Global Biomaterials Market

Global Biomaterials Market Size, Share, Growth Analysis, By Type(Natural Biomaterial, Metallic Biomaterial), By Application(Neurology, Cardiology) - Industry Forecast 2024-2031

Report ID: SQMIG35H2027 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 69 | Figures: 75

Global Biomaterials Market Insights

Biomaterials Market size was valued at USD 135.4 billion in 2019 and is poised to grow from USD 155.9 billion in 2023 to USD 438.1 billion by 2031, growing at a CAGR of 15.4% in the forecast period (2024-2031).

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.

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Biomaterials Market size was valued at USD 135.4 billion in 2019 and is poised to grow from USD 155.9 billion in 2023 to USD 438.1 billion by 2031, growing at a CAGR of 15.4% in the forecast period (2024-2031).

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. 'Evonik Industries AG', 'Corbion', 'BASF SE', 'Royal DSM NV', 'Invibio Ltd.', 'Carpenter Technology Corporation', 'Celanese Corporation', 'Berkeley Advanced Biomaterials, Inc.', 'Cam Bioceramics B.V.', 'Collagen Matrix, Inc.', 'Bayer AG', 'Medtronic plc', 'Wright Medical Group N.V.', 'Zimmer Biomet Holdings, Inc.', 'Stryker Corporation', 'Danaher Corporation', 'Becton, Dickinson and Company', 'Thermo Fisher Scientific Inc.', '3M Company', 'DuPont de Nemours, Inc.'

The key factor that drives the industry growth includes increased funds and grants by government bodies and universities for the development of novel biomaterials. Over the last few years, there has been a considerable increase in the demand for and use of biomaterials in numerous medical applications all over the world. Several government agencies and institutions have offered financial assistance in the form of investments, money, and grants to encourage research into the development of innovative biomaterials. For example, the National Science Foundation awarded Drexel University USD 200,000 in March 2018 for research into how biomaterial-mediated control of macrophage behavior affects biomaterial vascularization. Such research and funding initiatives are likely to spur the creation of novel biomaterials, providing a plethora of potential for the biomaterials market to expand.

One of the key trends in the global biomaterials market is the increased demand for biomaterials in plastic surgery and wound healing applications. The biomedical cost of treating injured or diseased organs is rising along with the growing population. Implantable devices are selected due to their proven clinical efficacy, and they are being used as a scaffold for the restoration of soft and hard deformities. Furthermore, they have a number of advantages in wound healing applications. They stimulate tissue development, volume and shape preservation, and wound healing time reduction. Various major players are increasing their product portfolio for plastic surgery and wound healing applications through strategic cooperation and acquisitions. For example, in December 2019, Advanced Medical Solutions (AMS), a surgical and wound care firm, purchased Biomatlante, a surgical biomaterial technology company.

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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