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Biomaterials Market Growth, Trends, and Forecast Analysis | 2024 To 2033 Key Players Carpenter Technology Corporation, Corbion N V, Evonik Industries AG, Heraeus Medical Components LLC,
Biomaterials Market Share
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According to The Business Research Company's, The biomaterials market size has grown rapidly in recent years. It will grow from $118.51 billion in 2023 to $136.08 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to growing aging population, adoption of biomaterials in orthopedic and dental applications, increasing awareness of environmental sustainability, increased prevalence of chronic conditions medicine, increased demand for medical implants.
The biomaterials market size is expected to see rapid growth in the next few years. It will grow to $230 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to shifting consumer preferences, surge in demand for biomaterials in 3d printing and additive manufacturing, expansion of the biodegradable and bioresorbable biomaterials segment, adoption of biomaterials in drug delivery systems for personalized medicine, increasing use of biomaterials in wound care and tissue regeneration. Major trends in the forecast period include development of smart biomaterials with responsive and adaptive properties, integration of nanotechnology for enhanced functionality, emphasis on precision medicine leading to customized biomaterial solutions, exploration of marine and plant-derived biomaterial sources, collaboration between biomaterial companies and healthcare institutions for innovative applications.
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Market Drivers and Trends:
The rising incidence of cardiovascular diseases is driving the growth of the biomaterials market. Cardiovascular disorders are caused by high blood pressure, smoking, high cholesterol, inactivity, and other factors. The increase in the prevalence of cardiovascular disorders is mainly due to noncontagious diseases such as diabetes, chronic respiratory illness, coronary artery disease (CAD) and heart attacks due to hypertension. Biomaterials such as heart valves, cardiopulmonary bypass systems, stents, vascular grafts, complete artificial hearts, and pacemakers are used as a healing mechanism for damaged and diseased heart tissue. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based public agency, coronary artery disease (CAD) was responsible for killing 375,476 people in 2021, and about 1 in 20 adults age 20 and older had CAD. In addition, about 2 in 10 deaths from CAD happen to adults less than 65 years old. Therefore, the rising incidence of cardiovascular diseases will increase the demand for biomaterials market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Carpenter Technology Corporation, Corbion N V, Evonik Industries AG, Heraeus Medical Components LLC, Berkeley Advanced Biomaterials Inc., Zimmer Biomet Holdings Inc., DSM Biomedical BV, PolyNovo Limited, Baxter International Inc., Stryker Corporation, Collagen Solutions plc, Invibio Ltd., Aap Implantate AG, Cam Bioceramics BV, CeramTec GmbH, CoorsTek Medical LLC, CryoLife Inc., Cerapedics Inc., Surmodics Inc., Secant Group LLC, GELITA AG, Quattroflow GmbH, Kyocera Corporation, Wright Medical Group NV, KLS Martin Group GmbH & Co KG, Meccellis Biotechnology Co Ltd., Bio-on SpA, Coloplast A/S, Collagen Matrix Inc., IntrinsiQ Materials Inc., PolyActiva Pty Ltd
Biomaterials Market 2024 Key Insights:
• The biomaterials market size is expected to see rapid growth in the next few years. It will grow to $230 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%.
• Rising Incidence Of Cardiovascular Diseases Boosts Biomaterials Market
• Strategic Partnerships Drive Innovation And Market Growth In Biomaterials Sector
• North America was the largest region in the biomaterials market in 2023
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