(PharmaNewsWire.Com, February 16, 2021 ) This study involved four major activities in estimating the current size of the biomaterials market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Key Factors Driving Market Growth:
Market growth is driven mainly by factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine. In addition, high growth is expected for plastic surgery and wound healing applications, which will further drive the growth of the biomaterials market in the coming years.
Revenue Growth Analysis:
[298 Pages Report] The global biomaterials market size 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 metallic biomaterials segment dominated the biomaterials market in 2019.
Based on type, the biomaterials market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials . The Metallic Biomaterials segment accounted for the largest share of the global biomaterials market in 2019. The growing geriatric population globally is expected to drive growth for this segment.
Increased funds and grants by government bodies and universities for the development of novel biomaterials
The demand for and usage of biomaterials in various medical applications has increased significantly across the globe over the last few years. Several government bodies and universities have extended their help in the form of investments, funds, and grants to promote research on the development of novel biomaterials.
The wound healing segment will witness the highest growth during the forecast period.
Based on application, the biomaterials market is segmented into Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Ophthalmology, Neurological/CNS, and Other Applications. In 2019, the wound healing segment is expected to register the highest CAGR during the forecast period. Factors such as growing healthcare infrastructure, increasing diabetic population, vast population pool, in and the increasing healthcare spending will drive market growth.
North America was the largest regional market for biomaterials in 2019.
Geographically, the biomaterials market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the biomaterials market, followed by Europe and the Asia Pacific. The large share of North America in the global market is attributed to the increase in biomaterial-based research, rising demand for plastic surgeries, growing incidence of cancer, and the rising prevalence of cardiovascular diseases.
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).
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