Global Biomaterials Market Size & CAGR (2021 to 2026)
With a CAGR of 14.5% between 2021 to 2026, the worldwide biomaterials market is expected to be valued at USD 110.6 billion in 2021 and USD 2178 billion by 2026. The demand for and use of biomaterials in numerous medical applications has increased substantially during the last few years.
Impact of COVID-19 on the global biomaterials market:
COVID-19 is a newly discovered novel coronavirus that causes infectious sickness. COVID-19, which was primarily unknown before the outbreak in Wuhan, China, in December 2019, has evolved from a regional issue to a global pandemic. Cosmetic surgeries (such as breast implantation and lipoplasty) and non-essential dentistry procedures have been postponed due to COVID-19. The pandemic significantly influenced the United States, Japan, China, and several major European countries. The pandemic and state-wide lockdowns have resulted in a decline in sales because most of these countries are significant manufacturers of biomaterials. As a result, the market for biomaterials suffered a minor delay.
However, the market is projected to revive in the next one to two years due to research into creating a quick COVID-19 detection test based on gold nanoparticles. Although, following the World Health Organization’s (WHO) declaration of the COVID-19 pandemic, several established pharmaceutical and biopharmaceutical companies, as well as tiny start-ups, have moved forward to develop medicines and vaccines to combat the novel coronavirus’s infection because most countries are significant biomaterials providers, the epidemic and nationwide lockdowns have resulted in a drop in revenues.
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KEY DRIVING FACTORS:
Y-O- growth in the demand levels for biomaterials, increasing funding, and grants from government agencies and universities are expected to promote the growth rate of the global biomaterials market.
Over the last few years, there has been a considerable increase in the demand for and use of biomaterials in numerous medical applications worldwide. In addition, several government agencies and institutions have offered financial assistance in investments, funds, and grants to encourage research into the development of innovative biomaterials. Thus, the creation of new biomaterials is likely to be boosted by research and funding efforts, providing a plethora of potential for the biomaterials market to grow.
Y-O-Y growth in the incidence of CVDs is further anticipated to fuel the market’s growth rate.
Cardiovascular disease is one of the world’s major causes of death. Although surgical and pharmacological interventions significantly enhance the quality of life of cardiovascular patients, less expensive and invasive procedures are always preferred. Biomaterials, both natural and synthetic, have a lot of promise in cardiac repair and regeneration. These biomaterials interact with biological systems for medical objectives, including treating cardiovascular, dental, orthopedic, and neurological diseases. Furthermore, tissue engineering, plastic surgery, medication delivery devices, and other medical implants can all benefit from biomaterials science.
To ensure efficacy and quality, biomaterial-based devices must go through an extensive clinical and regulatory process. The fact that most biomaterial devices are implantable is the main reason behind this. As a result, before they can be marketed, they must go through a series of clinical and regulatory processes that are lengthy, complex, and restrictive. The FDA sets strict criteria and regulations for the approval procedure in the United States. Biomaterial-based devices, such as implantable pacemakers, stents, and cardiac valves, are classified as Class III devices by the FDA, posing the most significant risk of disease or injury.
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KEY MARKET INSIGHTS:
- The Metallic Biomaterials segment held the most market share in the global biomaterials market based on Biomaterial type. This area is predicted to develop due to the world’s growing senior population.
- Based on Application, in terms of revenue generation, the orthopedic application segment dominated the biomaterials market in 2020. One of the factors fuelling the segment’s growth is the growing use of metallic biomaterials in orthopedic applications because of their high load-bearing capacity.
- With all firms increasingly focusing on emerging nations, several small and mid-sized businesses are breaking into the market and contending for market share. Medtronic plc, Evonik Industries AG, Carpenter Technology Corporation, Berkeley Advanced Biomaterials, Invibio Ltd., Stryker, Johnson & Johnson, Dentsply Sirona,orbion, Zimmer Biomet Holdings, Inc., BASF SE, Covalon Technologies Ltd., and Collagen Matrix, Inc. are among the market’s leading companies.
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RECENT MARKET DEVELOPMENTS:
- Orthopedics Inc. and Invibio Biomaterial Solutions announced in July 2021 that the study and implantation for total knee arthroplasty (TKA) on the first patients with the novel polymer, PEEK-OPTIMA femoral knee component, had been completed successfully.
- In2Bones Global Inc. and Invibio announced a multi-year development agreement in October 2020 to begin a research and development and production relationship. Under the terms of the deal, companies will make large expenditures and share technical capabilities, intellectual property, clinical data, and labor.
- Evonik Industries commercialized its bioresorbable PLA-PEG copolymers, which are intended for use in implanted medical devices, in October 2019. This product development aided Evonik’s expansion by improving the biocompatibility, safety, and performance of implanted items used by medical device clients.
- Royal DSM (Netherlands) and ProMed Pharma (US) partnered in 2019 to research innovative sustained release drug delivery technologies in the polymeric drug delivery sector.
SEGMENTS COVERED IN THE REPORT:
By Material Type:
- Plastic surgery
- Wound healing
- Tissue engineering
- North America
- Latin America
- The Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Biomaterials Market
- Europe Biomaterials Market
- APAC Biomaterials Market
- Latin America Biomaterials Market
- MEA Biomaterials Market
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