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.
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Key Market Players
Some of the prominent players in the biomaterials market are BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), 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)
Biomaterials Market Dynamics
Drivers: Growing demand for biomaterials in plastic surgery and wound healing applications
Plastic surgery and wound healing are prominent application areas for biomaterial-based products. In plastic surgery, biomaterials are widely used for implanting, rebuilding, repairing, and covering soft-tissue wounds, burns, or gaping holes in the human body naturally and safely. Innovations and technological advancements, coupled with the growing acceptance of aesthetic cosmetic procedures, would drive the demand for biomaterials in plastic surgery and wound healing applications in the coming years
Restraints: Stringent clinical & regulatory processes
Biomaterial-based medical devices are stringently regulated in several regions, including North America, Europe, and Asia, to ensure their quality and efficacy. This is primarily because most biomaterial-based medical devices are implantable. All new biomaterials require proof that they are safe and effective before they can be approved for marketing. In the US, the process for approval follows strict guidelines and regulations set by the FDA. According to the FDA, biomaterial-based products, such as implantable pacemakers, stents, and heart valves, are classified as Class III devices, which pose the highest potential risk of illness or injury. Thus, these devices are subjected to the premarket approval application pathway (the most stringent type of device marketing application).
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Opportunities: Growing healthcare markets 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.
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. The World Economic Forum has estimated these emerging economies would account for one-third of the global healthcare expenditure by 2020. The growing demand for surgical procedures, rising geriatric population, and the increasing incidence of target diseases are some of the major factors that are expected to drive the demand for advanced healthcare services and novel medical devices in the respective healthcare systems of these countries. This is expected to offer potential growth opportunities to players operating in the biomaterials market in the coming years.
Asia Pacific is the fastest-growing region of the biomaterials market.
The biomaterials market is segmented into North America, Europe, the Asia Pacific (APAC) and Rest of the World (RoW). Asia Pacific is the fastest-growing region of the biomaterials market. This regional segment offers significant growth opportunities to key players operating in the biomaterials market owing to the supportive regulatory framework to improve healthcare infrastructure, high production of titanium metal and its products in China, Japan’s growing healthcare industry, increasing geriatric population, rising cases of hip & knee replacement procedures, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favorable tax policies in China.
- 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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