Biomaterials Market Worth $64.2 billion | MarketsandMarkets™

CHICAGO, March 7, 2024 /PRNewswire/ -- Biomaterials Market in terms of revenue was estimated to be worth $45.2 billion in 2024 and is poised to reach $64.2 billion by 2029, growing at a CAGR of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The biomaterials market is estimated to grow at a CAGR of 7.3% during the forecast period of 2024 to 2029. The important factors impacting market growth are the growing demand for biomaterials in wound healing and plastic surgery and the growing use of biomaterials in various therapeutic areas. Rising funding and investments in regenerative and personalized medicine and growing demand for implantable devices are expected to drive market growth in the near future.

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Browse in-depth TOC on "Biomaterials Market"

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Biomaterials Market Scope:

Metallic biomaterials segment accounted for the largest estimated share of the biomaterials market

Based on type, the biomaterials market is segmented into metallic (stainless steel, titanium & titanium alloys, cobalt-chrome alloys, gold, silver, magnesium, and other metallic biomaterials), polymeric (polymethylmethacrylate, polyethylene, polyester, polyvinylchloride, silicone rubber, nylon, polyetheretherketone, other polymeric biomaterials), ceramic (calcium phosphate, zirconia, aluminum oxide, calcium sulfate, carbon and glass) and natural (hyaluronic acid, collagen, fibrin, cellulose, chitin, alginate, gelatin, chitosan, silk, other natural biomaterials). The metallic biomaterials segment was predicted to account for the largest share of the biomaterials market in 2023. The dominant share of this segment can primarily be attributed to the wide use of metals in the manufacturing of medical devices for cardiovascular, dental, and orthopedic applications. The growing geriatric population globally is also expected to increase the demand for these devices as age increases the susceptibility to orthopedic, dental, ophthalmological, neurological, and cardiovascular disorders.

Orthopedic applications win the largest estimated share of therapeutic areas

Based on application, the biomaterials market is classified into Cardiovascular (Catheters, Stents, Implantable Cardiac Defibrillators, Sensors, Heart Valves, Vascular Grafts, Guidewires, Other Cardiovascular Products), Orthopedic (Joint Replacement [Knee Replacement, Hip Replacement, Shoulder Replacement, Other Joint Replacement Procedures], Spine Surgery, [Spinal Fusion, Minimally Invasive Fusion, Motion Preservation & Dynamic Stabilization {Pedicle-based Rod Systems, Interspinous Spacers, Artificial Discs}], Bioresorbable Tissue Fixation [Suture Anchors, Interference Screws, Meniscal Repair Tacks, Meshes], Orthobiologics, Fracture Fixation [Bone Plates, Screws, Pins, Rods, Wires]), Ophthalmology (Contact Lenses, Intraocular Lenses, Functional Replacement of Ocular Tissues, Synthetic Corneas, Other Ophthalmology Products), Dental (Dental Implants, Dental Bone Grafts & Substitutes, Dental Membranes, Tissue Regeneration Materials), Plastic Surgery (Soft Tissue Fillers, Craniofacial Surgery Products, Facial Wrinkle Treatment Devices, Bioengineered Skins, Peripheral Nerve Repair Devices, Acellular Dermal Matrices), Wound Healing (Wound Closure Devices, [Sutures, Staples] Internal Tissue Sealants, Surgical Hemostats, Adhesion Barriers, Hernia Meshes, Skin Substitutes), Tissue Engineering (Scaffolds, Nanomaterials, Inorganic Nanoparticles), Neurological/Central Nervous System, (Shunting Systems, Cortical Neural Prosthetics, Hydrogel Scaffolds, Neural Stem Cell Encapsulation Products), Urinary (Urinary Catheters, Urethral Stents, Other Urinary Products) and Other Applications (Drug Delivery Systems, Gastrointestinal, Bariatric Surgery). In 2023, the orthopedic segment was predicted to account for the largest share of the global biomaterials market. The large share of this application segment can be attributed to the increasing prevalence of orthopedic conditions, such as osteoarthritis, osteoporosis, and musculoskeletal injuries. Additionally, advancements in biomaterial technologies have led to the development of innovative materials with enhanced biocompatibility, durability, and mechanical properties, thereby expanding their applications in orthopedic surgeries and treatments.

During the forecast period, North America exhibited the most rapid growth.

North America accounted for the largest share of 40.2% of the global biomaterials market, followed by Europe and the Asia Pacific, with shares of 31.5% and 21.4%, respectively. The increase in biomaterial-based research, the rising demand for plastic surgeries, the growing incidence of cancer, and the rising prevalence of cardiovascular diseases are the key factors driving the growth of this market. The market in the Asia Pacific is expected to witness the highest growth rate of 7.7% during the forecast period, primarily due to the rising geriatric population in China and India, the growing healthcare industry in Japan, and the rising prevalence of cardiovascular diseases in India.

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Biomaterials Market Dynamics:

Drivers:

1. Growing demand for biomaterials in wound healing and plastic surgery
2. Growing use of biomaterials in various therapeutic areas
3. Rising funding and investments in regenerative and personalized medicine
4. Growing demand for implantable devices

Restraints:

1. Biocompatibility issues

Opportunities:

1. Growing interest in bioabsorbable biomaterials
2. Expanding healthcare market in emerging economies
3. Rising opportunities in personalized, smart, nanoengineered, and sustainable biomaterials

Challenge:

1. Durability and long-term performance issues

Key Market Players of Biomaterials Industry:

The global biomaterials market comprises of many key market players competing for markets shares like BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Carpenter Technology Corporation (US), DSM (Netherlands), Corbion NV (Netherlands), Evonik Industries AG (Germany), Victrex Plc (UK), CeramTec GmbH (Germany), Mitsubishi Chemical Group Corporation (Japan), CoorsTek Inc. (US), Berkeley Advanced Biomaterials (US), CAM Bioceramics B.V. (Netherlands), Zeus Company Inc. (US), AMETEK Inc. (US), and GELITA AG (Germany).

The primary interviews conducted for this report can be categorized as follows:

• By Respondent: Supply Side- 80%, and Demand Side - 20%
• By Designation (Supply Side): Managers - 45%, CXOs & Directors - 30%, Executives- 25%
• By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, MEA- 5%

Recent Developments of Biomaterials Industry:

• In October 2022, BASF launched two new sustainable product families: Ultraform LowPCF (Low Product Carbon Footprint) and Ultraform BMB (Biomass Balance) to support the sustainability goals of the customer. BASF has designated Ultraform as its trademark for the polyoxymethylene (POM) portfolio. Ultraform LowPCF presents a Product Carbon Footprint that surpasses conventional Ultraform grades by a minimum of 30% through the utilization of green electricity and the implementation of energy-efficient technology.
• In February 2023, Covestro launched Makrolon 3638 polycarbonate for use in both healthcare and life science applications. This polycarbonate grade is durable, with the ability to withstand everyday use while maintaining structural integrity.
• In September 2022, Celanese Corporation entered into a strategic agreement with polymer distributor Ravago for Celanese's Santoprene and Geolast TPV portfolio in North American countries, such as the US, Canada, and Mexico.

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Biomaterials Market - Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall biomaterials market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers (Growing demand for biomaterials in wound healing and plastic surgery, growing use of biomaterials in various therapeutic areas, rising funding and investments in regenerative and personized medicine and growing demand for implantable devices), restraints (Biocompatibility issues), opportunities (Growing interest in bioabsorbable biomaterials, expanding healthcare market in emerging economies, rising opportunities in personalized biomaterials, smart biomaterials, nanoengineered biomaterials, and sustainable biomaterials) and challenges (durability and long-term performance issues) are influencing the growth of biomaterials market.
• Product Development/Innovation: Detailed insights on newly launched products of the biomaterials market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the biomaterials market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the biomaterials market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players include BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Carpenter Technology Corporation (US), DSM (Netherlands), Corbion NV (Netherlands), Evonik Industries AG (Germany), Victrex Plc (UK), CeramTec GmbH (Germany), Mitsubishi Chemical Group Corporation (Japan), CoorsTek Inc. (US), Berkeley Advanced Biomaterials (US), CAM Bioceramics B.V. (Netherlands), Zeus Company Inc. (US), AMETEK Inc.(US), GELITA AG (Germany) and among others in the biomaterials market.

Related Reports:

Dental Implants and Prosthetics Market - Global Forecasts to 2029

Collagen and Gelatin Market - Global Forecasts to 2028

Restorative Dentistry Market - Global Forecasts to 2028

Medical Ceramics Market - Global Forecasts to 2027

Dental Consumables Market - Global Forecasts to 2027

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