- Market Size - USD 106.37 Billion in 2019, Market Growth - CAGR of 13.6%, Market Trends - Advancements in Biomaterials platform and improved regulations for surgical procedures
- Increasing prevalence of chronic diseases such as cardiovascular diseases, orthopedic disorders, and significant technological advancements in the biomaterials industry are expected to drive the growth of the biomaterials market
VANCOUVER, British Columbia, Sept. 21, 2020 /PRNewswire/ -- The global Biomaterials Market is projected to reach USD 297.08 billion in 2027. The key factors influencing the market include the growing geriatric population, acceleration in chronic disorder incidence such as cardiovascular disorders, orthopedic disorders, and an upsurge in the sports injuries, factors that are anticipated to impel the market growth in the forecast period. A higher traction of these materials are being observed in the usage of interacting with biological systems designed for medical treatments for correcting cardiovascular, orthopedic, dental, neurological disorders, among others.
Besides, the increasing technological developments. in the biomaterials industry, ascent in the adoption of implantable devices, heightening deprived to have better aesthetics boosting the demand for plastic surgeries using biomaterials are ascribed to propel the business in the coming years. For instance, the emerging 3D printing technology is being used for developing complex biomaterial structures. The requirement of resources and human resources for the manufacturing of such materials has been significantly reduced. Predicting the rampant investment in R&D in 3D printing innovation, the growth in the biomaterials market is significant.
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Further key findings from the report suggest
Increasing acceptance of metallic biomaterials in orthopedic applications due to their high load-bearing capacity is one factor driving the market growth. Besides, continuous advancements in the orthopedic implants technology by market vendors is also expected to propel the market share for the upcoming forecast period.
The plastic surgery industry is experiencing a dynamic transition and growing at a rapid rate in the biomaterials market during the forecast period. The rising geriatric population, positive public acceptance of cosmetic surgeries, and technological advances are factors increasing the demand for plastic surgeries.
In January 2019, ProMed Pharma and DSM Biomedical announced a business development partnership focused on polymeric drug delivery. Such other partnerships and strategic business expansion are increasing the demand for biomaterial market over the estimated period.
DSM Biomedical partnered with ProMed Pharma to control its biomedical biomaterials delivering novel controlled-release drug implants and corresponding combination devices with ProMed's micro molding and extrusion capabilities.
Key players in the market include Berkeley Advanced Biomaterials, Royal DSM, Carpenter Technology Corporation, BASF SE, Corbion, Cam Bioceramics B.V., Celanese Corporation, CoorsTek Inc., CeramTec, Evonik Industries, and GELITA AG, among others.
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For the purpose of this report, Emergen Research has segmented into the global Biomaterials Market on the basis of Type, Application, and Region:
Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
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