Global Biomaterial Market Size, Share, Forecast Report, 2020-2027

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The biomaterial market is anticipated to grow at a CAGR of over 12% during the forecast period. Biomaterials are used in medical surgeries typically to replace any broken pieces of the body. This is done by replicating the same structure of the body that is broken or missing in order to enhance the functionality of the body. The major surgeries performed with the use of biomaterial includes hip joint replacement, heart valve repair, vascular grafting, stents, and many more. Biomaterials can also be used in less intrusive procedures such as in wound care and contact lenses.



The growth of the global biomaterial market is mainly driven by increased funds and grants by government bodies as well as non-government bodies to the universities for the development of various new novel biomaterials. For instance, In March 2018, Drexel University granted a total of $200,000 to the National Science Foundation. This grant is provided for promoting the research on how biomaterial-mediated control over macrophage behavior affects biomaterial vascularization. Additionally, factors such as increasing demand for implantable devices and increasing research on regenerative medicine further give a boost to the growth of the market. However, stringent clinical & regulatory processes and unfavorable healthcare reforms may present as a challenge for the biomaterial market growth.



Segmental Outlook



The biomaterial market is segmented on the basis of type and application. Based on type, the market is sub-segmented into metallic biomaterial, natural biomaterial, ceramics biomaterial, and polymeric biomaterial. Among these, the polymeric biomaterials segment is estimated to exhibit a significant growth rate during the forecast period. Based on the application, the market is sub-segmented into cardiovascular, ophthalmology, orthopedic, plastic surgery, neurology, and others.



Metallic Biomaterial to Hold a Prominent Share in the Market



Based on the type segment, the metallic biomaterial is anticipated to hold a prominent share in the biomaterial market. The largest share of the segment is attributed to the increased use of metal for the manufacturing of medical devices that future found application in cardiovascular, dental, and orthopedic treatments. The excellent combination of toughness, elasticity, rigidity, strength, and resistance offered by the metallic biomaterials over the polymer biomaterial is driving the segmental growth of the market.



Regional Outlooks



The global biomaterial market is further segmented on the basis of geography into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to hold the largest market share in the biomaterial during the forecast period. Owing to the increasing incidence of cardiovascular diseases, the market of biomaterial will grow significantly in the region. Additionally, the well-established healthcare sector of the US coupled with government support will also aid in the biomaterial market shares. Along with North America, Europe also has good potential for the growth of the biomaterial market in the region. The growth of the biomaterial market in Europe is associated with the increasing demand in the medical sector to use mostly natural and environmentally friendly products.



Asia-Pacific to Augment with the Considerable Growth Rate in the Biomaterial Market



Asia-Pacific is anticipated to exhibit a considerable growth rate in the biomaterial market due to the increasing geriatric population coupled with the increased cases of fracture and surgery. India and China are the major economies in Asia-Pacific and the market of biomaterial will grow significantly in these regions. Additionally, the presence of various research institutes in the region and investments would boost the biomaterial market in the Asia-Pacific. Further, the region is adopting strategic initiatives to reinforce its presence in local as well as global markets. For instance, in November 2019, a Japan-based company, Mitsubishi Chemical signed an agreement with the US-based AdvanSource Biomaterials for acquiring their thermoplastic polyurethane elastomer business. This acquisition is expected to the company to expand its business footprint globally and capture significant share in the international market.



Market Players Outlook



The key players operating in the global biomaterial market include Koninklijke DSM N.V., BASF SE, Carpenter Technology Corp., Evonik Industries AG, Zimmer Biomet Holdings, Inc., Invibio Ltd., Stryker Corp., and others. The market players are considerably contributing to the market growth by adopting various strategies including new product launch, mergers and acquisition, collaborations and others to stay competitive in the market. For Instance, in March 2017, DSM Biomedical launched DyneemaPurity Black fiber, which was a first of its kind black colored ultra-high molecular weight polyethylene (UHMWPE) medical fiber.