Biomaterials Market

Biomaterials Market Insights 2030:

The global biomaterials market size was valued at $64,874 million in 2020 and is projected to reach $2,12,405.2 million by 2030, registering a CAGR of 12.7% from 2021 to 2030. Biomaterials are synthetic or natural materials that are artificially generated and employed in medical technology to improve the function of damaged tissues, bones, and organs. These biological materials are employed in medical devices and implants that supplement or replace natural body functions. Implantable biomaterials are meant to lessen the unfavorable immune reaction while preserving appropriate function because the body does not accept any foreign material to augment its biological activities completely. These biomaterials interact with biological systems for medical objectives, including the treatment of cardiovascular, dental, orthopedic, and neurological diseases.

Growth in geriatric population, rise in prevalence rates of cardiovascular and orthopedic disorders, advancement in medical technology, and increase in awareness regarding implantable devices drive the growth of the biomaterials market. In addition, rise in funding by government to increase R&D activities in the field of biomaterials and increase in awareness about the advantages of biomaterials products further drive growth of the market. However, high cost of biomaterial implants and compatibility issues are expected to restraint the growth of the market. On the other hand, introduction of new technologies, namely, decellularized dermal matrixes for grafting and hydrogen scaffolding, presenting new products in field of plastic surgery, wound healing, and neurology, are expected to offer profitable opportunities for the growth of the market during the forecast period.

Impact Of Covid-19 On Biomaterials Market (Pre And Post Analysis)

The outbreak of COVID-19 has disrupted workflows in the healthcare sector globally. The disease has forced a number of industries to shut down temporarily, including several sub-domains of the healthcare sector. The revenue of global biomaterials market also declined in 2020 due to global economic recession led by COVID-19. The COVID-19 pandemic affected the global economy and showed a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe. As many hospitals and clinics remained closed due to lockdowns, the demand for orthopedic implants is expected to be subdued in the short term, which also decreases the demand for biomaterial. For instance, according to a study published in the British Journal of Surgery, in May 2020, based on 12 weeks of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries globally were predicted to be canceled or postponed in 2020. Thus, with the delay of these non-emergent services, the demand for biomaterials decreases. 

In addition, in March 2020, the American Dental Association (ADA) issued public guidance to postpone elective dental procedures. According to the ADA, the procedures needed to be postponed included oral examinations, routine cleaning, radiographs, cosmetic procedures, and orthodontic treatments without pain management. Furthermore, the pandemic had a major impact on the U.S., Japan, China, and many major European countries. Since most of these countries are major manufacturers of biomaterials, the pandemic and global lockdowns have caused a decline in sales of these products. This, in turn, had a slightly negative impact on the biomaterials market. However, the market is expected to recover in the next one to two years with the rise in R&D for rapid COVID-19 detection test using gold nanoparticles, which is expected to support the market growth. 

Biomaterials market segmentation  

The biomaterials market is segmented on the basis of type, application, and region to provide a detailed assessment of the market. By type, the market is segmented into metallic, polymeric, ceramic, and natural. By application, the market is classified into cardiovascular, dental, orthopedic, wound healing, plastic surgery, ophthalmology, tissue engineering, neurological disorders, and drug delivery systems. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Segment Review

By type, the biomaterials market is segmented into metallic, polymeric, ceramic, and natural. Metallic biomaterials are segmented into stainless steel, titanium & titanium alloys, cobalt-chrome alloys, gold, and silver. Polymeric biomaterials are divided into polymethyl methacrylate (PMMA), polyethylene, polyester, polyvinylchloride, silicone rubber, nylon, and polyetheretherketone. Ceramic biomaterials are segmented into calcium phosphate, zirconia, aluminum oxide, calcium sulfate, carbon, and glass. Natural biomaterials comprise hyaluronic acid, collagen & gelatin, fibrin, cellulose, chitin, alginates, and silk. The metallic segment dominated the global market in 2020, and is expected to remain dominant during the forecast period, owing to high specific strength, high corrosion resistance, and low modulus. In addition, the metallic segment is highly used in orthopedics, dental, cardiovascular, and neurological permanent and bioresorbable implants, which drives growth of the segment.

By application, the biomaterials market is classified into cardiovascular, dental, orthopedic, wound healing, plastic surgery, ophthalmology, tissue engineering, neurological disorders, and drug delivery systems. The orthopedic segment held the largest market share in 2020, and is expected to remain dominant during the forecast period, owing to increase in adoption of biomaterials in orthopedic applications and continuous developments for the introduction of advanced orthopedic implants by market players.

Snapshot of Asia Pacific Biomaterials Market  

Asia-Pacific offers profitable opportunities for key players operating in the biomaterials market, thereby registering the fastest growth rate during the forecast period, owing to the growing healthcare infrastructure, rise in incidence of ophthalmic, neurological, cardiovascular, and orthopedic disorders, rise in disposable incomes, well-established presence of domestic companies, and rise in aging population in the region.

key benefits for stakeholders

• The study provides an in-depth analysis of the global biomaterials market along with the current trends and future estimations to explain the imminent investment pockets.
• A comprehensive analysis of the factors that drive and restrict the biomaterials market growth is provided in the report.
• Comprehensive quantitative analysis of the industry from 2020 to 2030 is provided to enable the stakeholders to capitalize on the prevailing biomaterials market opportunities.
• Extensive analysis of the key segments of the industry helps to understand the application and products of biomaterials used across the globe.
• Key market players and their strategies have been analyzed to understand the competitive outlook of the biomaterials market.

 Biomaterials Market Report Highlights