Biomaterials Market: Opportunities and Challenges Growing Healthcare Market in Emerging Economies
Market growth is driven mainly by factors such as the increased funds & grants by government bodies worldwide for the development of novel biomaterials, rising demand for medical implants, and the rising incidence of cardiovascular diseases, increasing research on regenerative medicine. In addition, high growth is expected for plastic surgery and wound healing applications, which will further drive the growth of the biomaterials market in the coming years.
[298 Pages Report] The global biomaterials market size is projected to reach USD 47.5 billion by 2025 from USD 35.5 billion in 2020, at a CAGR of 6.0% during the forecast period.
This study involved four major activities in estimating the current size of the biomaterials market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
- Increased 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 incidence of cardiovascular diseases
- Increasing research on regenerative medicine
COVID-19 impact on the biomaterials market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic. With the World Health Organization (WHO) officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies, as well as small startups, have stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus.
The coronavirus outbreak disrupted business and economic activities globally in the first quarter of 2020. For instance, Aesthetic procedures, which mainly constitute cosmetic surgeries (like breast implantation and lipoplasty) and non-essential dental procedures, have been delayed due to the COVID-19 crisis. Moreover, From March to June 2020, the health system in the US experienced a significant decline in surgical volumes compared with the same period during the previous year.
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Based on application, the biomaterials market is segmented into Cardiovascular, Orthopedic, Dental, Plastic Surgery, Wound Healing, Tissue Engineering, Ophthalmology, Neurological/CNS, and Other Applications. In 2019, the wound healing segment is expected to register the highest CAGR during the forecast period. Factors such as growing healthcare infrastructure, increasing diabetic population, vast population pool, in and the increasing healthcare spending will drive market growth.
The geographical regions mapped in the report are:
1. North America
4. Rest of the World (RoW)
Geographically, the biomaterials market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the biomaterials market, followed by Europe and the Asia Pacific. The large share of North America in the global market is attributed to the increase in biomaterial-based research, rising demand for plastic surgeries, growing incidence of cancer, and the rising prevalence of cardiovascular diseases.
Some key players mentioned in the research report are:
Key players in the biomaterials market include 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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- In 2019, Royal DSM (Netherlands) and ProMed Pharma (US) partnered for the development of novel sustained release drug delivery solutions in the polymeric drug delivery area.
- In 2018, Covestro AG (Germany) signed an MoU with a group of ten companies and two research organizations with an aim to build a Composite Application Center (CAC) in Singapore. This was aimed to develop end-to-end solutions for advanced composites, such as thermoplastic materials.
- In 2019, Celanese Corporation (US) announced an expansion of its production facility of thermoplastic co-polyesters. This expansion is expected to support the demand of its global engineered