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Biomaterials Market New Industry Dynamics
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A biomaterial is any substance that has been engineered to be biocompatible for interaction with biological systems. There are two types of biomaterials: synthetic and natural. Metals, polymers, and ceramics make up synthetic materials, whereas natural biomaterials are derived from natural sources such as animal tissues or engineered in the laboratory. Some tissues are obtained from animals such as cows or pigs. The interaction of these biomaterials with the human body aids in the treatment, augmentation, repair, or replacement of a bodily tissue 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.
Market Segmentation
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 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.
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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?
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