The global biomaterial market size is expected to reach USD 250.4 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 14.7% during the forecast period. Technological innovations in the field of biomaterials are leading to development of advanced products, which in turn is working in favor of the market. Widening base of geriatric population worldwide and subsequent rise in prevalence of cardiovascular and orthopedic disorders are providing a fillip to the market.
Biomaterials are now widely used in healthcare fields such as cardiovascular, orthopedic, dental, plastic medical procedure, wound repair, ophthalmology and neurological conditions. Furthermore, they are utilized in different advanced healthcare technologies such as cosmetic surgeries, tissue engineering, medical implants, and advanced drug delivery.
Geographically, North America held the largest share in the biomaterials market in 2017. The growth of the regional market can be attributed to various technological and mechanical progressions, high utility of medical services, growing geriatric population, and higher medical insurance coverage.
Some of the prominent companies operating in the market are DSM; BASF SE; Evonik Industries AG.; Berkeley Advanced Biomaterials, Inc.; CAM Bioceramics BV; Carpenter Technology Corporation; Invibio Ltd.; Zimmer Biomet Holdings, Inc.; Covalon Technologies Ltd.; Collagen Matrix, Inc.; Medtronic, Inc.; Purac Biomaterials; Ticona GmbH; Osteotech, Inc.; and Bayer AG.
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Further key findings from the report suggest:
- Rapid advancements in the field of genetics and increasing usage of biomaterials in oncology, personal genomics, and agrigenomics are expected to drive the market
- Factors such as high cost of instruments and platforms, ethical concerns, and ambiguous reimbursement policies in some countries are estimated to negatively impact the growth of the market
- Based on products, the natural segment is anticipated to register the highest CAGR of close to 16.7% during the forecast period
- On the basis of application, orthopedics was the most prominent segment in 2017, accounting for more than 20.0% of the market revenue
- There are many industrial scale healthcare projects and genome research projects launched in North American & European countries for improving the adoption of advanced healthcare technologies
- Strong presence of a raft of biomaterial technology providers, better infrastructure, patient awareness, and good healthcare facilities in these regions are aiding market growth.
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