Biomaterials Market

Royal DSM (Netherlands), BASF SE (Germany), and Corbion (Netherlands) are the Leading Players in the Biomaterials Market

The biomaterials market is projected to reach USD 207 billion by 2024 from USD 105 billion in 2019, at a CAGR of 14.5% between 2019 and 2024. Growth in this market is primarily attributed to increasing funds and grants by government bodies and universities for the development of novel biomaterials, increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidences of cardiovascular diseases, and rising awareness and research on regenerative medicine. However, stringent clinical & regulatory processes and unfavorable healthcare reforms in the US are expected to restrain the growth of this market during the forecast period.

The APAC region is expected to witness the highest growth in the biomaterials market during the forecast period. Japan’s growing healthcare industry, rising geriatric population in China and India, and the rising prevalence of cardiovascular diseases in India are some of the key factors driving the growth of the biomaterials market in the Asia Pacific region.

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Royal DSM (Netherlands), BASF SE (Germany), and Corbion (Netherlands) are the key players operating in this market. Other prominent players in the market include Carpenter Technology Corporation (US), Evonik Industries (Germany), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), Celanese Corporation (US), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).

Royal DSM (Netherlands) was the leading player in the global biomaterials market in 2018. The company develops and manufactures medical device materials. It offers coatings, drug delivery platforms, and a wide range of biomedical materials, such as bioceramics, biomedical polyethylenes, biomedical polyurethanes, collagens, and ophthalmic biomaterials for various applications, such as orthopedics, sports medicine, ophthalmology, general surgery, and cardiology. Royal DSM invests a significant amount of its revenue in R&D activities. For instance, the company invested USD 501.8 million and USD 470 million on R&D in 2018 and 2017, respectively. The strong focus of the company on partnerships and collaborations is expected to help it sustain its strong position in the biomaterials market in the coming years.

BASF SE (Germany) is another key player of the biomaterials market. The company offers plastics, metal systems, and polyurethanes through its Functional Materials & Solutions segment; and excipients for drug formulation through the Chemicals segment. BASF is focusing on developing its portfolio through innovations and investments. In this regard, in 2018, the company invested USD 2.37 billion in R&D activities to garner a larger share of the market. Additionally, the company strategically focuses on strengthening its position in the biomaterials market by pursuing the strategy of expansions. In line with this, in 2016, BASF expanded the global production capacity of its high-performance specialty polymer, Ultrason (Polyarylsulfone), at its South Korean site to serve the growing market demand.

Related Reports:

Biomaterials Market by Type of Materials (Metallic, Ceramic, Polymers, Natural) & By Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Neurological disorders, Tissue Engineering, Ophthalmology) - Global Forecast to 2024

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Report Code
BT 1556
RI Published ON
6/12/2019
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