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 an increase in the 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.
The report segments the global biomaterials market based on type, application, and geography. Based on type, the report sub-segments the market into metallic, polymeric, ceramic, and natural. The metallic biomaterial segment contributed significantly to the revenue of the global market in 2015 and is projected to maintain this trend during the forecast period. This is attributed to their wide usage in orthopedic procedures for bone support and replacement, as they are strong and resistant to fatigue degradation. However, the polymeric biomaterial segment is anticipated to grow at the fastest rate during the forecast period, registering a CAGR of 13.0% from 2016 to 2022.
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Based on the application, the market is categorized into cardiovascular, dental, orthopedic, wound healing, plastic surgery, ophthalmology, tissue engineering, neurological disorders, and drug-delivery systems. The orthopedic disorder was the leading application segment in the market, contributing the maximum revenue to the global market in 2015. However, tissue engineering is projected to be the fastest-growing segment, registering a CAGR of 35.6% through 2022. Regionally, North America dominated the global market in 2015 in terms of revenue. However, during the forecast period, Asia-Pacific is expected to grow at the fastest rate.
The report also profiles key players involved in the global biomaterials market, such as Royal DSM, Wright Medical Technology, Inc., Corbion N.V., Zimmer Biomet Holdings, Inc., Bayer AG, Carpenter Technology Corporation, Technologies Ltd., Evonik Industries AG, BASF SE, Invibio Ltd., and Collagen Matrix. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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) – Global Opportunity Analysis and Industry Forecast, 2014 – 2022”. The report states that the global biomaterials market generated $62 billion in 2015 and is projected to attain $139 Billion by 2022, registering a CAGR of 11.8% from 2016 to 2022.
Growing demand for implantable devices coupled with the rise in geriatric population and in the prevalence of cardiovascular and orthopedic disorders drive the global biomaterials market. Advancements in medical technology, significant advantages of biomaterial products, and an increase in government funding also supplement the market growth. Additionally, the introduction of new products in plastic surgery and wound healing along with the emergence of decellularized dermal matrixes for grafting and hydrogel scaffolding is expected to provide lucrative opportunities for new market players. However, the high cost of biomaterial production and issues regarding compatibility & wearability hampers the market growth in the future.
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