Biomaterials Market Size to Surpass USD 638.96 Billion Growth by 2032 | The Growing Cases of Musculoskeletal and Chronic Skeletal Medical Conditions
According to The Brainy Insights, the global biomaterials market size is projected to reach USD 638.96 billion by 2032 from its value of USD 162.54 million in 2022, at a CAGR of 14.67% during the forecast period. Growing adoption of technologically advanced reconstruction devices, and improved healthcare infrastructure in the North America, propelling the biomaterial market in the region.
Newark, Oct. 11, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global biomaterials market is expected to grow from USD 162.54 Billion in 2022 to USD 638.96 Billion by 2032, at a CAGR of 14.67% during the forecast period 2023-2032.
The biomaterial market has grown due to factors such as a global surge in grants and funds by the government for novel materials, growing cases of cardiovascular disease and hence, the growing demand for medical implants. In orthopaedics, biomaterials are broadly used in spine fusion, fracture fixation and joint replacement. Implants which meld with the bone tissue are produced using biomaterials such as ceramics, metals and polymers. Cardiovascular devices such as pacemakers and tubes are also made using biomaterials.
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To enhance their market position in the global biomaterials market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2023: Zimmer Biomet Holdings, Inc. signed an agreement for the acquisition of Embody Inc., a medical device organization centred on soft tissue recovery. This acquisition will include a TAPESTRY bio-integrative implant for tendon recovery and TAPESTRY RC, among the first arthroscopic implant systems for rotator cuff restoration. It would eventually help the organization broaden its market share in the biomaterials market.
Market Growth & Trends
The biomaterial market is growing due to the surge in funding and grants given by the government globally. Factors like the growing use of implantable devices, a growing number of hip and knee replacement surgeries, advancement in technology, more prevalence of cardiovascular diseases and a surge in the senior population are other factors driving the growth of the biomaterials market. Biomaterials are broadly used in the making of biomedical devices like the hydrogel contact lens, artificial heart valves, polymer or metal stents, knee and ligament implants, steel joint and hip replacements, ceramic dental implants, polymer vascular grafts, surgical adhesives, polymer sutures, porous dialysis membranes and polymer barrier films among others. The demand for medical products is growing due to a population surge and ageing; hence, preclinical and clinical biomaterial studies are also significantly growing. These synthetic or natural origin biomaterials are used to effectively treat many diseases like dental problems, tissue damage, bone cancer, orthopaedic injuries and cardiovascular disease, among others. It is broadly used or modified for medical uses and thus comprises the whole or part of the biomedical devices which serve, improve or replace the natural function. The functionality can be comparatively passive, like in the heart valve, or bioactive, with many interactive features like hydroxy-apatite hip implants. There is an introduction of smart biomaterials, which interact with the biological systems for many biomedical applications like the transportation of bioactive materials and cellular working of engineered functional tissues. The number of people aged 80 years and older is anticipated to be between 2020 and 2050 and will reach 426 million. All these populations will be more prone to severe medical conditions like cardiovascular and orthopaedic-related medical conditions. All these factors eventually propel the biomaterials market in the forecasting period.
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• In 2022, the polymers segment dominated the market with the largest market share of 30.13% and market revenue of USD 48.97 Billion.
The product segment is divided into natural, metallic, ceramics and polymers. In 2022, the polymers segment dominated the market with the largest market share of 30.13% and market revenue of USD 48.97 Billion. This significant share is because of several continuous research in developing biocompatible and biodegradable polymeric biomaterials and their usage in various applications.
• In 2022, the orthopaedic segment dominated the market with the largest market share of 22.43% and market revenue of USD 36.46 Billion.
The application segment is divided into ophthalmology, dental, cardiovascular, wound healing, orthopedic, plastic surgery, neurology and others. In 2022, the orthopaedic segment dominated the market with the largest market share of 22.43% and market revenue of USD 36.46 Billion. This significant share is attributed to several orthopaedic organizations finding ways to grow beyond the conventional orthopaedic implant market.
Regional Segment Analysis of the Biomaterials Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region occurred as the largest market for the global biomaterials industry, with a market share of 39.45% and a market value of around USD 64.12 Billion in 2022. This market share is attributed to the surge in biomaterial-based research, growing cancer cases and an increase in the incidence of cardiovascular-related diseases. Also, there is a growing adoption of technologically advanced reconstruction devices, and there is an improvement in the healthcare infrastructure in the region, which is propelling the biomaterial market in the region. Factors such as many key players in the market and favourable government policies are propelling the growth of the biomaterials market in the region.
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Key players operating in the global biomaterials market are:
• Medtronic plc
• Carpenter Technology Corporation
• Evonik Industries AG
• Invibio Ltd.
• Berkeley Advanced Biomaterials
• BASF SE
• Dentsply Sirona
• Covalon Technologies Ltd.
• Collagen Matrix, Inc.
• Johnson & Johnson
• Zimmer Biomet Holdings, Inc.
• CoorsTek Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Biomaterials market based on below mentioned segments:
Global Biomaterials Market by Product:
Global Biomaterials Market by Application:
• Would Healing
• Plastic Surgery
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About the report:
The global biomaterials market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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