Biomaterials Market Outlook (2022-2032)

The global biomaterials market was valued at US$ 112 Bn in 2021 and is expected to reach US$ 470 Bn by 2032, advancing at a high-value CAGR of 14.5% from 2022 to 2032.

North America is projected to hold the largest share of the global market throughout the forecast period.

What are the Demand Drivers for the Biomaterials Market?

“Need for Biomaterials Rising Due to Spike in Cases of Cardiovascular Disorders”

Cardiovascular disorders are induced by smoking, high blood pressure, inactivity, high cholesterol, and other factors. Noncontagious diseases such as chronic respiratory sickness, diabetes, and heart attacks caused by hypertension are mostly to blame for the rise in the incidence of cardiovascular disorders.

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Cardiopulmonary bypass systems, heart valves, stents, complete artificial hearts, vascular grafts, and pacemakers are examples of biomaterials that are utilized for the healing of diseased and damaged heart tissue.

• As per the World Health Organization (WHO), 17.9 million people die from cardiovascular illnesses each year, representing 32% of all deaths worldwide. Heart attack and stroke account for 85% of these deaths.

This implies a high prevalence of cardiovascular diseases across the world and is a major cause of death worldwide. As a result, this increased prevalence of cardiovascular illnesses is projected to drive the sales of biomaterials over the coming years.

“Technological Advancements in Biomaterials”

Technological advancements have expanded the variety of biomaterials and their use in sectors such as bioengineering and tissue engineering.

The introduction of smart biomaterials is likely to present huge revenue-generation opportunities for the suppliers of biomaterials in the near future. Smart biomaterials connect with biological systems for a variety of biomedical applications, spanning bioactive molecule transport to the cellular functioning of designed functional tissues.

Regional Analysis

North America is set to dominate the global biomaterials market during the forecast period due to numerous private and public initiatives.

• The National Institute of Standards and Technology and The National Science Foundation, for example, provides expertise and guidance on the use of biomaterials in biomedical applications.

As a consequence, the use of biomaterials has skyrocketed in the region. Furthermore, favorable government regulations and the presence of numerous prominent market players are projected to promote biomaterials market growth in North America.

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Asia Pacific is expected to follow North America in terms of revenue share. This is due to a variety of aspects, including the region’s aging population, which is boosting the need for surgeries amid the rising incidence of bone fractures.

China and India are two major countries that are projected to contribute significantly to the Asia Pacific biomaterials market. The biomaterials market in India is expanding rapidly. Orthopedic, cardiovascular, and dental biomaterials are expected to dominate the market in India.

Moreover, the growing adoption of implanted devices and improving healthcare facilities in Asia Pacific are anticipated to bolster market growth going forward.

Market Developments

Leading players in the biomaterials market are pursuing numerous strategies such as agreements, collaborations, and R&D activities to expand their product portfolio.

Strategic collaborations are a popular trend in the global biomaterials market. Key firms are working on collaborations to develop innovative biomaterial-based implants and combination devices by using each other’s resources, expertise, and technology. These collaborations are also aimed at increasing biomaterial uptake. Such collaborations allow businesses to acquire a competitive advantage in the market and raise their revenue share.

• For instance, GE Healthcare and Medtronic collaborated in April 2022 to meet the specific requirements and demand for treatment at office-based laboratories (OBLs) and ambulatory surgery centers (ASCs). Customers will benefit from financial solutions, a broad product portfolio, and excellent support as a result of this collaboration.

A biomaterial is any substance or combination other than drugs that may be synthetic or natural in origin. These materials can be used at any period, which replaces totally or partially any organ, tissue, or function of the body to enhance the life of the individual as stated by the American National Institute of Health.

The study of biomaterials is known as biomaterials science, which consists of elements such as biology, medicine, chemistry, and tissue engineering among others.

Biomaterials either occur naturally or are synthesized in the laboratory by using a variety of chemical approaches by using metallic components such as ceramics, polymers, or composite materials.

They often have medical applications and thus they have the ability to comprise a part or whole of the living structure or biomedical devices.

The major drivers for the biomaterials market include the increasing aging population, advanced technology, enhanced benefits, and rising awareness for biomaterials products. Further research in medical applications is expected to create opportunities for the biomaterials market in the near future.

Some of the major focused activities for biomaterials include the development of new scaffolds for regenerative medicines, stem cell therapy, and biomaterials characterization and nonmaterial for biosensing applications.

Biomaterials engineering includes processing, synthesis, and characterization of novel materials such as glasses, polymers, cement composites, and hybrids among others.

In addition, the new area in which biomaterial activity is on the go is the tailoring of inorganic nanoparticles that include quantum dots with bioactive peptides and gold, which enables them to act as reporters to detect enzyme activity.

Key Players :

• Evonik Industries AG
• Medtronic plc
• Carpenter Technology Corporation
• Invibio Ltd.
• Berkeley Advanced Biomaterials
• BASF SE
• Zimmer Biomet Holdings, Inc.
• Stryker
• Covalon Technologies Ltd.
• Johnson & Johnson

Market Segmentation

The biomaterials have a wide range of applications in dental, cardiovascular, orthopedic, wound healing, neurology, and surgery, among others.

The cardiovascular segment contributed substantially to the global biomaterials market, followed by the orthopedic segment. Owing to the developments, and changing lifestyles of people, the other segment such as plastic surgery and wound healing segments are expected to show the highest growth in the near future.

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