Biomaterials Market Size to grow by USD 12.82 billion | 17,000+ Technavio Reports

The biomaterials market potential growth difference is expected to increase by USD 12.82 billion from 2021 to 2026, as per the latest report by Technavio. The report also identifies the market to register an accelerating CAGR of 6.04% during the forecast period. A comprehensive analysis on the various factors influencing the market's growth positively and adversely will also be covered in this report.

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Market Dynamics

The increasing prevalence of musculoskeletal diseases and disorders is one of the prominent drivers likely to influence the market growth positively during the forecast period. The increasing burden of musculoskeletal disorders subsequently increases the demand for orthopedic biomaterials used to repair such conditions. Since orthopedic biomaterial devices are widely used by surgeons to treat various musculoskeletal disorders including orthopedic trauma or injury that affects the ligaments, tendons, muscles, nerves, and bones, the rising prevalence of these diseases will have a significant impact on the growth of the global biomaterials market. Furthermore, other factors such as increasing wound healing therapies and rising demand for medical implants will also influence the market positively during the forecast period.

However,  the high cost of bioimplants and surgeries will limit the market's growth during the forecast period. There are many advantages of bioimplants such as cost-effectiveness, biocompatibility, bio-adhesion, corrosion resistance, and bio-functionality. But, biomaterials such as ceramics, polymers, bone allografts, metals alloys, and non-metals are expensive, which makes it difficult for low-income people to afford them. This is further expected to limit the market's growth. In addition, other factors such as stringent clinical and regulatory processes and  lack of knowledge for biomaterials might hinder the market growth.

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Competitive Analysis

The report includes the competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc. 

Company Profiles

The biomaterials market report includes information on the product launches, sustainability, and prospects of leading vendors including BASF SE, Carpenter Technology Corp., Celanese Corp., CeramTec GmbH, CoorsTek Inc., Corbion nv, Covestro AG, Evonik Industries AG, Koninklijke DSM NV, Victrex Plc, and others.

• BASF SE- The company operates through key business segments including Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, Agricultural Solutions, and Other. Their key offerings include biomaterials such as ecovio which is a high-quality and versatile bioplastic and it is certified compostable and biobased. In September 2021, the company partnered with WPO Polymers to distribute biopolymer ecovio for certified compostable bags in Spain and Portugal. In December 2020, the company partnered with BillerudKorsnas to develop a unique home-compostable paper laminate for flexible packaging.
• CoorsTek Inc.- The company operates in key business segments including products, materials, and services. They offer biomaterials such as Bioceramics with great strength, hardness, density and durability. In November 2021, the company got recognized by MarCom Awards as the 2021 winner in three categories for its marketing communications efforts.
• Corbion nv- The company caters to the evolving needs of end-users through key operating segments including Sustainable Food Solutions, Lactic Acid and Specialties, and Incubator. They offer biomaterials such as PURASORB PDL 06, PURASORB PDL 05, PURASORB PDL 04A, PURASORB PDLG 7509, PURASORB PDLG 8505A and many more. In July 2021, the company acquired Granolife to drive further expansion in food ingredients in Mexico. 

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Market Segmentation Analysis

• By Type, the market is classified into type (metallic, ceramic, polymers, and natural). The metallic biomaterials segment held the largest biomaterials market share in 2021. Metallic materials are considered important engineering materials, as they are used as biomaterials because of their excellent thermal conductivity and mechanical properties. This segment is expected to grow during the forecast period, owing to the extensive use of metals in the manufacturing of medical devices that are used in cardiovascular, dental, as well as orthopedic applications. 
• By Geography, the market is classified as North America, Europe, Asia, and ROW. North America was the largest revenue-generating segment of the market in 2021 and will continue to contribute the largest growth of 41% of the market growth throughout the forecast period. The large share of North America in the market is attributed to an increase in biomaterial-based research, the growing incidence of cancer, and the increasing prevalence of cardiovascular diseases.

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