According to the report, the Global Biomaterials Market Size is estimated to be 96.6 Billion USD in 2019 and predicted to rise to 185.9 billion by 2024 with a CAGR of 14.5%.
The “Biomaterials Market Analysis - By Material Type (Ceramic, Metallic, Polymer, Natural), By Application (Orthopedic, Dental, Cardiovascular, Plastic surgery, Wound healing, Ophthalmology, Tissue engineering, Neurological and Others), By Region - Industry Analysis on Size, Share, Trends, Growth and Global Forecast to 2024” report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape etc.
The major drivers for this market are increased funds & grants by government bodies worldwide, growing implantable devices market, technological advancements, rising number of hip and knee replacement procedures, and high growth in geriatric population coupled with growing incidence of cardiovascular diseases are driving the growth of this market. The demand for plastic surgery wound healing application will see a rise, which will further drive the growth of the biomaterials market.
Biomaterials Market is segmented into the following sub-segments:
By Material Type: Ceramic, Metallic, Polymer and Natural
By Application: Orthopaedic, Dental, Cardiovascular, Plastic Surgery, Wound Healing, Ophthalmology, Tissue Engineering, Neurological and Others
By Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa
The metallic Segment is the largest share in the biomaterials market. Biocompatibility, strength, and resistance to breakage are the major reasons for the market’s growth in this segment, which makes them suitable for usage in various medical applications and procedures requiring strength and toughness. But, with the continuous research and advancement for highly biocompatible polymer and with the increasing applications, the polymeric biomaterials will soon capture the market in the coming years.
Biomaterials Market in Asia-Pacific is the most promising region with India, China and Japan witnessing the fastest and sustainable growth. The high growth in India and China can be attributed to rising in demand for cosmetic and plastic surgeries, lucrative medical device industry and new tax policy in China, a growing number of cardiovascular diseases along with increasing aging population, and biomaterials workshops & conferences in these regions.
North America Biomaterials Market is the market leader in the global biomaterials market. North America’s leadership in the market can be attributed to the biomaterials-based research in the U.S., growing demand for plastic surgeries, conferences on biomaterials, and increase in cancer incidences, growing prevalence of cardiovascular diseases, and increasing funding and R&D activities for biomaterials in Canada.
Key Players in the Biomaterials Market are Royal DSM, Zimmer Biomet Holdings, Inc., Evonik Industries AG, Wright Medical Technology, Inc., Corbion N.V., Berkeley Advanced Biomaterials, Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., BASF SE, Invibio Ltd., Inc., CAM Bioceramics BV, and Collagen Matrix, Inc.
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