Biomaterials Market Will Reflect the Noticeable CAGR by the End of Forecast Period 2031

Biomaterials can be derived from nature or synthesized in the laboratory using a variety of chemical approaches using metal components, polymers, ceramics, or composite materials. They are often used and/or adapted for a medical application and contain a whole or part of a living structure or a biomedical device that leads, increases, or replaces a natural function.

The global biomaterials market was valued at $122.92 billion in 2020 and is expected to reach $725.88 billion by 2031, growing at a CAGR of 17.98% between 2021 and 2031. The biomaterials market is driven by a number of factors such as superior properties of biomaterials, increasing funds/aids by the government for research purposes, increasing wound healing therapies plastic surgeries, increasing aging/geriatric population, rise in prevalence of cardiovascular diseases, increasing awareness of regenerative medicine, increasing orthopedic disorders, and growing demand for implantable devices. However, biocompatibility issues, stringent safety regulations, and limitations of biomaterial-based products are hampering the growth of the biomaterials market. Increasing obesity, the introduction of biomaterials in cancer research, and increasing patient awareness and improved lifestyle in growing economies such as India, China, and South Korea are expected to create opportunities in the biomaterials market.

Market Segmentation

The biomaterials market is majorly segmented by application, product type, and region. The major categories product by type includes metal-based biomaterials, polymer-based biomaterials, ceramic-based biomaterials, natural-based biomaterials, inorganic glass-based biomaterials, radiopaque biomaterials, regenerative biomaterials, hybrid biomaterial combinations. Moreover, the major applications include cardiovascular, orthopedic, ophthalmology, dental, wound healing, plastic surgery, neurological/central nervous system (CNS), tissue engineering, and others. By region, the global biomaterials are segmented into North America, Europe, Asia-Pacific, China, U.K., and Rest-of-the-World.

Biomaterials Market by Application

Among different biomaterials applications, cardiovascular dominates the market and is expected to be the largest application during the forecast period. The growing use of biomaterials in the cardiovascular application segment is majorly subjected to its biocompatibility as biomaterials come in contact with blood, vascular endothelial cells, fibroblasts, and myocardium, as well as a number of other cells and a cellular matrix material. Biomaterials that are used in the cardiovascular system include materials such as metals and polymers. The use of biomaterials in the cardiovascular system can be classified as temporary internal, temporary external, and permanent internal devices.

Biomaterials Market by Product

Among different biomaterials product type metal-based biomaterials dominates the market and is expected to be the largest product type during the forecast period. The dominance of metal-based biomaterials is attributed to wide use in the applications of biomaterials such as cardiovascular, orthopedic, ophthalmology, dental. From simple wires, rods, pins, screws to fracture fixation plates and total joint prostheses (artificial joints) for hips, knees, shoulders, and ankles, metals are used in all applications, including maxillofacial surgery, cardiovascular surgery, and dental materials, etc. The metal-based biomaterials include stainless steel, commercially pure titanium and titanium alloys, cobalt and chromium alloys, gold, silver, magnesium, and nitinol.

Biomaterials Market by Region

The demand for biomaterials varies according to various regions. The biomaterials market holds a prominent share in various countries of North America, Asia-Pacific and Japan, Europe, the U.K., China, and Rest-of-the-World, among which North America is expected to be the largest region for the global biomaterials market during the forecast period. Industrial advancements, extensive investments for dedicated RD facilities, and the development of different application products that require biomaterials are some of the major drivers that are currently propelling the growth of the North America biomaterials market. Additionally, due to the wide-scale production of biomaterials as well as technological advancements pertaining to the technology, the global market for biomaterials is expected to grow at a steady rate.

Market Growth Drivers

• Increasing Funds/Aids by Government for Research Purposes
• Increasing Plastic Surgery and Wound Healing Therapies
• Increasing Aging/Geriatric Population
• Rise in Prevalence of Cardiovascular Diseases
• Increasing Orthopedic Disorders
• Growing Demand for Implantable Devices
• Increasing Awareness of Regenerative Medicine

Market Challenges

• Biocompatibility Issues and Safety and Stringent Regulations
• Limitations of Biomaterial-Based Products

Market Opportunities

• Increasing Obesity
• Patient Awareness and Improved Lifestyle in Emerging Economies
• Introduction of Biomaterials in Cancer Research

Key Strategies and Developments by Leading Companies

Companies active in the biomaterials market have adopted multiple business and corporate strategies over the past years to maintain/improve their market positioning. While the industry has witnessed a mix of several strategies adopted by companies to evolve their technologies as well as strengthen their market presence, product-centric developments through patents and product developments have been the key features in the market.

Key Market Players and Competition Synopsis

BASF SE, Carpenter Technology Corporation, Celanese Corporation, Collagen Solutions Plc, Corbion N.V., Covestro AG, DSM, Evonik Industries, Zimmer Biomet, Wright Medical Group N.V., Mitsubishi Chemical Holdings Corporation, Riton Biomaterial Co., Ltd., Berkeley Advanced Biomaterials Inc., BBS-Bioactive Bone Substitutes Oyj, Bioretec Ltd.

The companies that are profiled in the report have been selected based on a selective pool of players, primarily Tier-1 (holding 50-60% of the market) and mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolios, annual revenues, market penetrations, research, and development initiatives, along with a domestic and international presence in the biomaterials industry.

Key Questions Answered in the Report

• What are the key drivers and challenges in the global biomaterials market?
• How does the supply chain function in the global biomaterials market?
• Which product type is expected to witness the maximum demand growth in the global biomaterials market during the period 2021-2031?
• Which are the key application areas for which biomaterials may experience high demand during the forecast period 2021-2031?
• Which are the key suppliers of biomaterials in different countries and regions?
• How is the industry expected to evolve during the forecast period 2021-2031?
• What are the key offerings of the prominent manufacturers in the global biomaterials market?
• Which regions and countries are leading in terms of consumption of biomaterials, and which of them are expected to witness high demand growth from 2021 to 2031?
• What are the key consumer attributes in various countries in the global biomaterials market?
• Which are the major patents filed in the biomaterials space?
• What are the key developmental strategies implemented by the key players to sustain the competitive market?
• What is the competitive strength of the key players in the global biomaterials market based on their recent developments, product offerings, and regional presence?
• Who are the key players (along with their detailed analysis and profiles, including their company snapshots, key products and services, and strength and weakness analysis) in the market?

Request Free Sample- https://bisresearch.com/requestsample?id=1180type=download How This Report Can Add Value

Product / Innovation Strategy: The product segment helps the reader in understanding different types of product type (metal-based biomaterials, polymer-based biomaterials, ceramic-based biomaterials, natural-based biomaterials, inorganic glass-based biomaterials, radiopaque biomaterials, regenerative biomaterials, hybrid biomaterial combinations) associated with biomaterials. The report also includes a thorough qualitative and quantitative analysis of various application areas (cardiovascular, orthopedic, ophthalmology, dental, wound healing, plastic surgery, neurological/central nervous system, tissue engineering, and others). Additionally, the research also covers regional and country-wise analysis for different applications and product types in the biomaterials market.

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