market. Seeking knowledge of next-generation sequencing techniques is ascribed to bolster the demand of the Global Biomaterials Market. Besides, increasing applications of biomaterials in various applications which are also resulting high success rate is prompting the need of the market.
Regional Analysis
Due to the innovation and using the latest technological developments and the introduction of new techniques, North America is occupying for the most significant market shares in the Global Biomaterials Market. Besides, increasing disposable income in urban areas is also a lavishing market demand. North America to register the highest CAGR and dominate the market during the forecast period. Additionally, factors like favourable government policies and the presence of market competitors in this region have helped in leading in market share. Europe is following North America. Increasing government funding and the use of polymers in biomaterials are some of the factors that drive the market in this region.
The Asia Pacific, however, is the upcoming market with growing opportunities and is next in the lead after North America. 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 the use of 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, and their demand for an advanced healthcare facility is also increasing day by day, this will increase the market in this region.
TOP COMPANIES IN THE MARKET
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).
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5.1 By Material type
5.1.1 Ceramic
5.1.2 Metallic
5.1.3 Polymer
5.1.4 Natural
5.2 By Application
5.2.1 Orthopaedic
5.2.2 Dental
5.2.3 Cardiovascular
5.2.4 Plastic surgery
5.2.5 Wound healing
5.2.6 Ophthalmology
5.2.7 Tissue engineering
5.2.8 Neurological
5.2.9 Others
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.5 Middle East & Africa
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.1 Collagen Matrix, Inc
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Zimmer Biomet Holdings, Inc
8.3 Evonik Industries AG
8.4 Wright Medical Technology, Inc.,
8.5 Corbion N.V
8.6 Berkeley Advanced Biomaterials
8.7 Bayer AG
8.8 Carpenter Technology Corporation
8.9 Covalon Technologies Ltd.
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
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