Biomaterials Market Size

Biomaterials Market size was valued at USD 140.2 billion in 2023 and is poised to grow from USD 161.9 billion in 2024 to USD 512.8 billion by 2032, growing at a CAGR of 15.5% during the forecast period (2025-2032).

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.'BASF SE (Germany)', 'Covestro AG (Germany) ', 'Carpenter Technology Corporation (US) ', 'DSM (Netherlands) ', 'Corbion NV (Netherlands) ', 'Evonik Industries AG (Germany) ', 'Victrex Plc (UK) ', 'CoorsTek Inc. (US) ', 'Berkeley Advanced Biomaterials (US) ', 'CAM Bioceramics B.V. (Netherlands) ', 'GELITA AG (Germany)', 'In July 2024, in developing a new vascular graft based on biomaterials, Medtronic aims at enhancing the long-lasting use of the graft in the case of patients suffering peripheral artery disease. This innovation is evidence to the fact that Medtronic is committed towards creating cardiovascular biomaterials for better patient care and wider range of biomaterials’ products.', 'In May 2024, Zimmer Biomet introduced an innovative orthopaedic implant made from an exclusive, highly porous titanium biomaterial. This advancement further bolsters Zimmer Biomet’s position as a leader in orthopaedic biomaterials while reaffirming its commitment to providing advanced solutions for musculoskeletal health. The purpose of this discovery is to enhance osseointegration and long-term implant stability in joint replacement surgeries.', 'In March 2024, The Stryker Corporation brought forth innovation with a new biodegradable polymer implant for soft tissue healing targeted at sports medicine. The implant serves as a long-lasting therapy for patients by stimulating natural recoveries of their body cells. Such a rationale is in line with Stryker's intentions of diversifying its collection of bio-materials in response to the growing field on sports health.'

Wound healing and plastic surgery are two common applications for biomaterial-based products. Biomaterials are frequently used in plastic surgery to implant, reconstruct, heal, and conceal burns, holes in the body, or soft tissue injuries in a natural and safe manner. One major factor driving the medical industry is the increase in demand for biomaterials in plastic surgery and wound healing.

Due to its sophisticated healthcare system, significant R&D spending, and strong concentration of important industry participants, North America leads the global biomaterials market. Large government investment for medical research is beneficial to the region, especially for biomaterials used in orthopedic and cardiovascular applications. In addition, there is a growing need for novel biomaterial-based therapies due to the ageing population and the rise in chronic illness. This industry is being pushed forward through favorable regulatory environments and quick clearance procedures. The North American region's position as a global frontrunner in biomaterial market is also supported by the United States' lead in technological advancements, as well as the use of modern medical equipment.