Biomaterial Market is forecasted to grow at high rate due to increase in government spending on research & development facilities, rise in disposable income and increase in awareness regarding bioengineering & implants. The Global Biomaterial Market was valued at USD 120.0 Bn in 2020 is expected to reach USD 320.2 Bn by 2027, with a growing CAGR of 15.1% during the forecast period.
Biomaterial is a substance which is engineered to interact with biological system. Biomaterial encompasses tissue engineering and material science. Biomaterials have wide applications in medical thus these are made to perform various biological functions. Biomaterials may be used as autograft, xenograft, or allograft as transplant material. Biomaterials have wide applications in bone cement, dental implants, skin repair device, breast implants etc.
The driving factors influencing the growth of global biomaterial market include rise in geriatric population, high prevalence of neurological & orthopaedic disorders, and growing government support for product launch. Moreover, increase in technological advances in medical device, rise in biomaterials product launch, and increase in awareness regarding the benefits of biomaterial in healthcare fuels the growth of the market.
However, lack of skilled professionals and stringent clinical policies hinders the growth of the market. On the contrary, growing healthcare market in developing economic countries provides opportunity for key players in biomaterial market.
This industry is broadly segmented into type, application, and region. Based on type, Polymeric biomaterial segment dominated the growth of the market owing to rise in application of polymeric material in orthopaedics. Based on application, Orthopaedic segment held highest position in market due to growing number of orthopaedic related disorders. Geographically, North America accounted for the largest market share in 2020 due to high investment in biomedical research, local presence of key players, and large demand for plastic surgeries.
Global Biomaterial Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America held maximum market share in 2020 about 45% due to high prevalence of orthopaedic disorders and greater adoption for biological implants. Moreover, increase in number of hospitals in this region, rise in disposable income and government spending on healthcare and research facilities fuels the growth of the market in this region. Technological advances, demand for novel biomaterial products further boost the growth of the market.
On the contrary, the Asia-Pacific region is anticipated to grow at the highest rate during the forecast period due to increase in diversification in healthcare market, growing adoption of bio-tissue and implants, and growing R&D facilities.
The Global Biomaterial Market Segmentation:
Global Biomaterial Market by Product Type Outlook (Revenue, USD Million, 2021-2027)
Global Biomaterial Market by Application Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the biomaterial market are: