The Biomaterials Market is expected to garner growth at a CAGR of 14.5% over the forecast period 2019 to 2026 and to reach value of around US$ 285,696 Mn by 2026.
Biomaterials are synthetic or natural materials that are artificially derived and are mostly used to enhance the durability of damaged tissues and organs in medical technology. Such biomaterials are used for the interaction of cardiac, dental, orthopedic and neurological disorders with biological systems for medical purposes and treatments. In addition, the science of biomaterials can be used in various advanced medical developments such as plastic surgery, tissue engineering, drug delivery systems, and other medical implants. Biomaterial technologies are at the forefront of biomedical engineering, biomineralization, and biomolecular science.
Rapid rise in demand of biomaterials due to increasing geriatric population and high prevalence of cardiovascular, orthopedic disorders, and neurological disorders are the factors driving the biomaterials market. Government and private association are funding to introduce new goods and raise awareness of the benefits of these materials. Major players are engaged in R&D efforts to implement advance technology offerings in this market. Biomaterials are widely used in orthopedic implants used in orthopedic procedures such as services for spine implants, bioresorbable tissue repair, orthobiologics, joint replacements, visco-supplementation and non-conventional tumor implants.
The market is segmented into type, application and region. In terms of type, the market is segmented into metallic, ceramic, polymeric and natural biomaterials. In 2018, metallic biomaterials segment accounted for the largest market in biomaterials. Primarily this segment attributes to wider application of metals during manufacturing of medical devices which is further used in dental, cardiovascular and orthopedic applications. However, the polymeric biomaterials segment is likely to dominate the market during forecast period in terms of CAGR owing to growing application of polymers in soft-tissue in plastic surgeries.
The market research study on “BioMaterials Market– “Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, offers a detailed insights on the global biomaterials market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global biomaterials market, its product, power source, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. The biomaterials market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, Middle East & Africa followed by major countries. For each region, the market size for different segments has been covered under the scope of report. North America dominated the biomaterials market in 2018 due to growing aging population. Also, rising disposable income and increasing government expenditure for biomaterials R&D in this region is a major factor that drives the demand for biomaterials. Furthermore, Asia-Pacific is second largest and the fastest growing region in biomaterials market due to rising awareness among consumers for biomaterials products. Europe shows significant growth in biomaterials market due to increasing government funding and grants regarding huge usage of number of polymers in biomaterials which will drive the growth of market in this region.
Stringent clinical & regulatory processes
In several countries, including North America, Europe, and Asia, biomaterial-based medical devices are strictly regulated to ensure their reliability and effectiveness. This is mainly due to the fact that most medical devices based on biomaterials can be implanted. Any new biomaterials need evidence of being safe and effective before marketing approval can be received. In the US, the approval process meets the FDA strict guidelines and regulations. Biomaterial-based products like implantable pacemakers, stents, and heart valves are classified as Class III devices, which pose the highest potential risk of disease or injury, according to the FDA. However, these devices are subjected to the premarket approval application pathway.
Biomaterials design requires time-consuming procedures and exclusive clinical trials. These products need to be inserted within the human body, and hence they need to be biocompatible and have to meet the requirements of ISO biocompatibility testing. However, until the later stages of clinical trials, it is difficult to anticipate biocompatibility, rendering businesses and shareholders apprehensive to invest in this sector. Therefore, regulatory procedures are complex, restrictive and rely on the nature of biomaterials and possible use. These are the major factors likely to hamper market growth to a certain extent during forecast period.
The global biomaterials market is highly competitive and consists of a key major manufactures like BASF SE; Royal DSM; Berkeley Advanced Biomaterials, Inc.; Zimmer Biomet Holdings, Inc.; CAM Bioceramics BV; Collagen Matrix, Inc.; Carpenter Technology Corporation; Evonik Industries AG; Invibio Ltd.; Covalon Technologies Ltd.; Medtronic, Inc.; Ticona GmbH; Purac Biomaterials; Osteotech, Inc.; Bayer AG. and among other.
Market By Type
Market By Applications
Market By Geography
Middle East & Africa
Biomaterials are used to enhance the durability of damaged tissues and organs in medical technology.
Rapid rise in demand of biomaterials due to increasing geriatric population and high prevalence of cardiovascular, orthopedic disorders, and neurological disorders are main driver of the biomaterials market.
According to Acumen Research And Consulting, the biomaterials market value is anticipated to be worth around US$ 285,696.8 million in 2026.
The biomaterials market is anticipated to grow over 14.5% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for biomaterials market.
The biomaterials market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
BASF SE, Royal DSM, Berkeley Advanced Biomaterials, Inc., Zimmer Biomet Holdings, Inc., CAM Bioceramics BV, and Collagen Matrix, Inc. are the players operating in the biomaterials market.