This study involved four major activities in estimating the current size of the biomaterials market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.

Research Methodologies Followed:

Primary Research

In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects of the market.

Secondary Research

Secondary research was used mainly to identify and collect information for the extensive, technical, market-oriented, and commercial study of the biomaterials market. The secondary sources used for this study include Some of the key secondary sources referred to for this study include Centre for Advanced Materials and Biomaterials Research (CAMBR), Institute of Biomaterial Science, Medical Design Technology Magazine, Centre for Biomedical and Biomaterials Research (CBBR), Institute of Biomaterials, Biomedical Engineering, and Biomaterials Research Center.

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Revenue Gains Expectations: Global biomaterials market size 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. The demand for and usage of biomaterials in various medical applications has increased significantly across the globe over the last few years.

OPPORTUNITY: Growing healthcare market in emerging economies

The biomaterials market in emerging countries is expected to witness significant growth during the forecast period. This can majorly be attributed to the increasing patient population, rising adoption of implantable devices, growing awareness of CVDs, rising disposable income, improving healthcare infrastructure, and the presence of less-stringent regulatory guidelines (as compared to developed countries) in these countries.

DRIVER: Increased funds and grants by government bodies and universities for the development of novel biomaterials

The demand for and usage of biomaterials in various medical applications has increased significantly across the globe over the last few years. Several government bodies and universities have extended their help in the form of investments, funds, and grants to promote research on the development of novel biomaterials.

Recent Developments

Royal DSM (Netherlands) and ProMed Pharma (US) partnered for the development of novel sustained release drug delivery solutions in the polymeric drug delivery area.
Covestro AG (Germany) signed an MoU with a group of ten companies and two research organizations with an aim to build a Composite Application Center (CAC) in Singapore. This was aimed to develop end-to-end solutions for advanced composites, such as thermoplastic materials.
Celanese Corporation (US) announced an expansion of its production facility of thermoplastic co-polyesters. This expansion is expected to support the demand of its global engineered
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The cardiovascular application segment accounted for the largest share of the application segment in the biomaterials market.

Based on 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.

North America was the largest regional market for biomaterials

North America accounted for the largest share of the market, followed by Europe and the Asia Pacific. The large share of North America in the global market is attributed to the increase in biomaterial-based research, rising demand for plastic surgeries, growing incidence of cancer, and the rising prevalence of cardiovascular diseases.