Increase in prevalence of cardiovascular and orthopedic disorders, advancement in medical technology, and rise in awareness regarding implantable devices drive the growth of the global biomaterials market
PORTLAND, Ore., March 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Biomaterials Market by Type (Metallic, Polymeric, Ceramic, and Natural) and Application, (Cardiovascular, Dental, Orthopedic, Wound Healing, Plastic Surgery, Ophthalmology, Tissue Engineering, Neurological Disorders, and Drug Delivery Systems): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global biomaterials industry generated $64.87 billion in 2020, and is expected to reach $212.40 billion by 2030, witnessing a CAGR of 12.7% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Increase in prevalence of cardiovascular and orthopedic disorders, advancement in medical technology, and rise in awareness regarding implantable devices drive the growth of the global biomaterials market. However, expensive nature of biomaterial implants and compatibility issues restrain the market growth. On the other hand, surge in funding by governments to increase R&D activities in the field of biomaterials presents new opportunities in the market.
Covid-19 Scenario
- During the Covid-19 pandemic, elective surgeries were postponed as hospitals shifted their resources to take care of Covid-19-infected patients. This reduced the demand for biomaterials, as many surgeries that involved their usage were postponed.
- Moreover, many clinics that conducted dental, orthopedic, plastic surgery, ophthalmology, and other procedures were closed due to lockdown. This lowered the demand for biomaterials for the short term. However, the demand is expected to increase steadily post-lockdown.
The metallic segment to continue its dominance in terms of revenue throughout the forecast period
Based on type, the metallic segment contributed to the highest market share in 2020, accounting for nearly three-fifths of the global biomaterials market, and is expected to continue its dominance in terms of revenue throughout the forecast period. This is due to high specific strength, high corrosion resistance, and low modulus along with usage in orthopedics, dental, cardiovascular, and neurological permanent and bioresorbable implants. However, the polymeric segment is projected to witness the largest CAGR of 13.9% from 2021 to 2030, owing to increased scope of polymeric biomaterials in various applications such as facial prostheses, tracheal tubes, sutures, heart components, kidney & liver parts, dentures for hip & knee joints, drug delivery systems, lenses, soft tissue replacement, and sealants & medical adhesives.
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The orthopedic segment to maintain its leadership status during the forecast period
Based on application, the orthopedic segment accounted for the highest market share in 2020, holding more than one-fourth of the global biomaterials market, and is estimated to maintain its leadership status during the forecast period. This is attributed to rise in demand for biomaterials in orthopedic applications and continuous developments for the introduction of advanced orthopedic implants. However, the tissue engineering segment is expected to manifest the fastest CAGR of 20.8% from 2021 to 2030, owing to rise in usage of biomaterials for regeneration of damaged tissues by combining cells from the body with highly porous scaffold biomaterials to facilitate tissue regeneration or stimulate the growth of new tissues.
North America to maintain its leadership status by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for nearly half of the global biomaterials market, and is expected to maintain its leadership status by 2030. This is attributed to increase in R&D activities, widespread technological advancements, and developments regarding the use of novel biomaterials in wound healing, tissue engineering, neurology, plastic surgery, and ophthalmology in the region. However, Asia-Pacific is expected to register the fastest CAGR of 14.1% during the forecast period, owing to improved healthcare infrastructure, rise in incidence of ophthalmic, neurological, cardiovascular, and orthopedic disorders, and well-established presence of domestic companies.
Leading Market Players
- Carpenter Technology Corporation
- Corbion N.V
- Covalon Technologies Ltd.
- Evonik Industries
- Linden Capital Partners (Collagen Matrix, Inc.)
- Noble Biomaterials Inc.
- Royal DSM
- Victrex plc.
- Stryker Corporation (Wright Medical Group N.V)
- Zimmer Biomet Holdings, Inc.
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