Biomaterials Market size is set to grow by USD 12907.35 mn from 2023-2027, Algenesis Corp., BASF SE & Carpenter Technology Corp., and more to emerge as Some of the Key Vendors, Technavio

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Apr 04, 2024, 08:10 ET

NEW YORK, April 4, 2024 /PRNewswire/ -- The global biomaterials market size is estimated to grow by USD 12907.35 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 41%.

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Technavio has announced its latest market research report titled Global Biomaterials Market 2023-2027

Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

Algenesis Corp., BASF SE, Carpenter Technology Corp., Celanese Corp., CeramTec GmbH, CoorsTek Inc., Corbion nv, Covestro AG, Dimension Inx., Evonik Industries AG, Koninklijke DSM NV, Mitsubishi Chemical Corp., Riton Biomaterial Co. Ltd., Artoss Inc., Berkeley Advanced Biomaterials, CAM Bioceramics BV, Gelita AG, Noble Biomaterials Inc., Victrex Plc, Zeus Co. Inc.

Analyst Review

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Key Market Drivers

The biomaterials market is experiencing significant growth due to increasing global healthcare expenditure and the demand for advanced healthcare services, particularly in the context of an aging geriatric population. This demographic shift has led to a focus on target diseases such as osteoarthritis and osteoporosis. Novel medical devices, including biomaterial-based implants, are driving innovation in sectors like orthopedics, cardiovascular, dental, plastic surgery, wound healing, tissue engineering, and ophthalmology. Metallic biomaterials, polymeric biomaterials, ceramic biomaterials, and natural biomaterials are key segments in this market. Metallic biomaterials are widely used in cardiovascular applications, such as angiography procedures, cardiac stents, and implantable devices like pacemakers and implantable cardiac defibrillators. Meanwhile, polymeric biomaterials and ceramic biomaterials are essential in orthopedic implants and tissue engineering. Technological advancements, including non-PCR methods and smart biomaterials, are revolutionizing the industry through bioengineering and drug delivery approaches. Companies like DSM Biomedical and ProMed Pharma are at the forefront of these developments, offering innovative solutions for various medical applications.

Challenges and Opportunities

The Global biomaterials market is experiencing significant growth, with key segments including porous-coated orthopedic implants and the polymer product segment. Innovations in technology, such as powder metallurgy, 3-D printing, and additive manufacturing, are driving advancements in elastic modulus and bone growth. Smart biomaterials, like piezoelectric scaffolds, are generating interest due to their ability to respond to bioelectric signals. DiFusion Inc and Zfuze are leading companies in this space, utilizing advanced polymers like poly-ether-ether-ketone and titanium. Biodegradability and biocompatibility are crucial factors, with natural and synthetic biomaterials undergoing remodeling in orthopedic applications. Industry trends include the development of bio-resorbable tissue fixation and the use of novel biomaterials in medical implants, cardiovascular diseases, and regenerative medicine. Pricing analysis, patent analysis, and research studies are essential for understanding market dynamics and key stakeholders. Government bodies and funds & grants play a vital role in driving innovation, with emerging economies presenting significant opportunities. The World Economic Forum highlights the importance of addressing inflammation and fibrous tissue formation through cytokine markers and load-bearing capacity in the development of new materials.

The biomaterials market has experienced significant growth due to increasing global healthcare expenditure and the application of advanced healthcare services in sectors like surgical procedures. With a growing geriatric population, target diseases such as osteoarthritis and osteoporosis in the orthopedic segment, and musculoskeletal disorders, the demand for biomaterial-based implants, including orthopedic implants, has surged. Technological advancements in non-PCR methods and bioengineering have led to the development of novel medical devices, such as cardiovascular segment devices like angiography procedures, cardiac stents, and pacemakers, as well as implantable cardiac defibrillators. The market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials. Key players include DSM Biomedical and ProMed Pharma. Innovations in smart biomaterials and drug delivery approaches continue to drive market expansion in segments like tissue engineering, wound healing, plastic surgery, ophthalmology, neurological/CNS, and other applications.

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Market Overview

The Biomaterials Market is a significant and growing sector, driven by advancements in technology and the increasing demand for innovative solutions in healthcare and various industries. Biomaterials, such as polymers, ceramics, and composites, play a crucial role in the development of medical devices, tissue engineering, drug delivery systems, and regenerative medicine. The market is segmented based on type, application, and end-user. Polymers dominate the market due to their versatility and biocompatibility. The major applications include tissue engineering, drug delivery, and medical devices. The end-users are primarily the healthcare industry and research institutions. The market is expected to grow at a steady pace due to the increasing aging population, rising healthcare expenditures, and technological advancements. However, challenges such as regulatory requirements and ethical concerns remain. The market is competitive, with key players including BASF SE, Dow Inc., and Sigma-Aldrich Corporation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio