Biomaterials Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics

Biomaterials Market Overview:

The Biomaterials market is segmented into Product Type, Application and Region. On the basis of Product Type, the Biomaterials Market is further segmented into Metallic, Polymeric, Ceramic and Natural types. Metallic type is further sub-segmented into stainless steel, titanium & titanium alloys, cobalt-chrome alloys, gold, and silver. The Polymeric segment is also further sub-segmented into polymethyl methacrylate (PMMA), polyethylene, polyester, polyvinylchloride, silicone rubber, nylon, and polyetheretherketone. The Ceramic type is further sub-segmented into calcium phosphate, zirconia, aluminium oxide, calcium sulphate, carbon, and glass. Natural type of Biomaterial includes hyaluronic acid, collagen & gelatine, fibrin, cellulose, chitin, alginates, and silk.  On the basis of Application, the Biomaterials Market is segmented into Orthopaedic, Drug Delivery System, Dental, Neurological Disorder, Plastic Surgery, Cardiovascular, Ophthalmology and Wound Healing. The rise in funding and grants from governments around the world for the development of novel biomaterials, the rising demand for medical implants, the rising prevalence of cardiovascular diseases, and the growth of regenerative medicine research are the main drivers of the global Biomaterials Market growth.

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Over the past few years, there has been a considerable global increase in the demand for and use of biomaterials in numerous medical applications. The development of innovative biomaterials is being fueled by investments, funding, and grants from a number of government agencies and academic institutions. For instance, Drexel University awarded the National Science Foundation $200,000 in order to support research on the impact of macrophage behavior control by Biomaterials on biomaterial vascularization. Such research and funding initiatives are projected to encourage the creation of novel biomaterials, opening up a wide range of potential for the growth of Biomaterials market during the forecast period.

In terms of market restraints, the market regulations state that before any novel biomaterials can be approved for marketing, they must demonstrate their effectiveness and safety. The FDA has established stringent criteria and restrictions for the approval procedure in the US. Implantable pacemakers, stents, and heart valves are examples of biomaterial-based goods that are categorized by the FDA as Class III devices, which are those that carry the greatest risk of sickness or harm. As a result, the premarket approval application procedure is used for these products (the most stringent type of device marketing application)

Biomaterials Market Segment Analysis:

On the basis of Product Type, the metallic segment is projected to dominate the global Biomaterials market is projected to do so during the forecast period as well. This is due to the high corrosion resistance, specific strength and low modulus of the metallic Biomaterial products. Additionally, the metallic segment is highly used in orthopedics, dental, cardiovascular, and neurological permanent and bioresorbable implants, which drives growth of the segment.

On the basis of application, orthopaedic segment is projected to dominate the Biomaterials Market during the forecast period. This is due to the rapid rise in the population of geriatrics, who are more susceptible to orthopaedic problems, and the rising prevalence of orthopaedic disorders such osteoarthritis and arthritis are some of the factors driving the Biomaterials market growth. The Orthopaedic segment growth is also fuelled by technical advancements like robot-assisted surgical instruments, acceptance of implanted medical devices, and widespread use of orthopaedic implants to treat musculoskeletal, orthopaedic illnesses, & injuries but expensive treatments including orthopaedic implants for treatment and strict government regulations restrain market growth. Additionally, the growing economies are estimated to provide the Biomaterials market ample opportunities to grow during the forecast period.

More people are projected to experience joint diseases as a result of the ageing population, which will fuel the market for Biomaterials during the forecast period. According to research released by the UN Department of Economic and Social Affairs, there are currently estimated to be 703 million people who are 65 or older, and that figure is projected to increase to 1.5 billion by the year 2050. The growth of the orthopaedic Biomaterial Market revenue is also projected to be fuelled by an increase in the number of sports injuries, cases of trauma brought on by accidents, and orthopaedic operations including joint reconstruction and joint arthroplasty. The growing use of biomaterials in total joint replacement, polymer orthopaedic implants, silicone orthopaedic implants, osteosynthesis, hip joint replacements, spine implants, polyurethane (PU) biomaterials, bioabsorbable implants, bisphosphonates, and polyaryletherketonespolymers is driving the overall orthopaedic segment of Biomaterials Market with the introduction of various cartilage repair processes and treatments for spinal cord injuries.

Biomaterials Market Regional Insights:

North America dominated the market and contributed 38.2 percent of total revenue in 2023 due to steps taken by numerous public and private organizations based in the region, The National Science Foundation and the National Institute of Standards and Technology are two of them; they offer information and support relating to the use of biomaterials in biological applications. This has led to a rise in the use of biomaterials in the North America region. The regional market share has also been influenced by additional elements like advantageous government policies and the existence of numerous significant market participants in the North America region. The growth of the Biomaterials Market in the North America region is also due to the increased focus by the research and development institutes to innovative procedures in order to further develop the understanding of the human body and provide with better healthcare options for patients suffering with ailments that require Biomaterials.

The Asia Pacific region is estimated to witness the highest CAGR growth throughout the forecast period owing to strategic actions taken by regional constituent countries to strengthen their position in both domestic and international markets, for instance, a few years ago, a Japanese company named Mitsubishi Chemical signed a contract to buy AdvanSource Biomaterials' thermoplastic polyurethane elastomer division. The company anticipates that this acquisition will enable it to grow internationally and win a sizable portion of the worldwide market. The biomaterials industry in India is constantly growing. Orthopedic, dental, and cardiovascular biomaterials are projected to dominate the Indian biomaterials market. The rise in orthopedic, cardiovascular, and dental operations is responsible for growing market shares for biomaterial, cardiovascular, and orthopedic items.

The BRICS countries—Brazil, Russia, India, China, and South Africa have some of the fastest growing economies in the world. During the forecast period these developing nations are expected to amount for one-third of all medical expenses worldwide, according to the World Economic Forum. Some of the key factors that are estimated to fuel demand for cutting-edge healthcare services and cutting-edge medical devices in the respective healthcare systems of these countries include the rising geriatric population, the rising incidence of target diseases, and the rising demand for surgical procedures. In the upcoming years, this is anticipated to present new growth prospects for the Biomaterials Market. 

The objective of the report is to present a comprehensive analysis of the Biomaterials market to the stakeholders in the industry. The report provides trends that are most dominant in the Biomaterials market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Biomaterials Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the Biomaterials market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Biomaterials market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Biomaterials market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Biomaterials market. The report also analyses if the Biomaterials market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Biomaterials market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Biomaterials market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Biomaterials market is aided by legal factors.

Biomaterials Market Scope:

Biomaterials Market Key Players

• Celanese Corporation (Germany)
• BASF (Germany)
• Covestro AG (Germany)
• Carpenter Technology (US)
• AB Specialty Silicones (US)
• Evonik Industries (Germany)
• Xylos Corporation (US)
• Olympus Terumo Biomaterials Corporation (Japan)
• Victrex Plc (UK)
• GELITA AG (Germany)
• Corbion (Netherlands)
• Solvay (US)
• Mitsubishi Chemical Holdings Corporation (Japan)
• CeramTec GmbH (Germany)
• Royal DSM (Netherlands)