Biomaterials Market to Generate $349.1 Billion Revenue by 2030, Says P&S Intelligence

NEW YORK, Dec. 6, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the biomaterials market captured $112.7 billion in 2021, and it is projected to rise at a CAGR of 13.4%, to reach $349.1 billion in 2030. The growth of the industry is ascribed to the increasing count of technological advancements, rising incidence of chronic musculoskeletal conditions, and surging government support in the form of grants and funds. 

In addition, the rising urbanization rate and increasing number of fitness centers and health clubs will propel biomaterial demand. 

Rising Elderly Population Boosts Biomaterials Industry

• The elderly population needs extensive care as it is more susceptible to illnesses because of its low immunity levels. With the changes in ligaments and tendons with age, the flexibility of the joints reduces and motion is restricted. 
• Hence, older people are at a high risk of musculoskeletal injuries, orthopedic disorders, and dental problems. This boosts the requirement for knee joint and hip implants, intraocular lenses, and prosthetic limbs and arms. 
• The high risk of organ or tissue failure in the elderly population also creates a high demand for biomaterials.
• Further, the high count of elderly people with cardiovascular diseases results in the increasing demand for pacemakers and artificial heart valves. 

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Biomaterials Transform Medical Device Industry 

Biomaterials have transformed the medical device industry by offering cost-effective treatments for a number of conditions. Such materials are easy to fabricate, resilient, highly biocompatible, inert, and strong. Advances in tissue regeneration and implants have made biomaterials ideal for blood vessel prostheses, artificial tissues, heart valves, breast implants, and contact lenses. 

Plastic Surgeries To Experience Fastest Growth

The plastic surgeries category is projected to experience the fastest growth, at a rate of 15%, in the future. Biomaterials are utilized for cosmetic as well as reconstructive purposes in plastic surgeries.

The growth of this category will be because numerous vendors are investing heavily for the development of safe and reliable products for plastic surgeries. In plastics and cosmetics, a key application of biomaterials is breast implants.

Browse detailed report on Biomaterials Market Size, Share, and Growth Forecast Report 2022-2030

North America Dominates Industry 

North America had the largest share in the recent past, with its revenue contribution amounting to $50 billion in 2021. It is credited to the rising healthcare expenditure, increasing awareness about implantable medical devices, and surging government support.

Global Biomaterials Market Report Coverage

By Type

• Metallic
• Stainless steel
• Titanium & titanium alloys
• Cobalt–chrome alloys
• Gold
• Silver
• Magnesium
• Polymeric
• Polymethylmethacrylate
• Polyethylene
• Polyester
• Silicone Rubber
• Nylon
• Polyetheretherketone
• Ceramic
• Calcium phosphate
• Zirconia
• Aluminum oxide
• Calcium sulfate
• Carbon
• Glass
• Natural
• Hyaluronic acid
• Collagen
• Gelatin
• Fibrin
• Cellulose
• Chitin
• Alginates
• Silk

By Application

• Cardiovascular
• Orthopedic
• Ophthalmologic
• Dental
• Plastic Surgery
• Wound Healing
• Tissue Engineering
• Neurological

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• Italy
• Spain
• U.K.
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• Saudi Arabia
• U.A.E.
• South Africa

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SOURCE P&S Intelligence