Id: CBI_ 1494 | Pages: 329 | Format : PDF | Published : | Author : Amit Sati
Biomaterials Market size is estimated to reach over USD 356.62 Billion by 2031 from a value of USD 137.54 Billion in 2023 and is projected to grow by USD 152.49 Billion in 2024, growing at a CAGR of 12.6% from 2024 to 2031.
Biomaterials are those synthetic or natural substances that are engineered to interface with biological systems. It is especially helpful for therapeutic and diagnostic purposes. They are capable of replacing various tissues within the body, even organs. Their chief property is that they are highly biocompatible, meaning they do not necessitate an immune response from the body. It has other useful properties such as high mechanical strength, longer durability, and is non-toxic, making them biodegradable. It also has impressive hydrophilicity, structural roughness, and tunable chemical composition that dictates it will react with tissues and cells. The benefit of using these materials in inpatient treatments is that they accelerate healing, especially for joint surgery, orthopedic implants, or prosthetics. The treatments that incorporate these materials are minimally invasive and can be essential in targeted drug delivery. Thus, these materials could be used in the healthcare and medical sectors, the cosmetic sector, biotech, etc.
Biomaterials are increasingly being used in joint implants, dental surgeries, cardiovascular devices, etc. The aging demographic who are easily prone to osteoporosis, heart problems, dental issues, etc. require biomaterial-based medical devices. They are also helpful in targeted drug delivery, and as such can help in managing chronic conditions like diabetes. The advancement of biotechnology has engineered more competent materials that have better biocompatibility, strength, etc. They are also used in scaffolding for tissue regeneration, making them important in repairing or replacing damaged tissues.
Therefore, as these materials are highly sustainable, it leads to increased usage, contributing to biomaterials market growth.
Certain biomaterials, especially advanced ones, like biodegradable polymers, ceramics, etc. are made up of high-cost raw materials. The production of these materials can often be complex making it expensive. For example, the equipment in tissue engineering requires cutting-edge expertise, which hikes up the production costs. The strict regulatory restrictions placed on implementation directly demand high-quality production to ensure proper biocompatibility. This ends up surging the production costs, making biomaterial-based products expensive.
Therefore, high-cost production often discourages companies from investing in these materials, leading to stunted biomaterials market demand.
In tissue engineering, biomaterials are essential in scaffolding. This provides the cells with a framework that accelerates tissue regeneration. They often duplicate the original extracellular matrix that supports the reformation of bone cartilage, tissues, skin, etc. Since these materials have excellent biocompatibility, they can be safely integrated into the human body and encourage tissue development. They are also used in regenerative medicine production which focuses on helping the body to repair itself. These regenerative medicines can also be engineered to be personalized to each patient, resulting in more effective treatment outcomes.
This fusion improves the efficiency of industries including healthcare, manufacturing, and energy.
Thus, as stem cell research propels regenerative medicines and tissue engineering, the need for biomaterial-based artificial organs and tissue substitutes grows. This drives the biomaterials market opportunities.
The market is segmented based on type into Metallic, Polymeric, Ceramic, Natural, Composite, and others.
Trends in the Type:
Metallic biomaterials accounted for the largest revenue share of 35.40% in the biomaterials market share in 2023.
Polymeric biomaterials are expected to have the fastest CAGR for the forecasted period.
The market is segmented, based on application, into cardiovascular, orthopedic, dental, plastic surgery, ophthalmology, wound healing, tissue engineering, neurology, drug delivery, and others.
Trends in the Application:
Orthopedics accounted for the largest revenue share in 2023.
Plastic Surgery is expected to have the fastest CAGR for the forecasted period.
The market is segmented based on end-users into Hospitals and Clinics, Academic & Research Institutes, Ambulatory Surgical Centers (ASCs), Biopharmaceutical Companies, and others.
Trends in the End-User:
Hospitals and Clinics accounted for the largest revenue in the biomaterials market share in 2023.
Ambulatory Surgical Centers (ASCs) are expected to have the fastest CAGR for the forecasted period.
The regions covered are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 30.54 Billion in 2023. Moreover, it is projected to grow by USD 34.07 Billion in 2024 and reach over USD 85.20 Billion by 2031. Out of this, China accounted for the maximum revenue share of 39.3%.
As per the biomaterials market analysis, the Asia Pacific region, especially countries like Thailand, Malaysia, South Korea, Japan, etc. are famous for medical tourism. They offer cost-effective healthcare and attract international patients for orthopedic and dental implants. This leads to the growth of biomaterial utilization in these nations and a widespread market for regenerative medicine.
North America is estimated to reach over USD 134.37 Billion by 2031 from a value of USD 51.03 Billion in 2023 and is projected to grow by USD 56.65 Billion in 2024.
In North America, especially in the US and Canada, there is an advanced medical infrastructural base. This resulted in a heightened demand for biomaterials in medical care for applications such as tissue engineering, prosthetics, implants, etc. The government itself takes active initiatives to encourage improvement in the healthcare systems through incentives and grants. They heavily invest in research & development (R&D) for biotechnology which opens up new avenues in medical science.
The biomaterials market trends show that Europe is home to a larger proportion of the aging demographic who experience chronic illnesses, especially in Germany, Spain, Italy, etc. This results in a high need for these materials in the region as the need for cardiovascular devices, dental implants, etc. is omnipresent.
The Middle East and Africa (MEA), especially the Gulf region, has been experiencing rapid industrialization and urbanization. The government insists on lowering the reliance on medical imports. This has surged their production of local manufacturing of medical devices, raising the requirement for these materials in this region.
The regional analysis depicts that in Latin America, especially in nations such as Mexico, Costa Rica, etc., there is a prevalent cardiovascular disease culture such as heart attacks, strokes, etc. This has driven the need for these materials in cardiology in these regions. This, in turn, boosts the biomaterials market expansion.
The biomaterials market is highly competitive with major players providing products and services to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in the global biomaterials market. Key players in the biomaterials industry include:
Product Launches:
Mergers & Acquisitions:
Partnerships & Collaborations:
Report Attributes | Report Details |
Study Timeline | 2018-2031 |
Market Size in 2031 | USD 356.62 Billion |
CAGR (2024-2031) | 12.6% |
By Type |
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By Application |
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By End-User |
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By Region |
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Key Players |
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North America | U.S. Canada Mexico |
Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
Middle East and Africa | GCC Turkey South Africa Rest of MEA |
LATAM | Brazil Argentina Chile Rest of LATAM |
Report Coverage |
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Biomaterials Market size is estimated to reach over USD 356.62 Billion by 2031 from a value of USD 137.54 Billion in 2023 and is projected to grow by USD 152.49 Billion in 2024, growing at a CAGR of 12.6% from 2024 to 2031.
The biomaterials market is segmented into type, application, and end-user industry.
Asia Pacific is the fastest-growing region in the biomaterials market.
The major players in the market include BASF (Germany), Corbion N.V. (Netherlands), Covestro AG (Germany), Evonik Industries AG (Germany), Zimmer Biomet (USA), Medtronic (Ireland), DSM (Netherlands), Stryker (USA), CRS Holdings, LLC (USA), and Berkeley Advanced Biomaterials (USA).