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Biomaterials Market Size

Report ID: GMI6603
Published Date: Aug 2023
Report Format: PDF

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Biomaterials Market Size

Biomaterials Market size is estimated to have reached USD 123.8 billion in 2023 and is projected to exhibit a CAGR of 12.6% from 2024 to 2032. There are several key drivers that contribute to the growth and development of the biomaterials industry such as, growing need for innovative biomaterials that can support and enhance these technologies, rising aging population, increasing prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and orthopedic conditions, are becoming more common, and growing demand for aesthetic and cosmetic procedures.

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Biomaterials play a critical role in regenerative medicine, which involves using biological materials to repair, replace, or regenerate damaged tissues and organs. The focus on regenerative medicine has driven the development of biomaterials that can promote tissue growth, angiogenesis, and cell differentiation.

Biomaterials Market Report Attributes
Report Attribute	Details
Base Year:	2023
Biomaterials Market Size in 2023:	USD 123.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	12.6%
2032 Value Projection:	USD 360.7 Billion
Historical Data for:	2018 to 2022
No. of Pages:	485
Tables, Charts & Figures:	822
Segments covered:	Product, Application, and Region
Growth Drivers:	Increasing demand for biocompatible and biodegradable materials in medical applications Growing popularity of tissue engineering Advances in nanotechnology and tissue engineering Government initiatives to promote the use of biomaterial products
Pitfalls & Challenges:	High development cost for biomaterials Biocompatibility and safety concerns

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Furthermore, as medical technology continues to advance, there is a growing need for innovative biomaterials that can support and enhance these technologies. Biomaterials play a crucial role in the development of medical devices, implants, and regenerative medicine products. In addition, the trend towards minimally invasive procedures requires biomaterials that can be delivered through small incisions or catheters. Biomaterials enable the development of minimally invasive devices and pharmaceutical drug delivery systems, which can improve patient outcomes and reduce recovery times. This emerging trend notably bolsters the demand for biomaterials.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Biomaterials market size was valued at USD 123.8 million in 2023 and will register 12.6% CAGR from 2024-2032 due to the growing need for innovative biomaterials worldwide.

Polymeric biomaterials market will register 13.1% CAGR from 2023-2032 on account of benefits, such as mechanical strength, flexibility, and biodegradability.

North America recorded 37.3% share of the biomaterials industry in 2022 and is expected to register 12.7% CAGR from 2023-2032 owing to the presence of advanced healthcare infrastructure in the region.

BASF SE, Covestro AG, ROYAL DSM, Celanese Corporation, Carpenter Technology Corporation, Corbion, EVONIK INDUSTRIES, and Berkeley Advanced Biomaterials are some of the major biomaterials companies worldwide.