The global revenue from the Biocompatible Materials Market was approximately US$ 171.6 Million in 2022, with the global market expected to grow at a CAGR of 8.8% to reach a valuation of approximately US$ 436.4 Million by the end of 2033.
As assessed by Persistence Market Research, polymers held a market share of around 68.0% in the global market, in 2022. Overall, biocompatible materials market sales account for around 2.6% of revenue share in the global orthopedic and prosthetic market, which was valued at around US$ 6.6 Billion in 2022.
Biocompatible materials refer to the materials that do not cause any harm or toxicity to the living tissues or organisms. These materials are extensively used in medical applications such as implants, prosthetics, drug delivery systems, and surgical instruments. The biocompatible materials market is growing rapidly due to the increasing demand for advanced healthcare facilities and the rising prevalence of chronic diseases.
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Companies covered in Biocompatible Materials Market Report
- Dupont
- Ensinger
- Stratasys Ltd.
- Covestro AG
- Foster Corporation
- Merck KGaA
- BASF SE (Exxon Mobil Corporation)
- Wacker Chemie AG
- Celanese Corporation
- Royal DSM
- Evonik Industries AG
- Shin-Etsu Chemical Co. Ltd.
- Henkel AG & Co.
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According to a latest report published by Persistence Market Research, the global biocompatible materials market is anticipated to experience a CAGR of over 8.8% during the forecast period (2023 – 2033).
Key Takeaways from Biocompatible Materials Market Study
- The synthetic polymers segment, under material type, is expected to hold significant revenue share in the biocompatible materials market.
- Surgical & medical instruments are the most attractive applications with the highest share, followed by biocompatible implants. These segments are expected to grow at a higher rate as compared to other applications.
- In terms of regional growth, North America, Europe, and Asia Pacific are manufacturing hubs for biocompatible materials, and are anticipated to witness rapid growth in the global biocompatible materials market.
- The COVID-19 outbreak has created hindrances for the growth of the biocompatible materials market, which will persist in the first half of 2021.
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Collaborations & Acquisitions – Key Strategies amongst Market Players
Leading players in the biocompatible materials market are strengthening their product portfolios by launching new products.
- For instance, in June 2020, Ensinger launched Laser direct structuring (LDS): TECACOMP LCP LDS 1049426 black, based on a Liquid Crystal Polymer (LCP).
Various players in the biocompatible materials market are focusing on growth strategies such as expansion, collaborations, and agreement licences.
- In September, 2018, DuPont escalated the manufacturing capacity of the Kinston, North Carolina unit, for elevated production of the bio-based, high-performance DuPont™ Sorona® polymer.
- In May 2019, Stratasys partnered with Solvay for an authorized materials partner program. The partnership will leverage the deposition modelling process of Stratasys with FDM Technology™ in 3D printing applications.
- In October 2020, Covestro acquired the Resins & Functional Materials business (RFM) segment from Royal DSM. The acquisition will strengthen the portfolio of sustainable coating resins.
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