Increase in prevalence of cardiovascular and orthopedic disorders, rise in awareness regarding implantable device advancement in medical technology, and growth in the geriatric population drive the growth of the global biomaterials market.
Allied Market Research published a research report on the biomaterials market. The findings of the report state that the global market for biomaterials generated $64.8 billion in 2020, and is expected to garner $212.4 billion by 2030, witnessing a CAGR of 12.7% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Onkar Sumant, the Manager, Healthcare at Allied Market Research, highlighted, “Increase in geriatric population, rise in prevalence rates of cardiovascular & orthopedic disorders, advancement in medical technology, and increase in awareness regarding implantable devices, aresome factors expected to propel the growth of the biomaterials market during the forecast period. In addition, increase R&D activities in the field of biomaterials and surge in awareness about the advantages of biomaterials products further boost the growth of the market.”
The report provides a detailed analysis of market drivers, restraints, and opportunities to assist market players strategize and capitalize on new opportunities.Increase in prevalence of cardiovascular and orthopedic disorders, rise in awareness regarding implantable device advancement in medical technology, and growth in the geriatric population drive the growth of the global biomaterials market.However, compatibility issues high cost of biomaterial implants restrains the market growth.On the other hand, increase in government investments for improved R&D activities in the field of biomaterials presents new opportunities in the market.
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The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the biomaterials market across the globe.Elective procedures were postponed during the Covid-19 pandemic as hospitals switched resources to care for Covid-19-infected patients.Many surgeries that required the use of biomaterials were postponed as a result, lowering demand for them.Furthermore, because ofthe lockdown, several clinics that conducted orthopedic, dental, ophthalmology, plastic surgery, and other procedures were closed down due to the imposed lockdown. This reduced demand for biomaterials in the short term. However, the demand is expected to increase steadily post-lockdown.
The report offers detailed segmentation of the global biomaterials market based on type, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
Based on type, the metallic segment dominated the market share in 2020, contributing tonearly three-fifths of the global biomaterials market, and is anticipatedto continue its dominance in terms of revenue throughout the forecast period. This is owing to its high specific strength, low modulus, and high corrosion resistance, as well as its use in permanent and bioresorbable dental, orthopedic, cardiovascular, and neurological implants.The polymeric segment, however, isexpected to grow with the fastest CAGR of 13.9% from 2021 to 2030, due to increased scope of polymeric biomaterials in various applications such as tracheal tubes, facial prostheses, heart components, sutures, kidney & liver parts, dentures for hip & knee joints, lenses, drug delivery systems, soft tissue replacement, and sealants & medical adhesives.
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Based on application, the orthopedic segment led the market share in terms of revenue in 2020, accounting for more than one-fourth of the global biomaterials market, and is expected to maintain its leadership status during the forecast period. This is due to an increase in demand for biomaterials in orthopedic applications, as well as ongoing research and development for advanced orthopedic implants. However, the tissue engineering segment is anticipated to portray the fastest CAGR of 20.8% from 2021 to 2030, due to rise in usage of biomaterials for the regeneration of damaged tissues by combining cells from the body with highly porous scaffold biomaterials to facilitate tissue regeneration or stimulate the growth of new tissues.
Based on region, North America held the largest market share in terms of revenue in 2020, contributing tonearly half of the global biomaterials market, and is anticipatedto maintain its leadership status by 2030. This is owing to increase in R&D activities, widespread technological advancements, and developments regarding the use of novel biomaterials in tissue engineering, wound healing, plastic surgery, neurology, and ophthalmology in the region. However, Asia-Pacific is anticipatedto register the fastest CAGR of 14.1% during the forecast period, owing to improved healthcare infrastructure, rise in incidence of neurological, ophthalmic, cardiovascular, and orthopedic disorders, and the well-established presence of domestic companies.
Leading players of the global biomaterials market analyzed in the research includeCorbion N.V, Carpenter Technology Corporation, Evonik Industries, Covalon Technologies Ltd., Noble Biomaterials Inc., Linden Capital Partners (Collagen Matrix, Inc.), Royal DSM, Stryker Corporation (Wright Medical Group N.V), Victrex plc., and Zimmer Biomet Holdings, Inc.
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