The rising incidence of cardiovascular diseases, road accidents, and inherited disabilities are affecting a significant volume of population. Research in the medical field marked the production of biomaterial. These biomaterials helped numerous people to overcome their damaged body parts with suitable implants and tissue engineering offered by biomaterials. According to IndustryARC market research report, the global biomaterials market size was evaluated at $66.1 billion in 2018. Foreseeing the current medical landscape, the opportunities in the biomaterials market are projected to grow at a potential CAGR of 17.55% through the forecast period 2019-2025.
The report portrays a thorough evaluation of the product market sizing, competitive landscape, product benchmarking, financial analysis, product developments, market trends, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. The report is titled, “Biomaterials Market: By Type (Metals & Alloys, Ceramics, Polymers and Natural Materials); By Application (Orthopedics, Cardiovascular, Tissue engineering, Neurology, Dental, Plastic surgery, 3D printing and Others); By Geography – Forecast (2019 - 2025).”
Biomaterials Market: Geographical Analysis & Leading Segments
North America is the most profitable region in the biomaterials market. The region held 29.5% of the total biomaterials market share. The growing incidence of cardiac and cardiovascular diseases in the region is augmenting biomaterials market growth. Additionally, research in biomaterial science and material science fields are gaining traction in the region owing to the massive capitalization of the segment. Countries such as the United States and Canada are leading in cosmetic surgical procedures which requires biomaterials extensively. As per the American Society of Plastic Surgeons (ASPS), 17.5 million minimal invasive cosmetic procedures and cosmetic surgeries were performed in the United States in 2017. Foreseeing the trending cosmetic surgery concept in the region, the North American biomaterials market will portray significant demands in the near future.
The orthopedic vertical in the medical sector is anticipated to produce maximum revenues in the biomaterials market. The opportunities for biomaterials in the orthopedic segment is growing at a CAGR of 16.14% through to 2025. The orthopedic segment is driven by the growing geriatrics population across the globe. According to the United Nations, there were 962 million people aged over 60 globally in the year 2017. Also, the organization projects the number to reach 2.1 billion by the year 2050. The aging community needs maximum assistance in terms of orthopedic treatment, knee replacement therapy is among the most prominent orthopedic operations carried out among the geriatrics population.
Biomaterials Market Trends and Growth Drivers
Hydrogel: National Institute of Biomedical Imaging and Bioengineering (NIBIB) have invested in research and development to develop a hydrogel dressing that will automatically dissolve, promote healing, and provide a barrier to the infection. This gel is expected to be highly effective for the treatment of burns and can reduce the pain and time experienced by the patient during the healing process.
Nanotechnology Inputs: The life cycle of biomedical devices is limited to its battery life. Researchers are aiming to overcome this restraint by harvesting energy from the human body which can be used to power implantable biomedical devices. Exploration in innovative nanotechnology to develop lightweight, ultrathin, bio-compatible, and stretchable membranes are trending among the top researchers in the healthcare sector.
3D printing: The emerging 3D printing technology is being utilized for developing complex biomaterial structures. The resource and manpower requirement for manufacturing such materials has been significantly reduced. Foreseeing the rampant investment in the research and development in the 3D printing technology, the growth in terms of innovation in the biomaterials market is certain.
Biomaterials Market: Competitive Landscape
Innovation and development in the biomaterial technology is the most essential factor influencing the biomaterial market competition. Following are the major players influencing the global biomaterials market, Royal D.S.M N.V., BASF SE, Evonik Industries, Berkeley Advanced Biomaterials, Inc., CAM Bioceramics BV, Carpenter Technology Corporation, Invibio Ltd., Covalon Technologies Ltd., Corbion N.V., Collagen Matrix, Inc.
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