Biomaterials Market Worth $139 billion by 2022, At 11.8% CAGR
Pune, Maharashtra, India, February 9 2021 (Wiredrelease) Allied Analytics –:A new report published by Allied Market Research, titled, “Global biomaterials market is expected to reach $139 billion by 2022, from $62 billion in 2015, growing at a CAGR of 11.8% from 2016 to 2022″, according to Allied Market Research. Metallic biomaterials segment is expected to contribute significantly to the global market revenue until 2022. North America held the leading position in the global market in 2015, and is expected to maintain its lead throughout the study period.
Increase in geriatric population, high prevalence of cardiovascular, neurological, & orthopedic disorders, and heavy funding by government organizations to launch new products, increase awareness regarding the advantages of biomaterials products, increase production of implantable products, and advancements in medical technology are the key drivers of the market. The growth of the market is hindered by factors, such as high cost of biomaterial production, occurrence of inflammatory responses due to compatibility issues, and complications associated with the use of these products.
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Metallic biomaterials segment contributed the highest revenue share to the global market, owing to highly used in orthopedic treatments for bone support and replacement, due to their strength and resistance to fatigue degradation. Polymeric biomaterials segment is projected to grow at a CAGR of 13.0% from 2016 to 2022, due to increasing demand for biodegradable products, and their use in various applications due their unique features such as flexibility, lightweight, remarkable biocompatibility, and physical & mechanical properties.
Key Findings of the Biomaterials Market
In 2015, metallic biomaterials segment contributed significantly to the revenue of the global market, and is projected to maintain this trend during the forecast period.
Among biomaterials, polymeric biomaterial segment is projected to grow rapidly registering a CAGR of 13.0% from 2016 to 2022.
Tissue engineering is projected to be the fastest growing application segment of biomaterials market with CAGR of 35.6% during analysis period.
North America is the leading region in the global biomaterials market.
North America and Europe jointly contributed over three-fourths share of the overall revenue in 2015.
Asia-Pacific biomaterials market is expected to be the fastest growing region during study period.Chinese biomaterials market is expected to grow at a significant CAGR of 18.5% from 2016 to 2022.
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North America accounted for significant revenue share in the global biomaterials market, and is expected to maintain this trend throughout the forecast period. This is attributed to increase in prevalence of chronic and degenerative diseases coupled with growth in geriatric population, advent of innovative technologies, heavy funding by government agencies for R&D activities, and growing need to improve quality of life in North America.
The market is analyzed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, and Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). These insights help to devise strategies and create new opportunities to achieve exceptional results.
The key players in this market have adopted product development & launch as their key strategies to cater to the changing needs of the industry. Furthermore, companies have collaborated with other key players to develop cost-effective and technologically efficient technologies to strengthen their market positions. The development of novel products with innovative technologies and acquisition of companies possessing innovative technologies are the top strategies adopted by leading players in the market. The key players profiled in this report include Royal DSM, Wright Medical Group N.V., Corbion N.V., Zimmer Biomet Holdings, Inc., Bayer AG, Carpenter Technology Corporation, Covalon Technologies Ltd., Evonik Industries AG, BASF SE, Victrex plc., and Collagen Matrix, Inc.
Summary of the Biomaterials Market Report can be accessed on the website at
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