Biomaterials Market Driving and Challenging Factors By 2025

 

The global biomaterials market size is projected to reach USD 47.5 billion by 2025 from USD  35.5  billion in 2020, at a CAGR of 6.0% during the forecast period. Market growth is driven mainly by factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine . In addition, high growth is expected for plastic surgery and wound healing applications, which will further drive the growth of the biomaterials market in the coming years.

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The Asia Pacific region is the fastest-growing region of the biomaterials market in 2019.

In 2019, Asia Pacific region accounted for the fastest-growing region of the biomaterials market. It is also estimated to grow at the highest CAGR in the biomaterials market during the forecast period, this is mainly due to Japan’s growing healthcare industry, increasing geriatric population, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favorable tax policies in China.

The metallic biomaterials segment accounted for the largest share of the type segment in the biomaterials market in 2019.

On the basis type of materials, the biomaterials market is broadly segmented into Metallic, Polymeric, Ceramic, and Natural biomaterials. In 2019, Metallic biomaterials accounted for the largest share of the biomaterials market. This can primarily be attributed to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications.

The cardiovascular application segment accounted for the largest share of the application segment in the biomaterials market in 2019.

Based on application, the biomaterials market is categorized into seven segments— cardiovascular, orthopedic, ophthalmology, neurological/central nervous system (CNS), dental, tissue engineering, wound healing, plastic surgery, and other applications. The cardiovascular application segment accounted for the s=largest share of the biomaterials market in 2019. The large share of this segment can be attributed to the increasing prevalence of cardiovascular diseases, rising geriatric population, increasing angiography procedures, and the growing adoption of cardiac stents, pacemakers, and implantable cardiac defibrillators.

Some of the prominent players in the biomaterials market are BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).

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