According to the latest report by IMARC Group, titled “Biomaterials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global biomaterials market growth rate.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global biomaterials market size reached US$ 91.23 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 182.11 Billion by 2027, exhibiting a growth rate (CAGR) of 11.70% during 2022-2027.
Biomaterials are substances that are specifically designed to interface with biological systems to treat, augment, or replace biological functions. They can be obtained from nature or manufactured in the laboratory by using polymers, metallic components, ceramics, and composite materials. Biomaterials are strong, lightweight, chemically inert, corrosion-resistant, etc., and aid in restoring numerous functions and facilitating healing among individuals after an injury or a disease. Consequently, they find wide-ranging applications in neurology, cardiology, orthopedics, ophthalmology, wound care, dentistry, plastic surgery, etc., across the globe.
Market Trends
The increasing number of individuals with musculoskeletal conditions is primarily augmenting the biomaterials market. Furthermore, the expanding geriatric population is positively influencing the global market. Apart from this, the widespread adoption of biomaterials to manufacture implantable cardiac defibrillators, catheters, stents, pacemakers, sensors, heart valves, vascular grafts, and guide wires that are used in cardiac repair, regeneration, surgical processes, etc., is acting as another significant growth-inducing factor.
Moreover, the rising usage of these substances in dissolvable dressings and sutures, clips, and staples for wound closure is bolstering the market growth. Besides this, the development of smart biomaterials capable of transporting bioactive molecules and transmitting bioelectric signals similar to biological tissues for accurate physiological functioning is also catalyzing the global market. Additionally, the growing advancements in molecular self-assembly and polymer synthesis are further propelling the global market. In line with this, the introduction of three-dimensional (3D) printing technology to create patient-specific devices for tissue engineering and drug delivery systems is expected to fuel the biomaterials market in the coming years.
For The Competitor Segment, The Report Includes Global Key Players Of The Biomaterials Market.
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.
Key Market Segmentation:
Breakup by Type:
- Natural Biomaterial
- Metallic Biomaterial
- Ceramic Biomaterial
- Polymeric Biomaterial
Breakup by Application:
- Neurology
- Cardiology
- Orthopedics
- Wound Care
- Dental
- Plastic Surgery
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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