Press release
Biomaterials Market worth $47.5 billion by 2025 - Leading Key Players are BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands)
Biomaterials Market
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The Growth in this market is primarily attributed to increasing funds and grants by government bodies and universities for the development of novel biomaterials, increasing demand for implantable devices, growing demand for biomaterials in plastic surgery and wound healing applications, rising incidences of cardiovascular diseases, and rising awareness and research on regenerative medicine.
The metallic biomaterials segment accounted for the largest share of the type segment in the market in 2019.
On the basis type of materials, the biomaterials market is broadly segmented into Metallic, Polymeric, Ceramic, and Natural biomaterials. In 2019, Metallic biomaterials accounted for the largest share of the market. This can primarily be attributed to the wide use of metals in the manufacturing of medical devices used in cardiovascular, dental, and orthopedic applications.
The cardiovascular application segment accounted for the largest share of the application segment in the market in 2019.
Based on application, the biomaterials market is categorized into seven segments— cardiovascular, orthopedic, ophthalmology, neurological/central nervous system (CNS), dental, tissue engineering, wound healing, plastic surgery, and other applications. The cardiovascular application segment accounted for the s=largest share of the market in 2019. The large share of this segment can be attributed to the increasing prevalence of cardiovascular diseases, rising geriatric population, increasing angiography procedures, and the growing adoption of cardiac stents, pacemakers, and implantable cardiac defibrillators.
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The Asia Pacific region is the fastest-growing region of the biomaterials market in 2019.
In 2019, Asia Pacific region accounted for the fastest-growing region of the market. It is also estimated to grow at the highest CAGR in the metallic biomaterials market during the forecast period, this is mainly due 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 policies in China.
Some of the prominent players in the biomaterials market are BASF SE (Germany), Covestro AG (Germany), Celanese Corporation (US), Corbion (Netherlands), Royal DSM (Netherlands), Evonik Industries (Germany), Carpenter Technology Corporation (US), Berkeley Advanced Biomaterials (US), Cam Bioceramics B.V. (Netherlands), CoorsTek Inc. (US), CeramTec (Germany), and GELITA AG (Germany).
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