According to the new market research report "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", 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.
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The Increasing government funding and grants by government bodies and universities for innovation of biomaterials, rising demand for implantable devices, rising demand for biomaterials in plastic surgery procedures and wound healing applications, rising cardiovascular diseases incidence and rising awareness and research on regenerative medicine are the factors contributing to market growth.
Biomaterials Market Dynamics
Drivers: Growing demand for biomaterials in plastic surgery and wound healing applications
Plastic surgery and wound healing are prominent application areas for biomaterial-based products. In plastic surgery, biomaterials are widely used for implanting, rebuilding, repairing, and covering soft-tissue wounds, burns, or gaping holes in the human body naturally and safely. Innovations and technological advancements, coupled with the growing acceptance of aesthetic cosmetic procedures, would drive the demand for biomaterials in plastic surgery and wound healing applications in the coming years
Restraints: Stringent clinical regulatory processes
Biomaterial-based medical devices are stringently regulated in several regions, including North America, Europe, and Asia, to ensure their quality and efficacy. This is primarily because most biomaterial-based medical devices are implantable. All new biomaterials require proof that they are safe and effective before they can be approved for marketing. In the US, the process for approval follows strict guidelines and regulations set by the FDA. According to the FDA, biomaterial-based products, such as implantable pacemakers, stents, and heart valves, are classified as Class III devices, which pose the highest potential risk of illness or injury. Thus, these devices are subjected to the premarket approval application pathway (the most stringent type of device marketing application).
Opportunities: Growing healthcare markets in emerging economies
The biomaterials market in emerging countries is expected to witness significant growth during the forecast period. This can majorly be attributed to the increasing patient population, rising adoption of implantable devices, growing awareness of CVDs, rising disposable income, improving healthcare infrastructure, and the presence of less-stringent regulatory guidelines (as compared to developed countries) in these countries.
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. The World Economic Forum has estimated these emerging economies would account for one-third of the global healthcare expenditure by 2020. The growing demand for surgical procedures, rising geriatric population, and the increasing incidence of target diseases are some of the major factors that are expected to drive the demand for advanced healthcare services and novel medical devices in the respective healthcare systems of these countries. This is expected to offer potential growth opportunities to players operating in the biomaterials market in the coming years.
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Key Market Players
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.
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 RD activities. In 2019, the company invested USD 2.42 billion in RD 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 RD, 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.
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Related Reports:
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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