Biomaterials Market worth $47.5 billion by 2025
The report "Biomaterials Market Size, Growth 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, at a CAGR of 6.0%
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The metallic biomaterials segment accounted for the largest share of the type segment in the biomaterials market.
On the basis type of materials, the biomaterials market is broadly segmented into Metallic, Polymeric, Ceramic, and Natural biomaterials. Metallic biomaterials accounted for the largest share of the biomaterials market. The dominant share of this segment can primarily be attributed to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications. The growing geriatric population globally is expected to increase the demand for these devices, as age increases the susceptibility to orthopedic, dental, ophthalmological, neurological, and cardiovascular disorders.
Wound healing is the fastest-growing application segment of 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. Wound healing application segment is expected to register highest CAGR during the forecast period. Biomaterials are extensively used in various wound healing products, such as fracture fixation devices, internal tissue sealants, surgical hemostats, adhesion barriers, and skin substitutes. Factors such as the rapidly growing aging population, rising number of surgeries, rising incidence of chronic diseases, and increasing funding for wound care research are driving the growth of biomaterial market for wound healing application closure devices market. Additionally, technological advancements such as development of barbed sutures, antimicrobial sutures, bioactive sutures and smart sutures plays important role in the growth of this application segment.
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.
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).
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