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.
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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 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 market growth in the future.
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, 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 application, the market is categorized into cardiovascular, dental, orthopedic, wound healing, plastic surgery, ophthalmology, tissue engineering, neurological disorders, and drug-delivery systems. 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.
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