Global Biomaterials Market Overview
Biomaterial has experienced steady and strong growth over its history. Today, biomaterial plays an integral role in medicine, restoring function and facilitating healing for patients after injury or disease. It has vast uses in the medical field, including joint replacements, bone plates, intraocular lenses (IOLs) for eye surgery, bone cement, artificial ligaments and tendons, dental implants for tooth fixation, blood vessel prostheses, heart valves, skin repair devices, cochlear replacements, contact lenses, breast implants, drug delivery mechanisms, vascular grafts, stents, nerve conduits, surgical sutures, clips, and staples for wound closure, pins and screws for fracture stabilization, surgical mesh, among others. Demand for biomaterials is foreseen to gain with the rising prevalence of musculoskeletal and chronic skeletal medical conditions, increased risk of osteoarthritis, osteoporosis, and other musculoskeletal disorders. The increasing geriatric population, improving healthcare infrastructure, rising disposable income, growing penetration of health insurance, and heavy spending for the development of novel biomaterials are factors projected to swell the revenue of biomaterials. The pace of population aging globally is increasing dramatically. By 2050, the world’s population aged 60 years and over is expected to total 2 billion. This will cause an increased burden on the musculoskeletal and chronic skeletal medical condition or disease prevalence as a geriatric population is more prone to cause these disorders due to weakening immunity.
According to Value Market Research, the global biomaterials market size was valued at about USD 193.7 billion in 2020 and is estimated to grow at a CAGR of around 16 % during the forecast period 2021 to 2027.
The growing incidence of accidents causing major injuries, rising number of prosthetic implants, and escalating dental issues also contribute to the increased demand for biomaterial. As per World Health Organization estimates, annually, the lives of around 1.35 million people are cut short due to road traffic crashes. Between 20 and 50 million above people suffer non-fatal injuries, with many incurring a disability due to their injury.
There has been a robust increase in research activities. Key players collaborate with the research organization and academic research institutes to expand the scope of their research and gain qualitative insights. Robust product launches have been witnessed in the last five years. Companies are launching a broad range of featured biomaterial products to expand their offerings and meet their customers' increasing demands. The global biomaterials market is experiencing significant hindrance due to the high cost associated with biomaterials and stringent imposed regulations. The cost associated with biomaterial and its employment for well-being is higher. Biomaterial stands out as a high-cost option due to its complex manufacturing and critical significance.
The global biomaterials market is dominated by major players, with many companies investing large amounts of money into developing new advanced products. Companies are looking for novel drug delivery approaches for the controlled release of drugs. Medtronic plc, Evonik Industries AG, Carpenter Technology Corporation, Covalon Technologies Ltd., Stryker, Johnson & Johnson, Dentsply Sirona, CoorsTek Inc., Corbion, Berkeley Advanced Biomaterials, Invibio Ltd., Zimmer Biomet Holdings, Inc., BASF SE, Collagen Matrix, Inc. are key companies operating in the market.
In this research report, the biomaterials market is segmented by product, application, and region.
Analysis, By Product
By product, the market is segmented into metallic, natural, ceramics, and polymers. The metallic segment held the highest revenue share in the global biomaterial market. The segment will continue to dominate in the future due to its tensile strength, fracture toughness, availability in various forms, higher electro-conductivity, and other mechanical properties associated with these materials. Polymeric is gaining traction for designing biomaterials because of its chemical structure flexibility, biocompatibility, biodegradability, advantages over metallic biomaterial like no susceptibility to corrosion, and functioning with desired biomolecules.
Analysis, By Application
By Application, the market is divided into cardiovascular, ophthalmology, dental, orthopedic, wound healing, tissue engineering, plastic surgery, neurology, and others. The cardiovascular biomaterials segment dominates the biomaterials market based on the demand and investments in this field. Cardiovascular biomaterials are constantly growing due to biomaterial ability to perform their desired function regarding medical therapy and generate the most appropriate beneficial cellular or tissue response. Many new investigators and researchers are developing interest in this domain. Orthopedic and wound healings are the other two prominent product segments of the market. A growing number of accidents and causing injury and fractures drive these segments' growth.
Analysis, By Region
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the global biomaterial market due to the increased prevalence of musculoskeletal and chronic skeletal medical conditions and the rise in prosthetic surgeries and implants. Moreover, the region is blessed with many prominent players and is skilled professionals. The Asia Pacific and Europe are growing substantially due to the increasing obesity, the introduction of biomaterials in cancer research, and rising patient awareness and improved lifestyle in growing economies such as India, China, Germany, and the UK.
Market Segmentation covered in the Report:
- Cardiovascular (Sensors, Stents, Guidewires, Implantable Cardiac Defibrillators, Pacemakers, Vascular Grafts, Others)
- Ophthalmology (Synthetic Corneas, Intraocular Lens, Contact Lens, Ocular Tissue Replacement, Others)
- Dental (Tissue Regeneration Materials, Dental Implants, Bone Grafts & Substitutes, Dental Membranes, Others)
- Orthopedic (Joint Replacement Biomaterials, Orthobiologics, Bioresorbable Tissue Fixation Products, Viscosupplementation, Spine Biomaterials, Others)
- Wound Healing (Fracture Healing Device, Adhesion Barrier, Skin Substitutes, Internal Tissue Sealant, Surgical Hemostats, Others)
- Tissue Engineering
- Plastic Surgery (Facial Wrinkle Treatment, Soft Tissue Fillers, Craniofacial Surgery, Bioengineered Skins, Peripheral Nerve Repair, Acellular Dermal Matrices, Others)
- Neurology (Neural Stem Cell Encapsulation, Shunting Systems, Hydrogel Scaffold For CNS Repair, Cortical Neural Prosthetics, Others)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.