Biomaterial Market Share

Global Biomaterials Market Overview

Biomaterials Market Size was valued at USD 125.4 billion in 2022 and is projected to grow from USD 135.2 Billion in 2023 to USD 213.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.8% during the forecast period (2024-2032). 

The aging population, rising incidence of cardiovascular and orthopedic problems, technological advancements in medicine, and rising public awareness of implanted devices all are major market drivers for the growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

These biological materials make medical implants and gadgets that replace or complement natural bodily functions. Since the body is resistant to any foreign material to supplement its biological processes totally, implantable biomaterials are designed to decrease the negative immune reaction while maintaining proper performance. These biomaterials communicate with biological systems for medical purposes, including as a form of therapy of cardiovascular, dental care, orthopedic, and neurological illnesses. The requirement for biomaterial-based implants is anticipated to increase due to the higher incidence of musculoskeletal and persistent skeletal medical disorders, fueling market expansion. Many older people need care due to their high susceptibility to illness, low immunity, and slow healing. Age-related changes to tendons and ligaments result in decreased flexibility and a more constrained range of motion in joints.

The prevalence of chronic illnesses, particularly cardiovascular conditions, in the elderly, increases the demand for implants and prosthetics. Additionally, orthopedic diseases, musculoskeletal traumas, ophthalmic conditions, and dental problems are more prevalent among the elderly. The growing elderly population at a higher risk of osteoporosis, osteoarthritis, and other musculoskeletal problems is another factor driving up demand for orthopedic implants. Diverse biomaterial and biomedical device development is required for coronavirus detection and treatment. However, the prohibitively priced nature of biomaterial implants and issues associated with compatibility are anticipated to impede market expansion. 

On the other hand, during the forecast period, the introduction of new technologies, such as hydrogen scaffolding and decellularized dermal matrixes for grafting, along with the introduction of new products in the fields of plastic surgery, healing of wounds, and neurology, are anticipated to present lucrative opportunities for the market's expansion. Biomaterials are becoming more useful and adaptable thanks to technological medical developments like tissue engineering and bioengineering. The growth of this market is driven by the development of smart biomaterials that communicate with biological systems for various biomedical uses, such as the transfer of bioactive chemicals and cellular activity of designed functional tissues. Companies are adopting new drug delivery techniques for the regulated release of medications, which is driving the market.

News: The University of Birmingham Enterprise launched the Birmingham Dental and Biomaterials Testing Service (BiMaTs), offering advice and a thorough materials testing service to dental and biomaterial businesses. Professor Josette Camilleri and Professor Will Palin, two highly esteemed academic scholars, are the co-founders of BiMaTs. The core of BiMaTs will be the consultancy component, which will provide various services to evaluate the mechanical, physical, and biological characteristics of materials and the interfaces between materials and tissues, including creating protocols tailored to specific clients' requirements.

Biomaterials Market Trends

• Rising older population to propel market growth

The elderly population needs significant care because of their high susceptibility to sickness, low immunity, and lengthy recovery times. Age-related alterations to tendons and ligaments cause joints to become less flexible and have more limited range of motion. Chronic diseases, particularly cardiovascular disorders, are more likely to strike the elderly, increasing the need for implants and prosthetics. Additionally, elderly persons are more likely to experience orthopedic conditions, musculoskeletal injuries, ocular conditions, and dental issues. Implants including hip joints, knee joints, pacemakers, intraocular lenses, and prosthetic heart valves become more necessary as a result. Its need is rising globally due to the greater likelihood of organ or tissue failure in elderly persons, which can be treated. Thus, this factor is driving the market CAGR.

Figure 1: Percentage of the world population over 65

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Furthermore, globally, there is a growing need for biomaterials in a variety of medicinal applications. Numerous governmental organisations have offered their assistance in the form of grants, investments, and funding to support research into the creation of innovative biomaterials. For instance, the NHLBI (National Heart, Lung, and Blood Institute) of the NIH on September 13 awarded a $1.5 million SBIR (Small Business Innovation Research) Phase II grant to ViVita Technologies, Inc., a life science startup producing bioactive biomaterials for tissue and organ regeneration (National Institutes of Health). With the help of this financing, the BARE (Biocompatible and Regenerative Extracellular Matrix) Patch product can now be evaluated and finalised in preparation for FDA 510(k) clearance for clinical cardiovascular indications and to serve as the basis for an IDE application for heart valve indications.

However, one of the biggest causes of death in the world is cardiovascular disease. Although surgical and pharmaceutical interventions significantly enhance the quality of life for individuals with cardiovascular disease, less expensive and invasive procedures are always preferred. Both natural and synthetic biomaterials have a lot of potential for heart regeneration and repair. Utilizing injectable biomaterials improves angiogenesis, preserves heart function, and reduces left ventricular dilatation. Thus, it is anticipated that during the forecast period, the rising prevalence of cardiovascular illnesses would drive this market's growth. For instance, the CDC estimates that cardiovascular disease is the country's biggest cause of death in 2019, accounting for an estimated 1 in 4 fatalities annually. Thus, it is anticipated that this aspect will accelerate biomaterials market revenue globally.

Biomaterials Market Segment Insights

Biomaterials Type Insights

The Biomaterials Market segmentation, based on type, includes Metallic, Ceramics, Polymeric and Natural Biomaterials. The polymeric segment held the majority share in 2022 in the Biomaterials Market data due to the variety of applications for the products. The segment's revenue generation is also anticipated to speed up due to the widespread availability of biopolymers and advanced polymers for bio-resorbable tissue fixation and other orthopedic applications. One of the pillars of tissue engineering is polymeric biomaterials.

Figure 2: Biomaterials Market, by Type, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Biomaterials Application Insights

The Biomaterials Market segmentation, based on application, includes Joint Replacements, Ophthalmology, Cardiovascular, Wound Healing, Plastic Surgery and Neurological Conditions. The cardiovascular segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030 attributable to the expanding use of biomaterials in cutting-edge cardiovascular devices and the increased prevalence of cardiovascular illnesses. They have excellent potential for heart regeneration and repair. Globally, heart disease is the leading cause of death, and over 370,000 Americans die from it each year.

News:AltM, a biomaterials firm, has secured seed funding of $3.5 million from Omnivore. The first investment made by Omnivore from its third fund, which recently had a first closure of $150 million, is the Bengaluru-based altM. According to a statement from Omnivore, this is also the company's fourth venture under its OmniX Bio initiative, which was established in 2021 to support early-stage agrifood life science start-ups. AltM aims to create scalable biomaterials and assist large enterprises in lowering their carbon footprints throughout their supply chains. The start-up produces sophisticated materials as an alternative to currently unsustainable incumbents using lignocellulosic agricultural leftovers as their basic material.

Biomaterials Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America biomaterials market accounted for USD 57.4 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period. The high frequency of cardiovascular illnesses and orthopedic replacements, significant government support for research and development, an increasing number of new product releases by major market participants, and an established healthcare industry are projected to boost the regional market.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: BIOMATERIALS MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific biomaterials market accounts for the second-largest market share due to the deliberate actions taken by regional participants to increase their position in both domestic and international markets. For instance, in November 2019, the U.S.-based AdvanSource Biomaterials and the Japan-based Mitsubishi Chemical struck a deal to buy each other's thermoplastic polyurethane elastomer businesses. The company anticipates that this acquisition will enable it to grow internationally and win a sizable portion of the worldwide market. Moreover, China biomaterials market held the largest market share, and the India biomaterials market was the fastest growing market in the region.

Europe biomaterials Market is expected to grow at the fastest CAGR from 2024 to 2032 due to an increase in the number of elderly people, as well as an expanding patient base for orthopedic and cardiovascular procedures. Market expansion in the region is largely due to key companies launching more cutting-edge items on the market. Further, the UK biomaterials market held the largest market share, and the Germany biomaterials market was the fastest growing market in the region.

Biomaterials Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the biomaterials market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the biomaterials industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global biomaterials industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, biomaterials industry has provided medicine with some of the most significant benefits. The biomaterials market major player such as Royal DSM (Netherlands), BASF SE (Germany), Corbion N.V. (Netherlands), Covestro (Germany), Invibio Ltd. (U.K.), Carpenter Technology Corporation (U.S.), Evonik Industries AG (Germany), Berkeley Advanced Biomaterials Inc. (U.S.), CAM Bioceramics BV (Netherlands), Celanese Corporation (U.S.), Wright Medical Technology Inc. (U.S.), Zimmer Biomet Holdings Inc. (U.S.) and Bayer AG (Germany).

American medical device business Medtronic plc. Due to the company's 2015 acquisition of the Irish-based Covidien, the operational and executive headquarters are located in Minneapolis, Minnesota, while the legal headquarters are in Ireland. In April 2022, a partnership between Medtronic and GE Healthcare was made public to address the unique requirements and demand for care in ambulatory surgery centers (ASCs) and office-based laboratories (OBLs). Customers will benefit from this new collaboration by having access to a wide range of products, financial options, and excellent support.

One of the top manufacturers of specialized chemicals in the world is Evonik. One of the top producers of specialty chemicals worldwide is Evonik. The core of Evonik's corporate strategy consists of a concentration on more niche companies, customer-oriented innovative prowess, and a trustworthy and performance-oriented company culture. In January 2021, Evonik announced the completion of its acquisition of the LACTEL Absorbable Polymers product line from DURECT Corporation. This purchase would strengthen the company's position as a global leader in integrated CDMO for drug delivery solutions and support its innovation growth in the healthcare solutions sector.

Key Companies in the biomaterials market includes

• Royal DSM (Netherlands)


• BASF SE (Germany)


• Corbion N.V. (Netherlands)


• Covestro (Germany)


• Invibio Ltd. (U.K.)


• Carpenter Technology Corporation (U.S.)


• Evonik Industries AG (Germany)


• Berkeley Advanced Biomaterials Inc. (U.S.)


• CAM Bioceramics BV (Netherlands)


• Celanese Corporation (U.S.)


• Wright Medical Technology Inc. (U.S.)


• Zimmer Biomet Holdings Inc. (U.S.)


• Bayer AG (Germany)

Biomaterials Industry Developments

March 2022: EUDRATEC Fasteric, a platform of oral drug delivery technology placed directly over the released target, was made available for purchase by the general public by Evonik Industries. It is used for enteric fortification and prompt release in the upper smaller intestine.

July 2021: The total knee arthroplasty (TKA) study and implantation of the novel polymer, PEEK-OPTIMATM femoral knee component on the first patients with success were announced by Orthopaedics Inc. and Invibio Biomaterial Solutions. This part provides surgeons and patients with a femoral component that can remedy a material mismatch between the component and the bone.

Biomaterials Market Segmentation

Biomaterials Type Outlook (USD Billion, 2018-2032)

• Metallic


• Ceramics


• Polymeric


• Natural Biomaterials

Biomaterials Application Outlook (USD Billion, 2018-2032)

• Joint Replacements


• Ophthalmology


• Cardiovascular


• Wound Healing


• Plastic Surgery


• Neurological Conditions

Biomaterials Regional Outlook (USD Billion, 2018-2032)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America