DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global biomaterials market is projected to reach USD 206.64 billion by 2024 from USD 105.18 billion in 2019, at a CAGR of 14.5% during the forecast period.
The growth of the biomaterials market is mainly driven by the increasing funds and grants by government bodies and universities for the development of novel biomaterials. Additionally, the increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidence of cardiovascular diseases, and rising awareness and research on regenerative medicine are the factors responsible for the growth of this market. However, limitations of biomaterials-based products and the shortage of skilled surgeons are the major challenges faced by market players.
The prominent players in the biomaterials market are Royal DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), 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).
By type, the polymeric biomaterials segment is expected to register the highest growth during the forecast period
Based on type, the biomaterials market is segmented into metallic, polymeric, ceramic, and natural biomaterials. The polymeric biomaterials segment is expected to grow at the highest CAGR during the forecast period. This is mainly due to the increasing use of polymers in soft-tissue applications such as plastic surgeries. However, polymers are costly, which can hinder the growth of this market.
By application, the cardiovascular applications segment dominates the biomaterials market
The cardiovascular applications segment accounted for the largest share of the biomaterials market in 2018. The large share of this segment is attributed to the increasing prevalence of cardiovascular diseases, rising geriatric population, the growing number of angiography procedures, and the increasing adoption of cardiac stents, pacemakers, and implantable cardiac defibrillators. According to the American Academy of Orthopedic Surgeons (AAOS), the number of total hip replacement surgeries performed are projected to grow to 635,000 surgeries by 2030.
APAC is expected to witness the highest growth during the forecast period
North America accounted for the largest share of the biomaterials market in 2018, followed by Europe. The large share of the market in North America is attributed to the increase in biomaterial-based research, rising demand for plastic surgeries, growing incidence of cancer, and the rising prevalence of cardiovascular diseases. However, the APAC region is expected to witness the highest CAGR during the forecast period. The growth in this market is attributed to Japan's growing healthcare industry, increasing geriatric population, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favourable tax policy in China.
- Increased Funds & Grants By Government Bodies & Universities for the Development of Novel Biomaterials
- Increasing Demand for Implantable Devices
- Growing Demand for Biomaterials in Plastic Surgery & Wound Healing Applications
- Rising Incidence of Cardiovascular Diseases
- Increasing Research on Regenerative Medicine
- Stringent Clinical & Regulatory Processes
- Unfavorable Healthcare Reforms in the US
- Growing Healthcare Market in Emerging Economies
- Increasing Number of Free-Trade Agreements
- Limitations of Biomaterial-Based Products
- Shortage of Skilled Surgeons
- BASF SE
- Berkeley Advanced Biomaterials Inc.
- Cam Bioceramics B.V.
- Carpenter Technology Corporation
- Celanese Corporation
- CeramTec GmbH
- CoorsTek Inc.
- Covestro AG
- Evonik Industries
- GELITA AG
- Royal DSM
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