Global Biomaterials Market to Reach USD 356.62 Billion by 2031 | CAGR of 12.6%
Category : Healthcare | Published Date : Nov 2024 | Type : Press Release
Biomaterials Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Biomaterials Market was valued at USD 137.54 Billion in 2023 and is projected to reach USD 356.62 Billion by 2031, growing at a CAGR of 12.6% from 2024 to 2031. Biomaterials are synthetic or natural substances designed to interact with biological systems, often used in therapeutic and diagnostic applications. These materials play an essential role in replacing or augmenting bodily functions, particularly in medical fields such as orthopedics, cardiovascular treatments, and regenerative medicine.
The report comprises the Biomaterials Market Share, Size & Industry Analysis, By Type (Metallic, Polymeric, Ceramic, Natural, Composite, Others), By Application (Cardiovascular, Orthopedic, Dental, Plastic Surgery, Ophthalmology, Wound Healing, Tissue Engineering, Neurology, Drug Delivery, Others), By End-User (Hospitals and Clinics, Academic & Research Institutes, Ambulatory Surgical Centers (ASCs), Biopharmaceutical Companies, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Biomaterials Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Growing adoption in healthcare for implants and regenerative medicine and expansion in biotechnology and biopharmaceutical industries are driving market growth, while high production costs may restrain expansion.
Segmental Analysis :
By type, the market is segmented into metallic, polymeric, ceramic, natural, composite, and others.
- Metallic biomaterials accounted for the largest market share in 2023, driven by their mechanical strength and durability in applications such as orthopedic and dental implants.
- Polymeric biomaterials are expected to witness the fastest CAGR during the forecast period, driven by their versatility, cost-effectiveness, and biocompatibility in tissue regeneration and drug delivery applications.
By application, the market is segmented into cardiovascular, orthopedic, dental, plastic surgery, ophthalmology, wound healing, tissue engineering, neurology, drug delivery, and others.
- Orthopedics held the largest share in 2023, driven by the rising demand for joint replacements and bone grafts, especially among the aging population.
- Plastic surgery is expected to grow at the fastest rate, driven by advancements in biomaterials for reconstructive surgeries, tissue fillers, and bioengineered skin grafts.
By end-user, the market is segmented into hospitals and clinics, academic & research institutes, ambulatory surgical centers (ASCs), biopharmaceutical companies, and others.
- Hospitals and clinics accounted for the largest share in 2023 due to their extensive use of biomaterials in a wide range of medical procedures such as implants, cardiovascular stents, and tissue engineering.
- Ambulatory surgical centers (ASCs) are expected to grow at the fastest rate, driven by the increasing use of biomaterial-based medical care in minimally invasive surgeries.
Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- North America held the largest share in 2023, driven by advanced healthcare infrastructure, government support for biomaterial R&D, and significant investment in biotechnology.
- Asia-Pacific is expected to grow at the fastest rate, driven by the increasing demand for medical tourism, especially for orthopedic and dental implants in countries like China, South Korea, and Thailand.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 356.62 Billion |
| CAGR (2024-2031) | 12.6% |
| By Type | Metallic, Polymeric, Ceramic, Natural, Composite, Others |
| By Application | Cardiovascular, Orthopedic, Dental, Plastic Surgery, Ophthalmology, Wound Healing, Tissue Engineering, Neurology, Drug Delivery, Others |
| By End-User | Hospitals and Clinics, Academic & Research Institutes, ASCs, Biopharmaceutical Companies, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The biomaterials market is highly competitive, with leading players focusing on innovation, product launches, and strategic partnerships.
List of prominent players in the Biomaterials Industry:
- BASF (Germany)
- Corbion N.V. (Netherlands)
- Covestro AG (Germany)
- Medtronic (Ireland)
- DSM (Netherlands)
- Evonik Industries AG (Germany)
- Zimmer Biomet (USA)
- Stryker (USA)
- CRS Holdings, LLC (USA)
- Berkeley Advanced Biomaterials (USA)
Recent Industry Developments :
- In January 2024, CJ Biomaterials announced the launch of a new biobased PHA technology food product, aiming to reduce plastic waste through biodegradable materials.
- In July 2024, Repligen Corporation announced its acquisition of Tantti Laboratory Inc., expanding its portfolio of biomaterials for bioprocessing and chromatography.
