The Global Biomaterials Market size was valued at USD 120.0 Bn in 2020 and 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 that is used in biological systems for a therapeutic purpose to treat, repair, replace or diagnose. Materials are exposed to living tissue, microorganisms, or organisms. Biomaterials are used in medical devices such as stents, grafts, artificial joints, ligaments, and other devices that stimulate nerves. Depending upon the degree of characteristics such as bioinert, sterilizable, bioactive and biodegradable marks the ability of Biomaterials for biological applications.
The driving factors influencing the global Biomaterials market include rising prevalence of chronic skeletal and musculoskeletal conditions. Moreover, the growing demand for orthopaedic implants and the rising geriatric population associated with various orthopaedic disorders fuels the growth of global Biomaterial market. Growing awareness regarding bioimplants and its application in medical devices uplifts the growth of the Biomaterials market across the globe. Increase in technological advances in healthcare and growing research in bioengineering field are fuelling the growth of global Biomaterials market. However, stringent government policies for product approval hinders the growth of Biomaterials market.
Global Biomaterials Market Segmentation:
Based on type, polymeric Biomaterials segment dominated the growth of market in 2020 and expected to maintain same dominance during forecast period due to availability of advanced biopolymers for medical purpose
Based on type, Biomaterials market is segmented into natural Biomaterials, ceramic Biomaterials, metallic Biomaterials, and polymeric Biomaterials. Polymeric Biomaterials segment dominated the global Biomaterials market owing to rise in application of polymeric material in orthopaedics and advance use of polymeric materials in tissue fixation. Moreover, polymeric materials hold huge importance in tissue engineering and bioengineering process which enhance the growth of market. Further, ongoing research and progression in technologies such as drug delivery, nanotechnology and micromanufacturing boost the growth of polymeric Biomaterials market.
However, natural Biomaterials is expected to witness fastest growth with the highest CAGR during forecast period owing to growing benefits of natural materials over synthetic in terms of biocompatibility and biodegradability.
Based on application, orthopaedic segment dominated the Biomaterials market in 2020 due to presence of large orthopaedic patient base
Based on application, Biomaterials market is segmented into neurology, orthopaedic, cardiology, wound care, ophthalmology, tissue care, dental and plastic surgery. Orthopaedic segment held the highest position in market due to growing number of orthopaedic related disorders and growing innovations in orthopaedic products. Moreover, growing geriatric population and ongoing research & development in advanced orthopaedic implants by various key players fuels the growth of this segment in market. For instance, in November 2019, DiFusion Inc. received FDA approval for Xiphos-ZF spinal interbody device combination of poly-ether-ketone and titanium material.
Based on geographical region, North America held the largest market share in 2020 due to high adoption of Biomaterials
Based on region, North America accounted for the largest market share in 2020 due to high investment in biomedical research and rising demand for plastic surgeries. Moreover, presence of appropriate healthcare & research infrastructure and growing incidence of cancer in this region further boost the growth of Biomaterials market. Other factors such as, presence of advance technologies in healthcare and availability of favourable reimbursement polices leverage the growth of market in this region.
However, Asia-Pacific region is expected to witness the fastest market growth with highest CAGR during forecast period due to growing research & development in Biomaterials and availability of strong government support in terms of funding fuels the growth of Biomaterials market in this region.
Company Profiles and Competitive Intelligence
The key players operating in the Biomaterials market are:
COVID-19 Impact on the Biomaterials Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health, and mental wellbeing of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. Covid-19 has poorly affected the growth of Biomaterials market. There was delay in shipment of raw materials and Biomaterials products due to government strict regulations. Moreover, disruption in supply chain and export/import of materials affected the growth of market. Orthopaedic, aesthetic procedures, and non-essential dental or other medical procedures have been delayed due to sudden covid-19 outbreak.
Lack of availability of trained professionals for surgeries due to social distancing, reduced the number of healthcare professionals in this market. From June 2020, there was significant decline in surgical volume and implants as compared to previous year. Covid-19 has majorly impacted Japan, US and China market. Since these countries are major suppliers and manufacturers of Biomaterials, pandemic led to decrease in supply of these products which affected the sales of Biomaterials market. Pharmaceutical and biopharmaceutical companies focused on development of drugs and vaccines for coronavirus infection which further affected the production of Biomaterials during covid outbreak.
The report also provides an in-depth analysis of key trends in the Biomaterials Industry
The report also provides an in-depth analysis of recent news developments and investments
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