USD 135.4 billion
Report ID: SQMIG35H2027 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 69 | Figures: 75
Biomaterials Market size was valued at USD 135.4 billion in 2021 and is poised to grow from USD 155.9 billion in 2022 to USD 438.1 billion by 2030, growing at a CAGR of 15.4% in the forecast period (2023-2030).
Biomaterials are synthetic or natural materials that are artificially created and utilized in medical technology to enhance the function of damaged tissues and organs. Biomaterials play an important role in the healthcare industry. They are used in medical applications to augment, replace, or sustain damaged tissue or biological functions. Biomaterials can be made from metals, ceramics, plastic, polymers, and even living cells and tissues. They are employed in a range of applications, including medical implants (such as heart valves, stents, grafts, artificial joints, ligaments, tendons, and dental implants), sutures, and clips to assist in the healing of human tissues, and drug delivery systems.
Increasing demand for biomaterials in plastic surgery and wound healing applications, rising prevalence of cardiovascular, neurological, and orthopedic disorders, growing global geriatric population, growing demand for implantable devices, and increased funds and grants from government bodies and universities for the development of novel biomaterials are all major factors driving the growth of the biomaterials market.
US Biomaterials Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 135.4 billion
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The Global biomaterials market is segmented on the basis of type, application, and region. Based on the type, the market is segmented into natural biomaterial, metallic biomaterial, ceramic biomaterial, and polymeric biomaterial. Based on the application, the market is segmented as neurology, cardiology, orthopedics, ophthalmology, wound care, dental, plastic surgery, and other applications. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Biomaterials Market Analysis by Type
In 2021, the metallic biomaterial segment of the market is projected to hold the most lucrative share of more than 30% of the market. The segmental growth of the market is attributed to the increased adoption of metallic biomaterials over other biomaterials due to their various benefits. Metallic engineered systems are meant to provide internal support to biological tissues. They are the most commonly utilized material for joint replacements, dental implants, stents, and orthopedic fixations. Due to their mechanical qualities, including rigidity, which makes them suited for load-bearing implants, they are becoming more often used in these applications. The benefits provided by these, as well as the high cost of metals, are likely to aid the segment's growth.
Biomaterials Market Analysis by Application
In 2021, the cardiovascular segment of the market is projected to hold the most lucrative share of more than 30% of the market. The segmental growth of the market is attributed to the rising prevalence of cardiovascular diseases and the growing adoption of biomaterials in advanced cardiovascular devices. They exhibit great potential in cardiac repair and regeneration. Heart disease is the leading cause of mortality across the globe, and about 370,000 Americans lose their lives every year. In addition, the rise in the number of geriatric populations, technological advancement, and increasing investment by major players are expected to provide a significant growth rate to the market in the future years. Hence, the increased prevalence of these diseases is likely to create a wide scope for the growth of the market.
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The Global biomaterials market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region is projected to hold the most substantial share of the market. The regional market is likely to be driven by the high prevalence of cardiovascular diseases and orthopedic replacements, high government funding in research and development, a growing number of new product launches by key market players, and a well-established healthcare sector. According to the American Heart Society, in 2017, CVD was the major cause of around 800,000 mortalities in the US. Direct and indirect costs associated with CVDs are estimated to be around $316 billion. Around 2,200 Americans lost their lives due to CVDs each day. CVDs claim to take more lives each year than all forms of cancer and chronic lower respiratory diseases altogether.
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Biomaterials Market Driver
Biomaterials Market Restraint
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Biomaterials Market Top Player's Company Profiles
Biomaterials Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the market by offerings and verticals.
According to our analysis, among the type, the metallic biomaterials segment is projected to hold a dominating share during the period. Among the application, the cardiology segment is projected to hold a dominating share throughout the forecast period.
|Market size value in 2021||USD 135.4 billion|
|Market size value in 2030||USD 438.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Biomaterials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Biomaterials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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