Biomaterials Market Size Expected to Reach USD 212405.2 Million by 2030 | CAGR of 12.7% - Valuates Reports

According to a new report published by Valuates Reports, titled, "Biomaterials Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030," The global biomaterials market size was valued at US$ 64874 million in 2020 and is expected to reach US$ 212405.2 million by 2030 growing at a CAGR of 12.7% from 2021 to 2030.
Biomaterials are non-drug substances, suitable for inclusion in systems, which augment or replace the function of bodily tissues or organs. Biomaterial science can be installed and operated in numerous advanced medical technologies, such as tissue engineering, plastic surgery, drug delivery devices, and other medical implants. Biomaterials are primarily employed as controlled drug release methods in drug delivery systems. Biomaterials are porous bio-ceramics that are widely utilized to deliver medications and other biologically active substances in various matrices. They are also useful in biomedical engineering, biomineralization, and biomolecule research.

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The major factors that impact the growth of the biomaterials market include, global rise in geriatric population, high prevalence of cardiovascular and orthopedic disorders, high demand for implantable devices, and advancement in medical technology. Furthermore, heavy funding and investments offered by government to research institutes, laboratories, and clinics involved in the development of biodegradable biomaterials and expanding knowledge of biomaterials applications are expected to boost the market growth. However, the market is hampered by the factors such as high cost associated with biomaterial production, issues of biocompatibility, and complications involved in wearing implantable products.

The COVID-19 virus causes illness ranging from common cold to more severe respiratory diseases. The revenue of global biomaterials market also declined in 2020 due to the global economic recession led by the COVID-19 pandemic. For instance, orthopedics implant surgeries and non-essential dental procedures, have been delayed due to the COVID-19 pandemic, which also decreases the demand for biomaterials. Thus, the outbreak of COVID-19 has negatively impacted the biomaterials market.

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The biomaterials market is segmented on the basis of type, application, and region. By type, it is bifurcated into metallic, polymeric, ceramic, and natural. Metallic biomaterials are segmented into stainless steel, titanium & titanium alloys, cobalt-chrome alloys, gold, and silver. Polymeric biomaterials are divided into polymethyl methacrylate (PMMA), polyethylene, polyester, polyvinylchloride, silicone rubber, nylon, and polyetheretherkeEtoone. Ceramic biomaterials are segmented into calcium phosphate, zirconia, aluminum oxide, calcium sulfate, carbon, and glass. Natural biomaterials comprise hyaluronic acid, collagen & gelatin, fibrin, cellulose, chitin, alginates, and silk. The metallic segment was the major shareholder in 2020, owing to their high specific strength, high corrosion resistance, and low modulus. In addition, they are highly used in orthopedics, dental, cardiovascular, and neurological permanent and bioresorbable implants, which drive growth of the segment.

By application, it is segmented into cardiovascular, dental, orthopedic, wound healing, plastic surgery, ophthalmology, tissue engineering, neurological disorders, and drug delivery systems. The orthopedic segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to rise in demand of biomaterials in orthopedic applications and continuous developments for the introduction of advanced orthopedic implants by biomaterials market players.

By Region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest share of the global biomaterials market in 2020, and is expected to remain dominant during the forecast period. This was attributed to growth in geriatric populations, increasing R&D activities, widespread technological advancements, and several developments that have taken place regarding the use of novel biomaterials in wound healing, tissue engineering, neurology, plastic surgery, and ophthalmology in the region.

Key Findings Of Study

➣On the basis of type, the metallic segment held largest share in the global market in 2020.
➣On the basis of application, the orthopedic segment dominates the global biomaterials market in 2020 and is anticipated to continue this trend during the forecast period.
➣On the basis of region, North America is expected to experience growth at the highest rate, registering a CAGR of 12.5% during the forecast period.

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This release was published on openPR.