According to the latest report by IMARC Group, titled “Biomaterials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global biomaterials market reached a value of US$ 91.23 Billion in 2021. Biomaterials are substances designed to interface with biological systems to treat, augment, or replace biological functions. It includes natural, ceramic, metallic, polymeric, inorganic glass-based, regenerative, and hybrid biomaterials. They are widely employed in surgeries, fracture fixation, dental implants, joint prostheses, vascular grafts, ligament repair, and drug delivery. Biomaterials are also used in artificial hearing aids, tissue engineering scaffolds, surgical sutures, pacemakers, kidney dialysis machines, respirators, and rubber catheters. They are strong, lightweight, chemically inert, and corrosion-resistant materials that aid in restoring functions and facilitate healing. In addition, biomaterials are biodegradable, easy to fabricate and mold, and provide excellent mechanical properties.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biomaterials Market Trends:
The rising prevalence of cardiovascular diseases (CVDs) is one of the primary factors driving the market growth. Biomaterials are extensively incorporated to manufacture catheters, stents, implantable cardiac defibrillators, pacemakers, sensors, heart valves, vascular grafts, and guide wires that are used in cardiac repair, regeneration, and surgical processes. Furthermore, the rising geriatric population prone to osteoarthritis, cataract, wrinkling, and replacement surgeries of joints, such as knee, hip, shoulder, and ankles, is providing a considerable boost to the market growth. In addition, the widespread product utilization for tissue engineering to repair or replace damaged tissue and promote healing due to the rising prevalence of physical disabilities and musculoskeletal and chronic skeletal medical conditions is favoring the market growth. Apart from this, the introduction of three-dimensional (3D) printing technology to create patient-specific biomedical devices, implants, scaffolds for tissue engineering, and drug delivery systems using a variety of biomaterials is positively influencing the market growth. Moreover, the recent development of smart biomaterials capable of transporting bioactive molecules and transmitting bioelectric signals similar to biological tissues for accurate physiological functioning is providing an impetus to the market growth. Other factors, including rising product adoption in the food packaging industry, extensive research and development (R&D) activities, and increasing consumer awareness regarding various benefits of biomaterials, are anticipated to drive market growth. On account of the aforementioned factors, the market value is expected to reach US$ 182.11 Billion by 2027, exhibiting a CAGR of 11.70% during 2022-2027.
- On the basis of the type, the market has been divided into natural, metallic, ceramic, and polymeric biomaterials.
- Based on the application, the market has been classified into neurology, cardiology, orthopedics, wound care, dental, plastic surgery, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being BASF SE, Berkeley Advanced Biomaterials, Carpenter Technology Corporation, Collagen Matrix Inc., CoorsTek Inc., Corbion N.V., Dentsply Sirona, Evonik Industries AG, Johnson & Johnson, Koninklijke DSM N.V., Medtronic plc, Stryker Corporation, Victrex plc and Zimmer Biomet.
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