The global biomaterials market size 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. Market growth is driven mainly by factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine . In addition, high growth is expected for plastic surgery and wound healing applications, which will further drive the growth of the biomaterials market in the coming years.
The global biomaterials market is highly consolidated. Key players in the biomaterials market include 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). Acquisitions and product launches are the key growth strategies undertaken by these companies to maintain their positions in the market.
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BASF SE (Germany)
BASF is one of the leading players in the biomaterials market. The company focuses on various organic and inorganic means to enhance its presence in the market. The company also focuses on expanding its global production capacity and invests ~USD 450 million per year in optimizing its plants. Additionally, BASF aims at developing its portfolio with innovations and investments. The company invests significant amounts in R&D activities. In 2019, the company invested USD 2.42 billion in R&D to maintain a larger share of the market.
Covestro AG (Germany)
Covestro is another key player in the biomaterials market. The company offers a wide range of biomaterials for the healthcare industry. The company invests majorly in the maintenance and expansion of its production facilities. Additionally, in the last three years, the company has mainly focused on product innovations and has launched several innovative products to sustain its leading position in the biomaterials market.
Celanese Coorporation (US)
Celanese is one of the key players in the biomaterials market. The company has a wide range of product offerings, including biomaterials for medical devices and drug delivery systems. A comprehensive range of products, high focus on R&D, and strong geographical presence are the key factors contributing to the leading position of the company in this market. In 2020, the company added a new GUR ultra-high molecular weight polyethylene (UHMW-PE) production line at its Texas, US, manufacturing facility to support the significant growth in its high-value GUR Engineered Materials portfolio. With its strong product portfolio & robust geographic presence, the company is likely to maintain its leading position in this market.
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
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