The biomaterials market is projected to reach USD 207 billion by 2024 from USD 105 billion in 2019, at a CAGR of 14.5%
The biomaterials market is projected to grow at a CAGR of 14.5% during the forecast period (2019–2024).
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NEW YORK, Jan. 23, 2020 /PRNewswire/ -- The biomaterials market is projected to reach USD 207 billion by 2024 from USD 105 billion in 2019, at a CAGR of 14.5%. The growth of the biomaterials market is mainly driven by the increasing funds and grants by government bodies and universities for the development of novel biomaterials. Additionally, the increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidence of cardiovascular diseases, and rising awareness and research on regenerative medicine are the factors responsible for the growth of this market. However, limitations of biomaterials-based products and the shortage of skilled surgeons are the major challenges faced by market players.
By type, the polymeric biomaterials segment is expected to register the highest growth during the forecast period.
Based on type, the biomaterials market is segmented into metallic, polymeric, ceramic, and natural biomaterials.The polymeric biomaterials segment is expected to grow at the highest CAGR during the forecast period.
This is mainly due to the increasing use of polymers in soft-tissue applications such as plastic surgeries. However, polymers are costly, which can hinder the growth of this market.
• By application, the cardiovascular applications segment dominates the biomaterials market
The cardiovascular applications segment accounted for the largest share of the biomaterials market in 2018.The large share of this segment is attributed to the increasing prevalence of cardiovascular diseases, rising geriatric population, the growing number of angiography procedures, and the increasing adoption of cardiac stents, pacemakers, and implantable cardiac defibrillators.
According to the American Academy of Orthopedic Surgeons (AAOS), the number of total hip replacement surgeries performed are projected to grow to 635,000 surgeries by 2030.
APAC is expected to witness the highest growth during the forecast period.
North America accounted for the largest share of the biomaterials market in 2018, followed by Europe.The large share of the market in North America 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.
However, the APAC region is expected to witness the highest CAGR during the forecast period. The growth in this market is attributed to Japan's growing healthcare industry, increasing geriatric population, rising number of cosmetic and plastic surgeries in India, lucrative medical devices industry, and favorable tax policy in China.
A breakdown of the primary participants referred to for this report is provided below:
• By Company Type: Tier 1: 55%, Tier 2: 25%, and Tier 3: 20%
• By Designation: C-level: 43%, Director-level: 32%, and Others: 25%
• By Region: North America: 38%, Europe: 23%, Asia Pacific: 29%, and the Rest of the World: 10%
The prominent players in the biomaterials market are Royal DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), Carpenter Technology Corporation (US), Evonik Industries (Germany), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), Celanese Corporation (US), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).
Research Coverage:
The report analyzes the biomaterials market and aims at estimating the market size and future growth potential of the biomaterials market and the different segments (type, application, and region). The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product & service offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the biomaterials market.
• Product & Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product or service launches in the biomaterials market.
• Market Development: Comprehensive information on lucrative emerging regions.
• Market Diversification: Exhaustive information about new products and services, growing geographies, and recent developments in the biomaterials market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products of the leading players in the biomaterials market.
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