Biomaterials Market expanding at a CAGR of 17.98% by 2031

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. Increasing obesity, the introduction of biomaterials in cancer research, and increasing patient awareness and improved lifestyle in growing economies such as India, China, and South Korea are expected to create opportunities in the biomaterials market.

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 R&D 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.

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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