The biomaterials market has piqued the interest of healthcare providers, owing to the wide array of biomaterials such as metallic, polymeric, ceramic, and natural types for treating a wide range of conditions and other biotechnological applications. The major factors driving the market include increase in incidence of cardiovascular, neurological, dental, and orthopedic disorders, rise in geriatric population, high demand for implantable devices, and advancement in medical technology and innovations by key players. Increasing usage of implantable products and growing awareness of biomaterials application in emerging economies have fueled the growth of the biomaterials market.
Global biomaterials market is expected to reach $139 billion by 2022, from $62 billion in 2015, growing at a CAGR of 11.8% from 2016 to 2022, according to Allied Market Research. Metallic biomaterials segment is expected to contribute significantly to the global market revenue until 2022. North America held the leading position in the global market in 2015, and is expected to maintain its lead throughout the study period.
Metallic biomaterials segment contributed the highest revenue share to the global market, owing to highly used in orthopedic treatments for bone support and replacement, due to their strength and resistance to fatigue degradation. Polymeric biomaterials segment is projected to grow at a CAGR of 13.0% from 2016 to 2022, due to increasing demand for biodegradable products, and their use in various applications due their unique features such as flexibility, lightweight, remarkable biocompatibility, and physical & mechanical properties.
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Orthopedic disorder was the leading application segment in the market, followed by cardiovascular disorders and drug-delivery systems segments, cumulatively contributing about three-fourths shares of the global market. This was attributed to the high incidence of conditions characterized by degenerative symptoms and notable relief offered by the use of biomaterial-based products. Neurological disorder is an another key application area of the biomaterials market, and is expected to offer lucrative investment opportunities to market players in the near future. However, tissue engineering is projected to be the fastest growing segment due to the introduction of scaffolds, which is one of the biomaterials used in 3D printing.
Key Findings of the Biomaterials Market
- In 2015, metallic biomaterials segment contributed significantly to the revenue of the global market, and is projected to maintain this trend during the forecast period.
- Among biomaterials, polymeric biomaterial segment is projected to grow rapidly registering a CAGR of 13.0% from 2016 to 2022.
- Tissue engineering is projected to be the fastest growing application segment of biomaterials market with CAGR of 35.6% during analysis period.
- North America is the leading region in the global biomaterials market.
- North America and Europe jointly contributed over three-fourths share of the overall revenue in 2015.
- Asia-Pacific biomaterials market is expected to be the fastest growing region during study period.
- Chinese biomaterials market is expected to grow at a significant CAGR of 18.5% from 2016 to 2022.
In 2015, North America accounted for significant revenue share in the global biomaterials market, and is expected to maintain this trend throughout the forecast period. This is attributed to increase in prevalence of chronic and degenerative diseases coupled with growth in geriatric population, advent of innovative technologies, heavy funding by government agencies for R&D activities, and growing need to improve quality of life in North America. However, Asia-Pacific is expected to be the fastest growing region throughout 2022, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of cardiovascular, neurological & orthopedic disorders, increasing awareness about biomaterials advantages, and rising acceptance of advanced technologies in this region.
The key players in this market have adopted product development & launch as their key strategies to cater to the changing needs of the industry. Furthermore, companies have collaborated with other key players to develop cost-effective and technologically efficient technologies to strengthen their market positions. The development of novel products with innovative technologies and acquisition of companies possessing innovative technologies are the top strategies adopted by leading players in the market. The key players profiled in this report include Royal DSM, Wright Medical Group N.V., Corbion N.V., Zimmer Biomet Holdings, Inc., Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., Evonik Industries AG, BASF SE, Victrex plc., and Collagen Matrix, Inc.