Global Biomaterials Market Size Projected to Grow USD 587.08 Billion by 2032, at 14.8% CAGR: Report by Polaris Market Research
The global biomaterials market was valued at USD 169.96 billion in 2023 and is anticipated to generate an estimated revenue of USD 587.08 billion by 2032, with a CAGR of 14.8% from 2024 to 2032.
New York, NY, March 19, 2024 (GLOBE NEWSWIRE) -- Global biomaterials market size and share was valued at USD 169.96 billion in 2023 and is anticipated to generate an estimated revenue of USD 587.08 billion by 2032, with a CAGR of 14.8% from 2024 to 2032, according to Polaris Market Research.
Today, biomaterials are essential in medicine because they help patients recover from illnesses and injuries and regain their function. In medical applications, biomaterials, which can be synthetic or natural, are utilized to replace, improve, or sustain damaged tissue or biological functions. It merges biology, medicine, chemistry, physics, and more recent influences from tissue engineering and materials science. This has increased greatly in the past decade due to findings in regenerative medicine, tissue engineering, and more, boosting the biomaterials market demand.
A biomaterial can be made from any material, including glass, ceramics, metals, plastic, and even living cells and tissue. For use in biomedical goods and gadgets, biomaterials can be re-engineered into machined parts or molded fibers, coatings, foams, films, and textiles. Heart valves, dental implants, hip replacements, and contact lenses are a few examples.
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*Biomaterials Market** Players*
· BASF SE
· Berkeley Advanced Biomaterials
· CoorsTek Inc.
· Corbion
· Covalon Technologies Ltd.
· CRS Holdings, LLC
· Dentsply Sirona
· DSM
· Evonik Industries AG
· Invibio Ltd.
· Johnson & Johnson Services, Inc.
· Medtronic Plc
· Regenity
· Stryker
· Zimmer Biomet
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*Biomaterials Market Details*
*Report Attributes * *Details*
Market value in 2024 USD 194.83 billion
Market value in 2032 USD 587.08 billion
CAGR 14.8% from 2024 – 2032
Base year 2023
Historical data 2019-2022
Forecast period 2024-2032
*Key Takeaways from the Report:*
· The aging population, the growing need for minimally invasive operations, and the increasing incidence of chronic diseases are all contributing factors to the explosive growth of the biomaterials industry.
· The market is primarily segmented on the basis of application, product, and region.
· North America dominated the market with the largest biomaterials market share in 2023.
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*Market Dynamics*
*Growth Drivers:*
· The biomaterials market size is expanding rapidly due to the rising demand for implants and medical devices.
· The growing need for implanted devices has spurred biomaterials science research and development, producing innovative and inventive materials with enhanced performance and features. This has, therefore, stimulated more developments in medical technology, resulting in a positive feedback cycle that propels the market for biomaterials growth.
*Trends:*
· Since there is a rising need for biodegradable and biocompatible materials that can lessen medical devices' environmental effects and lower the danger of adverse responses, one of the major biomaterials market trends in biomaterials is the shift toward sustainability.
· Developments in domains like 3D printing, nanotechnology, and sensors have enabled the creation of innovative biomaterials with improved functionality and performance.
*Restraints:*
· Because of the high cost of intricate manufacturing procedures, raw materials, and stringent quality control regulations, the creation and manufacture of biomaterials are typically costly. Additionally, the complicated and time-consuming rules controlling the use of biomaterials in a variety of applications, including tissue engineering, medicines, and medical devices, raise the overhead expenses for businesses in this industry.
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*Regional Analysis*
As countries like the United States have developed medical infrastructure and a well-established healthcare industry, the biomaterials market in North America emerged as the prominent region globally in 2023.
Furthermore, throughout the forecast period, the Asia Pacific region is expected to witness significant growth in the biomaterials industry due to the growing demand for medical devices and healthcare services in countries like India, China, and Japan.
Browse the Detail Report *“Biomaterials Market Share, Size, Trends, Industry Analysis Report, By Product (Metallic, Natural, Ceramics, Polymers); By Application; By Region; Segment Forecast, 2024 - 2032”* with in-depth TOC: *https://www.polarismarketresearch.com/industry-analysis/biomaterials-market*
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*Polaris Market Research has segmented the Biomaterials market report based on product, application, and region:*
*By Product Outlook*
· Metallic
· Natural
· Ceramics
· Polymers
*By Application Outlook*
· Cardiovascular
· Sensors
· Stents
· Guidewires
· Implantable Cardiac Defibrillators
· Pacemakers
· Vascular Grafts
· Others
· Ophthalmology
· Synthetic Corneas
· Intraocular Lens
· Contact Lens
· Ocular Tissue Replacement
· Others
· Dental
· Tissue Regeneration Materials
· Dental Implants
· Bone Grafts & Substitutes
· Dental Membranes
· Others
· Orthopedic
· Joint Replacement Biomaterials
· Orthobiologics
· Bioresorbable Tissue Fixation Products
· Viscosupplementation
· Spine Biomaterials
· Others
· Wound Healing
· Fracture Healing Device
· Adhesion Barrier
· Skin Substitutes
· Internal Tissue Sealant
· Surgical Hemostats
· Others
· Tissue Engineering
· Plastic Surgery
· Facial Wrinkle Treatment
· Soft Tissue Fillers
· Craniofacial Surgery
· Bioengineered Skins
· Peripheral Nerve Repair
· Acellular Dermal Matrices
· Others
· Neurology
· Neural Stem Cell Encapsulation
· Shunting Systems
· Hydrogel Scaffold For CNS Repair
· Cortical Neural Prosthetics
· Others
· Others
*By Region Outlook*
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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*About Polaris Market Research:*
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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