Biomaterials Market Growth Offers Room to Grow to Existing & Emerging Players

Biomaterials are a class of materials that have been designed to interact with biological systems for medical purposes. They are used to develop implants, medical devices, and other biomedical applications that help to replace, repair or augment tissues or organs. The global biomaterials market has been growing rapidly in recent years, driven by increasing demand for implantable medical devices, rising prevalence of chronic diseases, and technological advancements. The biomaterials market was estimated at US$ 123 billion in 2021 and is expected to grow at a CAGR of 16.3% during 2022-2028 to reach US$ ~219 billion in 2028.
The orthopedic segment dominates the biomaterials market, accounting for the largest share of the market in 2020. This can be attributed to the increasing number of joint replacement surgeries and the growing aging population. The dental segment is also expected to grow significantly in the coming years due to the rising demand for dental implants and prosthetics.
The cardiovascular segment is another significant application area for biomaterials, as they are used to develop heart valves, stents, and other cardiovascular implants. The increasing prevalence of cardiovascular diseases and the growing demand for minimally invasive surgeries are expected to drive the growth of this segment.
North America dominates the global biomaterials market, followed by Europe. This can be attributed to the presence of a large number of biomaterials manufacturers in these regions and the increasing adoption of advanced biomaterials in medical applications. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period due to the increasing investment in healthcare infrastructure and the rising prevalence of chronic diseases.
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The following are the major players in the biomaterials market:
• BASF SE
• Berkeley Advanced Biomaterials
• Carpenter Technology Corporation
• Collagen Matrix, Inc.
• CoorsTek Inc.
• Corbion
• Covalon Technologies Ltd.
• Dentsply Sirona
• Evonik Industries AG
• Invibio Ltd.
• Johnson & Johnson
• Medtronic plc
• Stryker
• Zimmer Biomet Holdings, Inc.
Important businesses are investing heavily to grow their presence and keep a competitive edge. To improve their product catalogue, they are also implementing techniques including contracts, collaborations, and collaborative models. Key vendors are also leaning toward creating more novel goods to broaden their selection of biomaterials. For example,
• In order to meet the unique requirements and demand for care in ambulatory surgery centres (ASCs) and office-based laboratories, Medtronic and GE Healthcare established a partnership in April 2022. (OBLs). As a result of this new agreement, customers will have access to a wide range of products, financial solutions, and excellent support.
• In March 2022, Evonik Industries officially introduced EUDRATEC Fasteric, a platform for oral drug delivery technology that goes straight over the released target and is utilised for enteric fortification and quick release in the upper smaller intestine. This product development reinforced Evonik's expansion while enhancing the biocompatibility, safety, and functionality of implantable goods utilised by medical device customers.
The overall competitive landscape has been affected due to many key factors.
In conclusion, the global biomaterials market is expected to grow at a significant rate in the coming years, driven by the increasing demand for implantable medical devices, the rising prevalence of chronic diseases, and technological advancements. The orthopedic segment dominates the market, while the dental and cardiovascular segments are expected to grow significantly in the coming years. North America dominates the market, followed by Europe, while the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.