According to Precedence Research, the biomaterials market was valued at USD 110 billion in 2020 and expected to hit USD 390.92 billion by 2027, growing at a noteworthy CAGR of 15.2% from 2020 to 2027.
Rising prevalence of chronic skeletal and musculoskeletal medical conditions are predicted to propel the demand for biomaterial-based implants, thereby fuelling the market growth. Further, technological advancements have made biomaterials more diverse and have increased their application in various fields such as tissue engineering and bioengineering. The advent of smart biomaterials drives the revenue generation in this market. Increasing demand for smart biomaterials that transfer and produce bioelectric signals similar to body tissues for accurate physiological functions predicted to surge the market growth. Piezoelectric scaffold is a smart material that plays a significant role in tissue engineering.
By product, polymer segment led the global biomaterials market with considerable revenue share in 2019 and projected to continue its dominance in the coming years. This is mainly attributed to the wide range of applications of polymer products. Wide availability of biopolymers along with need for advanced polymers for bio-resorbable tissue fixation application and other orthopedic applications expected to escalate the revenue growth of the segment.
Polymeric biomaterials are one of the keystones of tissue engineering. Continued progression in technologies, such as surface modification, micro manufacturing, nanotechnology, drug delivery, and high-throughput screening, play an important role in expanding the polymeric material usage in the tissue engineering field.
On the other hand, natural biomaterials anticipated to register the highest growth rate over the forecast period due to numerous benefits offered by the product over synthetic biomaterials related to biocompatibility, biodegradability, and remodeling. In the wake of these advantages, natural biomaterials are increasingly used for restoration and replacement of structure as well as function of the damaged tissues or organs.
The orthopedic application segment captured maximum revenue share in the global biomaterials market in 2019. Rising adoption of metallic biomaterials owing to their high load bearing capacity is one of the prime factors that drive the growth of the segment. Besides this, significant developments and on-going investments for the advancement in orthopedic implants by market participants are likely to propel the market growth in the next years to come. For instance, in November 2019, FDA approved Xiphos-ZF spinal interbody device introduced by DiFusion Inc. that is based on Zfuze, a different biomaterial that is made up of titanium and poly-ether-ether-ketone.
Moreover, plastic surgery analyzed to grow at a significant pace during the forecast period owing to increasing number of cosmetic procedures along with significant application of biomaterials in such surgeries. According to the International Society of Aesthetic Plastic Surgery report 2019, nearly 4.3 Million cosmetic procedures were performed in the U.S. during the year 2018 that positively influences the growth of the segment.
In terms of revenue, North America dominated the global biomaterials market due to initiatives taken by different private and public organizations. Some of the organizations include the National Institute of Standards and Technology and the National Science Foundation that provide assistance and knowledge pertaining to usage of biomaterials in various biomedical applications. This resulted in significant growth in the adoption of biomaterials in the region.
On the other hand, the Asia Pacific anticipated to witness the fastest growth during the analysis period. This is attributed to the major strategies adopted by the regional players to reinforce their presence in both global as well as regional market. For instance, in 2019, Mitsubishi Chemical, a Japan-based company, acquired thermoplastic polyurethane elastomer business from U.S.-based AdvanSource Biomaterials. The acquisition analyzed to help the company to expand its footprint in the global market along with capturing significant share in the international market.
Key Companies & Market Share Insights
The global biomaterials market is highly competitive due to significant investments from market players to maintain a competitive edge and expand their presence. These vendors also adopt inorganic growth strategies such as partnerships, agreements, collaboration, and merger & acquisition to strengthen their product portfolio. They also invest in the development of biomaterials to expand their offerings.
Some of the prominent players in the biomaterials market include:
Segments Covered in the Report
This research study encompasses comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligences, and prognoses of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it depending on product, application, and region:
By Regional Outlook
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