Biomaterials Market

Market Overview

The Total Addressable Market (TAM) for Biomaterials was valued at USD 154.22 billion in 2022. It is projected to reach USD 542.53 billion by 2031, growing at a CAGR of 15% during the forecast period (2023–2031).

Materials used in the field of biotechnology can have either a synthetic or natural origin. They are used in medical implants to improve the performance of a specific organ. Cardiovascular, ophthalmic, dental, orthopedic, wound healing, plastic surgery, neurological, and other fields can all benefit from biomaterials. Artificial knee and hip joints, stents, and heart valves are all examples of biomaterials. Pathologically, a tissue that has been damaged or destroyed is replaced with biomaterials so the body can continue functioning. Increases in musculoskeletal and chronic skeletal diseases are anticipated to drive the demand for biomaterial-based implants and fuel the market's expansion.

Market Dynamics

What are the Primary Factors driving the Market for Biomaterials?

Growing Geriatric Population

Due to weakened immune systems and more extended healing periods, the elderly population necessitates special attention and care. As we age, our tendons and ligaments stiffen up, limiting the range of motion in our joints. Demand for implants and prostheses is expected to rise as the elderly population grows and more people suffer from debilitating conditions like cardiovascular disease. In addition, the elderly have a higher prevalence of ocular illnesses, dental issues, and musculoskeletal ailments. The use of biomaterials in medical device manufacturing has been a game-changer. These materials are rigid, simple to manufacture, biocompatible, inert, and incredibly sturdy. Newly developed biomaterials have greatly improved the success rate of implants and allowed for successful regeneration. Demand for biomaterials is rising worldwide as an aging population increases the prevalence of health issues.

What are the Main Factors that will slow down the Market for Biomaterials?

Limitations on Biomaterial-Based Products

The most prevalent problem with biomaterials is that they are challenging to identify biologically on the surface; thus, researchers often resort to surface coating or modification to overcome this problem. Existing biomaterials are limited in practical ways because of issues like corrosion and wear that emit harmful metallic ions and particles that might trigger inflammatory cascades or allergic reactions, decreasing biocompatibility and leading to tissue loss. Biomaterials are designed to mimic conditions seen in living organisms. It is currently possible to create artificial organs and tissues, including kidneys, livers, nerves, intestines, pancreas, heart muscles, and valves. Many materials that are great mechanically aren't very porous, and many materials that look promising in the lab fail in vivo because they can't be appropriately vascularized.

What are the Future Opportunities for Biomaterials?

Increasing Research on Regenerative Medicine

Restoration of normal bodily function following injury or chronic illness necessitates using biomaterials, which play an essential role in regenerative medicine. Their therapeutic applications have grown due to recent developments in biochemistry, molecular biology, engineering, and the material sciences. Scaffolds made of biomaterials are widely employed in tissue regeneration because they provide a structural basis for cell adhesion and tissue growth. Extracellular matrix (ECM) is similar in appearance and is naturally created by resident cells to provide structural support to tissues and organs. Especially in therapeutic situations for re-growing or repairing injured tissues, biomaterials have been developed to mimic the native structure and composition of ECM and provide structural and functional support to cells.

Segmental Analysis

The global biomaterials market is segmented by type and application.

By Type Analysis

Based on type, the global biomaterials market is bifurcated into metallic, polymeric, ceramic, and neutral.

The metallic segment is the highest contributor to the market and is expected to grow during the forecast period. Restoration of normal bodily function following injury or chronic illness necessitates using biomaterials, which play an essential role in regenerative medicine. Their medicinal applications have grown due to recent developments in biochemistry, molecular biology, engineering, and the material sciences. Scaffolds made of biomaterials are widely employed in tissue regeneration because they provide a structural basis for cell adhesion and tissue growth. Extracellular matrix (ECM) is similar in appearance and is naturally created by resident cells to provide structural support to tissues and organs. Biomaterials, especially those used in therapeutic contexts for re-growing or repairing damaged tissues, have typically been designed to mimic the native structure and composition of ECM to provide structural and functional support to cells.

By Application Analysis

Based on application, the global biomaterials market is bifurcated into cardiovascular, ophthalmology, dental, orthopedic, wound healing, tissue engineering, plastic surgery, neurology, and others.

The cardiovascular segment is the highest contributor to the market and is expected to grow during the forecast period. Catheters, stents, sensors, heart valves, vascular grafts, guide wires, and other goods comprise the rest of the cardiovascular market. A more significant number of deaths and more economic expenditures would come from the prevalence of cardiovascular illnesses. Globally, these illnesses kill more people than any other group. Several gadgets and implants are made from biomaterials and used to diagnose and treat this condition. Biomaterials are used to construct extracorporeal pump oxygenators, catheters, and vascular grafts. The high incidence of these conditions illustrates the growing need for such tools.

Regional Analysis

The global biomaterials market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market

North America is the most significant shareholder in the global biomaterials market and is expected to grow during the forecast period. The healthcare system has grown thanks to technological development and the introduction of novel medical products. It is anticipated that the expansion of the market will be strongly influenced by factors such as public and private investment, government regulations, and the presence of prominent industry players. Research and development in biomaterial science is a dynamic process, with contributions from the National Science Foundation and the National Institute of Standards and Technology (NIST) a constant presence in the evolution of the market. In the United States alone, for instance, almost 13 million surgeries performed each year are considered minimally invasive cosmetic procedures. The rising popularity of cosmetic surgery is driving the need for and supply of biomaterials. Carbon emissions are cut during construction using bio-based materials since these materials store CO2 emissions and aid in soil regeneration between crop cycles and during a building's lifespan.

Asia-Pacific is expected to grow during the forecast period. The expansion of the market is due to factors such as a growing consumer middle class, widespread availability of implants, and the expansion of supporting healthcare facilities. For instance, Japanese firm Mitsubishi Chemical recently inked a deal to acquire the thermoplastic polyurethane elastomer division of American firm AdvanSource Biomaterials. The company hopes that this purchase will allow it to increase its presence on a worldwide scale and increase its market share abroad. The need for biomaterials is consistently growing in India. Orthopedic, dental, and cardiovascular biomaterials make up the bulk of India's biomaterials market. Due to rising demand, cardiovascular, orthopedic, and biomaterial companies have seen increases in their market shares.

The biomaterials industry has also seen significant growth in Europe. The European Society for Biomaterials is one of many groups working to address unmet clinical needs by employing biomaterials in regenerative medicine. The European Union's (EU) funds and investments in mental health are anticipated to increase demand for neurological applications and boost market growth. Countries like Germany, France, and Sweden have disproportionate influence there. Due to rising demand for minimally invasive procedures, increased patient knowledge, and Germany's well-developed healthcare infrastructure, the country commands a sizable portion of the European market for joint replacements.

Recent Developments

• June 2022- Royal DSM, a worldwide purpose-led science-based corporation, has now announced the acquisition of Prodap, a pioneering Brazilian firm in the fields of animal nutrition and technology.
• January 2021- Evonik Industries has made public their plans to acquire LACTEL absorbable polymers from DURECT Corporation.

Biomaterials Market Segmentation

By Type

• Metallic
• Polymeric
• Ceramic
• Neutral

By Applications

• Cardiovascular
• Ophthalmology
• Dental
• Orthopedic
• Wound Healing
• Tissue Engineering
• Plastic Surgery
• Neurology
• Others