According to the new market research report "Biomaterials Market by Type of Materials (Metallic, Ceramic, Polymers, Natural), Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Neurological disorders, Tissue Engineering, Ophthalmology) - Global Forecast to 2025", is projected to reach USD 47.5 billion by 2025 from USD 35.5 billion in 2020, at a CAGR of 6.0% during the forecast period.
Browse in-depth TOC on "Biomaterials Market"
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The Increasing government funding and grants by government bodies and universities for innovation of biomaterials, rising demand for implantable devices, rising demand for biomaterials in plastic surgery procedures and wound healing applications, rising cardiovascular diseases incidence and rising awareness and research on regenerative medicine are the factors contributing to market growth.
On the basis type of materials, the biomaterials market is broadly segmented into Metallic, Polymeric, Ceramic, and Natural biomaterials. In 2019, Metallic biomaterials accounted for the largest share of the biomaterials segment due to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications.
On the basis of application, the biomaterials market is categorized into seven segments— cardiovascular, orthopedic, ophthalmology, neurological/central nervous system (CNS), dental, tissue engineering, wound healing, plastic surgery, and other applications. The cardiovascular application segment accounted for the largest share of the market in 2019. The increasing cardiovascular diseases prevalence, rising geriatric population, increasing angiography procedures, and the growing adoption of cardiac stents, pacemakers, and implantable cardiac defibrillators have led to growth of this segment.
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Geographical Growth Scenario:
In 2019, Asia Pacific region accounted for the fastest-growing region of the biomaterials market. It is also estimated to grow at the highest CAGR in the biomaterial market during the forecast period, this is mainly due to Japan’s growing healthcare industry, increasing geriatric population, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favorable tax policies in China
Key Players in Biomaterials Market:
BASF SE (Germany),
Covestro AG (Germany),
Celanese Corporation (US),
Royal DSM (Netherlands),
Evonik Industries (Germany),
Carpenter Technology Corporation (US),
Berkeley Advanced Biomaterials (US),
Cam Bioceramics B.V. (Netherlands),
CoorsTek Inc. (US),
CeramTec (Germany), and
GELITA AG (Germany).
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