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Biomaterials Market Size is growing exponentially between 2022 and 2028 with increasing demand for medical implants, rising research on regenerative medicine and growing cases of cardiovascular diseases. The growing healthcare market in the U.S. and emerging economies, such as China and India will offer lucrative opportunities during the forecast timeline.
Biomaterials play an essential role to facilitate healing and restore function for people after disease or injury. Biomaterials are either synthetic or natural and are sought-after to replace, improve or support damaged tissue or a biological function. Metals, glass, ceramics and plastics are reengineered into machined or molded parts, foams, coatings and fibers, including hip joint replacements, heart valves, contact lenses, or dental implants. With the cases of chronic skeletal medical conditions and musculoskeletal, technological advancements are likely to make biomaterials versatile.
In terms of type, metallic biomaterials will grow on the back of tremendous mechanical properties and thermal conductivity. Amidst the aging population in Asia Pacific and Europe, metals have become desirable for load-bearing applications and to resist daily activities. Among metallic materials used for biomedical applications, titanium alloy has become a promising material owing to low density, high strength, inertness to body environment and immunity to corrosion. Moreover, it is prevalently used as hard tissue replacement in joint and dental implants.
Based on application, cardiovascular application will grow at a steady CAGR through 2028 due to rising cases of cardiovascular disease. According to the U.S. CDC, more than half a million people die from heart disease in the U.S. each year, while around 18.2 million adults aged 20 or older have CAD. Industry players expect stents, sensors, catheters and pacemakers to be highly sought-after across the region.
North America biomaterials market share will expand with robust government policies and the presence of leading companies. The U.S. is expected to witness an infusion of funds into research and development activities amidst rising demand for orthopedic replacements. The 2021 annual report of American Joint Replacement Registry represented more than 2.2 million and knee procedures from across all 50 states and the District of Columbia. Furthermore, rising cases of cancer and demand for plastic surgeries will solidify the position of North America in the global landscape.
The competitive landscape of market comprises firms such as Royal DSM, Berkeley Advanced Biomaterials, Cam Bioceramics, Evonik Industries, Corbion, CoorsTek and GELITA. Leading players are poised to invest in mergers & acquisitions, product launches and R&D activities. In August 2021, Evonik acquired JeNaCell to boost its biomaterials portfolio to provide biotechnologically derived cellulose.
With the COVID-19 outbreak disrupting economic activities, biomaterial manufacturers witnessed a dip in demand and supply of materials. Several European and North American companies had to delay the supply, hampering the business outlook. Meanwhile, research and activities have picked pace as they hold promise for providing a solution to viral outbreaks with disease detection and management. Biomaterial researchers will continue to invest in biosensors to develop robust devices for scalable, rapid and sensitive detection and management of COVID-19.
A surge in the demand for medical implants and the development of novel biomaterials will fuel the prospect of biomaterial market globally. Major industry players are likely to invest in portfolio expansion and boost their biomaterial offerings.
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