Biomaterials Market - Forecast(2022 - 2027)
According to the findings from the World Health Organization (WHO) released in 2018, 1.35 million road traffic deaths occur every year, among which 54% of the deaths recorded among pedestrians, motorcyclists, and cyclists. Also, the research suggests that road traffic injuries are 8th leading cause of death. Biomaterials are extensively used to treat accident injuries for tissue augmentation, organ replacement, and implants. Such essential applications of biomaterials have led to an expanding global biomaterials market size which was valued to be $66.1 billion in 2018, and the demand for biomaterials is growing at a CAGR of 17.55% through the forecast period 2019-2025.
North America is identified as the most lucrative region in the global biomaterials market. The region held 29.5% of the total biomaterials market share. Research in biomaterial science and material science fields are gaining traction in the region owing to massive capitalization of the healthcare segment. Additionally, the growing incidence of cardiovascular and cardiac diseases in the region is engaging a significant requirements biomaterials, further amplifying the biomaterials market growth.
As per the American Society of Plastic Surgeons (ASPS), 17.5 million minimal invasive cosmetic procedures and cosmetic surgeries were performed in the U.S. in 2017. Breast augmentation, liposuction, and nose reshaping are the top 3 cosmetic procedures prevalent in the region. All the aspects stated above will drive the demand of biomaterials due to its wide applications hence, support the growth of biomaterial market in North America.
Biomaterials Market Outlook:
Biomaterial is any biocompatible substance that is used for replacing, repairing, and augmenting damaged body tissues. Natural and artificial materials such as metallic, ceramic, and polymers are most preferred materials to manufacture biomaterial products.
Biomaterials have wide applications in various medical verticals such as cardiovascular, neurology, dental, skin grafting, and tissue engineering. However, orthopedic vertical in medical sector is proposed to generate maximum revenue in the biomaterials market owing to growing geriatrics population across the globe. The demands for biomaterials in the orthopedic segment of healthcare is growing at a CAGR of 16.14% through to 2025.
According to the United Nations report, there were 962 million people aged over 60 globally in 2017. Also, the organization projects the number to reach 2.1 billion by 2050. Geriatric population group require maximum assistance in terms of orthopedic treatment; knee replacement therapy is among the most prominent orthopedic operations carried out among geriatrics population. According to the Journal of Bone and Joint Surgery, the demand for knee arthroplasties is estimated to grow by 674% during 2005 and 2030 reaching 3.48 million procedures. The same source suggests that the demand for total hip arthroplasties is anticipated to rise by 174% reaching 572,000 by 2030, starting from 2005. With such an incredible influx of demands in orthopedic vertical, the biomaterial market is subjected to harness significant revenues in the near future.
Biomaterials Market Growth Drivers
3D printing: The emerging 3D printing technology is being utilized for developing complex biomaterial structures. The requirement of resources and manpower for manufacturing of such materials has been significantly reduced. Foreseeing the rampant investment in R&D in 3D printing technology, the growth in the biomaterials market is significant.
Biomaterials Market Trends
Nanotechnology Inputs: Researchers are working on harvesting energy from human body to use the power to operate implantable biomedical devices. One such biomaterials exploration activity is, nanotechnology. Which is used to develop lightweight, ultra-thin, bio-compatible, and stretchable membranes are prevalent among the top researchers in the healthcare sector.
Biomaterials Market Key Players Perspective –
Companies are expanding geographically to gain ground over their competitors. One recent example of geographical expansion based strategy is supported by Boston Scientific, the U.S. based company that announced the acquisition of British Technological Group (BTG plc.) in Q1 2019. Total BTG’s equity is approximately $4.2 billion and the Boston Scientific is adamant to acquire 100% of the BTG’s share. This is an example of shrinking geography where the U.S. based company is partnering with a British company to explore the opportunities in the biomaterials market.
Some other major players in the biomaterials market are Royal D.S.M N.V., BASF SE, Evonik Industries, Berkeley Advanced Biomaterials, Inc., CAM Bioceramics BV, Carpenter Technology Corporation, Invibio Ltd., Covalon Technologies Ltd., Corbion N.V., Collagen Matrix, Inc.
Biomaterials Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the biomaterials market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The biomaterials market research report also analyses the application of biomaterials in various sectors such as real estate, small and medium-sized business, and others.
Biomaterials Market Report: Industry Coverage
The biomaterials market report identified the current trends, opportunities, and challenges in the industry along with a detailed depiction of strategies by the existing market players.
The report also provides facts, figures, and statistics about different types of biomaterials and their use in various sectors.
The report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
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